After a long, steady decline, gas prices start to rise again
After almost 6 months of steadily declining, gasoline prices in the US have again started to climb, with the nationwide average price of a gallon jumping by 11% over the past two weeks.
As reported by the US Energy Information Agency, the nationwide average price for gasoline hit an all-time high in mid-July of last year, at a price of $4.11 per gallon. With the exception of a brief increase in price that occurred in September, gasoline prices have fallen steadily since July's peak, eventually hitting a near five-year low at $1.61 per gallon in late December, a drop of over 60%.
In the two weeks since that bottoming-out, prices have jumped by more than 17 cents per gallon, to $1.78. But even with the sudden increase in prices, gasoline is still about $1.25 cheaper than it was at this time last year.