Pump Prices Increase As Demand Grows, New Taxes Take Effect
The cost of a gallon of unleaded gasoline rose $.09 to $2.56 in the week ending November 13. This represents a $.39 per gallon increase compared to the same time last year. Diesel prices increased as well, up $.12 to $2.91/gallon, a $.47 jump year-over-year.
While some of the increase is related to growing consumer demand, recently imposed taxes also had an impact.
In California, for example, the Road Improvement Tax (effective November 1)
boosted prices by $.12/gallon. Industry experts anticipate a gradual easing in fuel prices as we enter the winter season.