Supply and Demand Pushes Gas Prices Up

Supply and seasonal demand pressures are catching up with U.S. travelers, pushing gas prices up in all but 11 states, motor club AAA reported.

The motor club reported a national average retail price of $2.28 for a gallon of regular unleaded gasoline on Tuesday, unchanged from the previous day, about 1 percent higher than last week and 5 percent, or 12 cents per gallon, higher than this time last year.

Nation-wide, 39 states reported an increase in prices at the pump over the week, compared with nine states the previous week. The average increase in retail gasoline prices over the last week was the sharpest since before Memorial Day, the first major holiday of the season.

Jeanette Casselano, a spokesperson for AAA, said demand pressures suggest gas prices could remain relatively high for the rest of the summer driving season, which runs through September.

"Demand has remained strong as gasoline stocks dip for a fifth consecutive week, driving up prices at the pump," she said in a statement.