Gasoline Prices Surge for First Time in Six Months as Gasoline Pressure Washer Prices Rise Source NBC News
WASHINGTON — Gasoline prices surged on Wednesday as the nation’s largest producer of the fuel, General Motors Co., boosted prices for the latest batch of its premium gasoline, a sign the nation is starting to come to terms with the long-term effects of its peak fuel supply.
The increase in gasoline prices was the biggest since June, when gas prices were set to go higher.
A report by the Consumer Price Index showed gasoline prices rose 8.4% on Wednesday.
It is the biggest jump since June 2008.
Prices rose 2.7% Wednesday and were up more than 1% on Tuesday.
But they were still below the record highs of 10.1% and 11.5% that the nation set in November.
Gasoline sales jumped 6.5%, to more than 2 million.
The biggest jump came from natural gas, up 8.7%, and diesel, up 3.9%.
The report showed gasoline used for cooking was up 2.1%, while for heating and air conditioning was up 1.8%.
Prices for a gallon of regular unleaded rose 3.1%.
The rise in gasoline was the highest since June last year, when the nation had the lowest supply of gasoline.
In February, a report showed that gasoline demand was the strongest since the Great Recession.
In September, gasoline prices were up by nearly 10% over the past year, according to the Energy Information Administration.
Gas prices have continued to rise, fueled by a spike in demand from the oil and gas industry and the nation getting used to its reliance on fossil fuels for its energy.
On Wednesday, the gasoline industry was optimistic that the new supply of premium gasoline would keep rising in coming months, and it added to that optimism with the latest news.
“The increase in prices reflects the fact that gasoline supply has increased, and that we have a good pipeline of supplies,” said Robert Liggett, a spokesman for the National Association of Convenience Stores.
Liggets spokesman Robert Rennie added that the gas companies continued to add capacity and make the necessary investments in refining and distribution systems.
He said that the rise in prices was not because of higher supply.
“It’s the result of increased demand, not of higher prices,” he said.
Prices for regular unleamed jumped 2.3% Wednesday, while regular gasoline rose 1.7%.
Both prices were higher than their July highs.
The jump in gasoline demand is due to the oil-fueled economy, and has been reflected in a spike of nearly 7 million truck miles traveled in September, according the Department of Transportation.