Monday, 23 July, 2018

Average gas prices are 30 cents more than past year

Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed Inc. All rights reserved. This material may not be published broadcast rewritten or redistributed
Russell Knight | 16 April, 2018, 21:52

The average USA price for a gallon of regular gasoline rose by six cents last week to start this week at $2.71, according to the latest data from GasBuddy.

Including the change in gas prices in Honolulu during the past week, prices on April 14 were 51.9 cents per gallon higher than the same day one year ago and are 9.5 cents per gallon higher than a month ago. But that's 26 cents higher than previous year and would be the highest average summer price in the US since 2014.

Patrick DeHaan, head of petroleum analysis for gas price comparison site GasBuddy.com, said that's the highest national average price since July 2015.

Data released from the Energy Information Administration last week showed a 3.3 million barrel rise in crude oil inventories and a small 500,000 barrel rise in gasoline inventories as refiners increased inputs to 93.5% of capacity. The new highest average of price per gallon of gas on Long Island this year is $2.82 per gallon. "Crude oil is selling at high prices compared to previous years and domestic gasoline demand has been high most of the winter among the factors all driving gas prices up and draining consumers' wallets".

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"That could be very close to what we expect this time around", DeHaan said. Growing crude exports, alongside OPEC-led production cuts, have helped stocks decrease over the past year, but the year-over-year decline in stocks has contributed to higher crude prices.

Nationally, the price of unleaded gas as of Monday morning was $2.71 a gallon, according to AAA.

According to GasBuddy, which tracks fuel prices, motorists weren't seeing much of a difference in prices at Manatee ($2.56 average) and Sarasota ($2.57) outlets. The average gas prices had maxed out at about $2.76 per gallon two months ago. Refinery maintenance has gone well thus far, and gasoline supply has continued to push higher as more refiners conclude their work.

Michigan's lowest average price was about $2.69 per gallon in the Marquette area.

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