Pump prices have risen by 15 cents per gallon on average across South Dakota during the past 30 days, according to AAA�s gasoline price tracking web site, www.FuelGaugeReport.com.
AAA reports the average for self-serve regular gasoline in South Dakota is $3.067 as of Jan. 4, up from the $2.938 recorded 30 days ago and 45 higher than the price average of one year ago. Today�s national average stands at $3.073 per gallon, 13 cents higher than the price average of one month ago and 41 cents than the price on Jan. 4, 2009.
�Although crude oil is down in price today, these retail pump prices are reflective of what crude has done lately, and that�s to rise,� said Mark Madeja, spokesman for AAA South Dakota. �The market really seems to lack direction, responding instead to every new headline and economic forecast that comes along. Today�s prices seem to be a function of strong inventories, a steady dollar and a decline in manufacturing activity in China.�
U.S. gasoline consumption jumped 4.6 percent week-on-week to 9.4 million barrels per day for the week ending Dec. 24, up 3.9 percent from the same week in 2009. However, a comparison of four-week averages shows a year-on-year decline of 0.4 percent, and the year-to-date gasoline demand shows only mild growth of 0.3 percent for 2010 versus 2009.