Average Price Of US Gas Jumps 9 Cents

Lester Mason
April 24, 2018

KINGSTON, N.Y. Average retail gasoline prices in NY have risen 6.6 cents per gallon in the past week, averaging $2.86 per gallon Sunday.

For the first time in about 31/2 years, the average price for gas in Berks County could soon be more than $3 per gallon. It costs $5 more to fill the average size gasoline tank, compared to this time past year. Yesterday's price of $2.99 per gallon was 22 cents above the national average of $2.77.

Patrick DeHaan, head of petroleum analysis for the price-comparison website and app GasBuddy.com, noted a new record for US demand was set last week - an "ominous" sign for prices if that demand is sustained over the next few weeks.

That information combines with the latest data that registers consumer gasoline demand at 9.857 million barrels per day. The road head at the pump looks quite ominous if that demand number proves common in the coming weeks. The rise in gas prices caught the attention of President Donald Trump, who tweeted Friday that OPEC was "artificially" propping up the price.

AAA Regional General Manager Ed Welsh says demand is up and inventories of oil and gasoline down, leading to the price increase. If EIA's report this week reveals another inventory draw, crude prices are likely to continue climbing, AAA analysts said.

The most expensive gas price averages in Georgia were in Savannah at $2.69 per gallon, Brunswick at $2.69 and Atlanta at $2.68. Now the added expense for oil is making it more expensive to produce gasoline.

The price for a barrel of West Texas Intermediate crude oil last week surged to almost $70, the highest level since oil was in the midst of collapsing in December 2014 as OPEC increased supply. "So there are now a number of factors keeping upward pressure on gas prices", he said.

Rising oil and gas prices aren't the dire news they used to be, back when America had to send precious dollars overseas to buy up limited supplies from OPEC.

Prices throughout western PA are averaging at $2.97. "However, unforeseen circumstances like escalating geopolitical tensions or a hurricane in the Gulf of Mexico would cause prices to surge".

MI is 12th in the country for most expensive daily gas price.

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