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Friday
Jan212011

Gas Prices Tick Up to $3.12 Per Gallon

Photo Courtesy - Getty Images(WASHINGTON) -- A gallon of gasoline has risen to a national average of $3.12, AAA said Friday, up 26 cents per gallon since the end of November.

The American Petroleum Institute (API) tells ABC News that demand for gas has been weak, but John Felmy, chief economist at API, notes that the price of gas has risen with the price of crude oil and, he says, it could go higher in the summer months.

“Over the last couple months we've seen crude oil prices go up by 27 cents a gallon,” Felmy said, “and gasoline went up by 26 cents.”

Thirty-seven states and Washington, D.C., have gas prices above $3.00 per gallon, or within pennies of that marker.

Demand for ultra-low sulfur diesel fuel -- used on highways -- rose 13 percent last year, up 16 percent in December, signaling a rebounding economy.

U.S. fuel consumption has increased at the fastest pace in six years and total demand is up for the first time in two years.

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