Gas Prices Rise Before Holiday Weekend
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Thursday, April 13, 2006; 10:54 AM
Gasoline prices continue to climb today, heading into the holiday weekend, with a gallon of regular unleaded selling for $2.79, on average, in the Washington region, up 21 percent since the beginning of March, according to AAA Mid-Atlantic.
The new data is in line with an Energy Department prediction Tuesday that gas prices will rise 10 cents to 15 cents a gallon over the next few weeks before leveling off in May.
In the Washington region, gas prices have risen 5 percent during the past week.
Prices are highest today in the District, where a gallon of regular is selling for $2.87, on average, compared with $2.75 in Maryland and $2.72 in Virginia.
Gas prices have been rising steadily this spring as crude oil prices have jumped in response to tensions in oil-producing Iran and Nigeria, analysts say.
The price of regular gas in the Washington area has jumped to $2.79 from $2.34 a month ago and $2.27 on March 1, according to AAA.
"The analysts have lots of explanations for the price increases but all of these reasons together should not constitute a 50 cents a gallon increase," AAA spokesman John B. Townsend said this morning. "I think a lot of this is driven by the oil companies' profit motives."
The American Petroleum Institute, an industry trade group, says oil companies earn eight or nine cents on a gallon of regular, which, according to AAA, averages $2.72 across the United States today.
