The slide in gasoline prices has finally stalled.
Nationally, gasoline prices rose for the first time in nearly two weeks on Wednesday. The national average price for regular gasoline jumped nearly a penny overnight to $3.19 a gallon, according to AAA, marking its biggest one-day gain since Oct. 16 and first increase in 12 days. This bounce comes just after prices around the nation had fallen to their lowest levels since February 2011.
Abundant supplies and sluggish demand contributed to the sharp fall in gas prices recently—and prices are still declining in some parts of the country. In 10 states in the South Central region, the average price of gasoline statewide is below $3 a gallon, according to GasBuddy.com.
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"I wouldn't call this a spike," said Tom Kloza, chief oil analyst at GasBuddy.com. "Most of the strength (in gasoline prices) is regional, and it is lifting RBOB (gasoline) futures more than various markets."