Both economists and AAA have said they don't expect gas prices to rise during August, giving both consumers and businesses a chance to save some extra money or improve profits.
Retail prices at the pump rose 5.1% and was the first retail increase since March and the largest for the month of July since 2000. ”Higher global oil prices and increased demand for gasoline during the busy summer driving season were the primary factors that sent pump prices higher in July” said AAA spokesperson Avery Ash.
The national average for a gallon of gas at the end of July was $3.42, the third highest price for the month of June on record.
Other factors influencing future gas price increases are the U.S. drought, because up to 15% of the gas we put in our tanks is ethanol, a corn derived fuel.
Click graphic below to enlarge