Average price of gas jumps 8 cents per gallon to $3.10

SAVING TIPS. REPORTER: WITH MEMORIAL DAY WEEKEND FAST APPROACHING MORE PEOPLE ARE PLANNING THEIR START TO THE SUMMER ROAD TRI ACCORDING TO SURVEYS BY AAA . >> ABOUT 93% OF PEOPLE ARE PLANNING ON TAKING A ROAD TRIP THIS YEAR. REPORTER: WITH GAS PRICES HOVERING AROUND $3 A GALLON THE BANG FOR YOUR BUCK. FIRST, STICK TO THE SPEED LIMITS. IT’S NOT JUST THE LAW, THOUGH THAT’S OBVIOUSLY THE MOST IMPORTANT THING. CONSUMER REPORTS FOUND MOST CARS SAVED NEARLY 7 MILES PER GALLON DRIVING 65 AND AAA SAYS SHOP AROUND USING >> A LOT OF TIMES WHERE WE SAY THE AVERAGE PRICE IS $2.94 GALLON, THAT’S A RANG SO SOMETIMES YOU CAN SAVE $.10 A GALLON, OR FIVE CENTS A GALLON, DEPENDING ON WHERE YOU GO. REPORTER: ALSO, THINK AERODYNAMICS. WHILE IT’S EASIER TO LEAVE TH ROOF RACKS ALL YEAR LONG, EXPERTS SAY AT HIGHWAY SPEEDS MORE THAN 50% OF ENGINE POWER GOES TO OVERCOMING DRAG. SO, THE SKI RACK ON YOUR ROOF, PROBABLY NOT A SUMMER NECESSITY. FINALLY, TIRE PRESSURE MATTERS. MOST TIRES LOSE ABOUT ONE PSI A MONTH. LOWER PRESSURE CAN >> UNDERINFLATED TIRES CAN REDUCE FUEL ECONOMY BY 3% SO CHECK YOUR DOOR CAR, THE STICKER ON YOUR DOOR THAT TELLS YOU WHAT YOUR TIRE PRESSURE SHOULD BE. REPORTER: ANOTHER GAS SAVING TIP, TURN OFF THAT THAT AIR CONDITIONING AND GO OPEN WINDOWS INSTEAD. THE HA

Average price of gas jumps 8 cents per gallon to $3.10

Analyst: Colonial Pipeline shutdown, corn cost to blame

Updated: 3:36 PM EDT May 23, 2021

The average U.S. price of regular-grade gasoline jumped 8 cents over the past two weeks, to $3.10 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the increase is attributed to supply disruption from the 10-day shutdown of the Colonial Pipeline following a cyberattack, and a rise in prices for corn, a key ingredient in corn-based ethanol that must be blended by refiners into gasoline. The price at the pump is $1.05 higher than it was a year ago. The highest average price in the nation right now is $4.23 a gallon in the San Francisco Bay Area. The lowest average is $2.53 in Houston. The average price of diesel is up 6 cents over the same period, to $3.22. Colonial, which supplies about 45% of the fuel consumed on the East Coast, said that after it learned of the May 7 ransomware attack, it took its pipeline system offline in order to restart operations quickly and safely. The shutdown led to panic buying of gasoline in many communities.

CAMARILLO, Calif. —

The average U.S. price of regular-grade gasoline jumped 8 cents over the past two weeks, to $3.10 per gallon.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the increase is attributed to supply disruption from the 10-day shutdown of the Colonial Pipeline following a cyberattack, and a rise in prices for corn, a key ingredient in corn-based ethanol that must be blended by refiners into gasoline.

The price at the pump is $1.05 higher than it was a year ago.

The highest average price in the nation right now is $4.23 a gallon in the San Francisco Bay Area. The lowest average is $2.53 in Houston.

The average price of diesel is up 6 cents over the same period, to $3.22.

Colonial, which supplies about 45% of the fuel consumed on the East Coast, said that after it learned of the May 7 ransomware attack, it took its pipeline system offline in order to restart operations quickly and safely. The shutdown led to panic buying of gasoline in many communities.