Oil Prices At 10 Month High, Gas Prices Moving Higher—Especially in the Midwest

The end-of-summer reprieve from rising gas prices did not last long.

After a brief dip last week, gasoline prices are headed higher across the country, according to data from the American Automobile Association.

The average price for a gallon of gas dipped two cents last week to around $3.80, according to AAA. That decrease came despite an increase in the price of oil.

“Pump prices appear to be defying the odds at the moment, despite the surge in the cost of oil,”  said Andrew Gross, AAA spokesperson.

According to AAA, the average price was up to $3.83 on Monday. A year ago, the price of gas was $3.71.

The price of Brent crude, the oil price most directly linked to gasoline prices, was down by one-third of a percentage point to $90.32 a barrel on Monday morning. This is close to the highest levels this year. Prior to recent weeks, you have to go back to November of last year to see oil prices this high.

The price of West Texas Intermediate dipped half a percentage point on Monday. It too is at levels not seen since last November.

Gasoline prices are sharply in the Midwest. The average price in Iowa on Monday was $3.97 per gallon, that’s up from $3.57 a week ago.

Some of the highest prices in the country are in California, where the statewide average is close to $5.44 a gallon. That’s up 12 cents from a week ago. A year ago, the average price was $5.39 in California.