January 21, 2012- A recent survey shows that the average price of a gallon of gasoline increased nearly 3.5 cents to $3.39 in the United States. The increase covers the period between January 6 and January 20 and is based on the prices of over 2,500 filling stations throughout the country. The current average price is 28 cents above the price from a year ago at this same time.
Survey officials have said gasoline retailers have increased the prices as they are trying to earn a few cents more per gallon. Gasoline for delivery in February increased by over 3 cents in the same period on the New York Merchantile Exchange said the survey.
The latest increases are strange, as stockpiles of gasoline in the U.S. have increased by over 3.7 million barrels during the first three weeks of January. This makes the inventories the highest they have been in nearly 10 months.
Over the last month, there has been 6.1% less consumption than last year during the same period. For the 20th straight time, demand for gas at the pumps fell lower than prior year levels on January 13.
Crude oil prices could increase this week due to speculation the economy is starting to recover in the U.S., therefore increasing the demand.