Gas Prices Up, But Stable

By: Associated Press
By: Associated Press

Retail gasoline prices have risen for the fifth week in a row, but prices aren't expected to go much higher as the summer driving season winds down after Labor Day weekend.

But, the unknown factor is crude oil prices and supply. Nationwide, inventories remain tight, and crude oil prices have hovered around $32.00 a barrel.

Every $1.00 increase in barrel price translates into a 2.4 cents-a-gallon increase in retail gas prices.

As of Monday, the national average price for regular gasoline is $1.57. The average price in Mississippi is $1.47. Prices in Meridian for self-serve unleaded have reached $1.52.

Economists say the good news for drivers is that while gas prices are up about 14 cents over last year, they're still far below the records set in March.

In March, average gas prices reached $1.63 a gallon statewide.

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