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Gasoline now $4 per gallon in five states

Posted On Mon, April 18, 2011

The rising cost of gasoline is showing no signs of letting up, as $4 per gallon is now the average price in five states.

According to the Associated Press, that list could soon reach a half-dozen, as New York is a few cents away from joining Hawaii, Alaska, California, Illinois and Connecticut as states where the cost of gas exceeds the national average by at least 20 cents.

At $3.81, gas prices have risen approximately four cents over the past week, according to GasBuddy.com. Gasoline costs averaged $3.53 in March and were $2.87 one year ago.

This is the most precipitous rise in gasoline since 2008, when the nationwide average peaked at $4.11 in July, according to the website. By December of the same year, however, prices dipped to an average of $1.61.

Industry analysts aren't expecting a similar price drop any time soon, but high gas fees may lead to auto insurance savings. According to the Consumer Federation of America, driving less as a result of high gas costs can lead to as much as $94 in insurance savings annually.

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