Nevada gas prices up 4 cents, well below national hike

Wednesday, Nov. 11, 2009 | 2:05 a.m.

Nevada has largely been spared the rise in gas prices seen across the nation over the last month, according to AAA’s fuel price report.

The auto club said Tuesday that the average price for a gallon of gas in Nevada rose 4 cents over the past month, well short of the nationwide average increase of 18 cents.

“Obviously a 4-cent increase heading into the Thanksgiving holiday period isn’t the news we were looking for,” said Michael Geeser, spokesperson for AAA. “But considering some of the price hikes seen elsewhere across the U.S., it’s not too severe.”

The increase in the state’s average to $2.74 per gallon for regular grade gasoline was largely because of increases in Southern Nevada.

Gas now costs 8 cents more than it did a month ago in Las Vegas, Henderson and North Las Vegas. But in Reno, Carson City and Sparks, the average cost of a gallon of gas actually decreased 2 cents. In Elko, the price went up 5 cents.

The report listed the average price of a gallon of gas as $2.70 in Las Vegas and North Las Vegas; $2.72 in Henderson; $2.75 in Reno, Carson City and Sparks; and $2.80 in Elko.

Nationwide, gas now averages $2.66 per gallon, the report said. In Phoenix, gas prices rose 20 cents last month to average of $2.59, but in San Francisco, the price dropped 6 cents to a new average of $3.11 per gallon.

AAA said the national increase is largely because of a rise in crude oil prices as the value of the dollar continues to fall.

“As the dollar weakens, investors turn to more physical investments like gold, oil and other commodities as ‘safe havens’ for their investments,” according to the report. “Also, oil is priced in dollars, so whenever the dollar dips, oil becomes cheaper for foreign investors using other currencies.”

Nevada is now tied with Pennsylvania and Maine as the eleventh highest gas price average in the continental U.S., the report said.

Alaska’s $3.40 per gallon average is the highest in the country while California’s $3.22 average is the highest price in the lower 48 states.