NEW YORK - Oil and gas futures have risen by more than 10 percent, to $3.01 per gallon, in the past two weeks. This jump could result in the price of a gallon of unleaded gas increasing by as much as 30 cents in August, CNNMoney reports.
Though oil prices have risen by more than 10 percent in the past month, retail prices have stayed steady, according to CNN.
Consumers, however, should expect this to change by next month, Tom Kloza, chief analyst for Gasbuddy, said to CNN.
AAA Southern New England found that last week, gas prices in both Rhode Island and Massachusetts increased by 3 cents to an average price of $3.60 and $3.48, respectively, for a gallon of regular gas.
The national average price on Thursday was $3.52, an increase of 1.7 cents per gallon, CNN said, citing AAA.