Friday, March 13, 2015

Gas Turns Back

Well, it was fun while it lasted. But the U.S. Energy Information Administration announced yesterday that gasoline prices turned upward in February, reversing a decline that had continued unabated since last summer. The national average for a gallon of regular gasoline was $2.22 last month, up from $2.12 in January. Here in New Jersey, the average price of a gallon of gas is at $2.25.

With prices going up, Americans spent more at gas stations in February for the first time since May 2014. Purchases at gas stations rose by 1.5 percent last month, the largest monthly gain since December 2013.

Still, we're in much better shape than we were not so long ago. The Commerce Department also reported that gas station sales in February were still down by 23 percent from a year earlier.

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