US Gas Prices Rise to New 7-Year-High With No Drop in Sight

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U.S. gas prices rose on Columbus Day to $3.27 a gallon, a new 7-year-high.

The cost of a gallon keeps rising, with some experts saying no drop is in sight.

The primary drive is the climbing price of crude oil, analysts say.

That accounts for between 50 percent and 60 percent of the price of gas for drivers, according to the American Automobile Association (AAA) spokesman Andrew Gross.

“And last week’s decision by OPEC and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices,” Gross said in a statement.

AAA pegged the national average for a gallon at $3.18 on Sept. 30, $3.20 on Oct. 4, and $3.21 on Oct. 7.

Washington saw the biggest jump over the past week at 17 cents. Kentucky, Indiana, Florida, Michigan, Alabama, Tennessee, South Carolina, Illinois, and Delaware prices per gallon also increased by 10 cents or more.

Data compiled by GasBuddy, which receives price reports from over 150,000 stations across the country, had the average price per gallon at $3.25 on Monday. Diesel’s average rose about 10 cents per gallon in the last week and was at $3.45.

Patrick De Haan, head of petroleum analysis for the price tracker, also pegged OPEC’s decision as stoking the latest rise.

OPEC opted last week to stick to its pact for a gradual increase in oil output.

“The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago,” De Haan said in a statement.

Prices shot up earlier this year when Colonial Pipeline took offline the nation’s largest pipeline in response to a hack and have remained above $3 for most of the time since.

By Zachary Stieber

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