Gas prices up, but not as high as last year - Trade Only Today

Gas prices up, but not as high as last year

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While gas prices are rising across the country, on average they are nearly $1.50 cheaper per gallon than this time last year, AAA reports.

As of Tuesday morning, the average price of self-serve regular in the United States was slightly above $2.31 per gallon - about 9 cents higher than one week ago. But that's down from $3.79 this time last May.

This morning, trading oil prices stood at $59.24 a barrel. On this day in 2008, oil closed at $126.51 a barrel.

"While the climb in oil and gasoline prices will not be cheered by consumers, it does indicate a certain degree of optimism in the future of the economy and relative comfort with the current retail price of gasoline," AAA said in a report.

Historically, gas prices are at their highest during midsummer, peaking sometime between Memorial Day and Labor Day.

Click here to read AAA's fuel gauge report.

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