U.S. retail gasoline prices have now climbed for three days in a row, according to AAA – for the first time since April.
“Gas prices have only increased by a little over a cent during these three days, but this is significant because it could mean the long-standing trend of consistently declining gas prices has come to an end,” said Michael Green, a spokesman for AAA.
On Thursday, the average price for a gallon of regular gasoline stood at $3.338, up from $3.336 on Wednesday when the nation celebrated Independence Day, AAA’s Daily Fuel Gauge report shows. Before Tuesday, gasoline prices had declined 75 out of the previous 77 days, according to Green.
He attributes the rise in gasoline prices to the recent run up in crude prices CLQ2 -3.55% , which traded below $80 a barrel as recently as last week.
On Friday, crude-oil futures saw their largest one-day percentage gain since March 2009. They closed Thursday above $87.
“Oil seems to be rising primarily on hopes that European leaders have begun to solve debt issues, which would have a positive effect on the global economy and fuel demand,” said Green. “Other issues that have contributed to the run up include increased tensions with Iran following recent missile exercises, the implementation of [European Union] sanctions and a strike in Norway that is limiting production.”