Published: Thu, April 12, 2018
Medical | By Marta Holmes

US EIA projects 14% rise in summer gasoline prices

US EIA projects 14% rise in summer gasoline prices

That peak price in the Chicago metro area, according to GasBuddy, will be $2.92 per gallon, up from $2.66 a year ago.Prices are higher within city limits, in part because of Chicago gas taxes. According to AAA, the national average price now stands at $2.66 per gallon, which is just off the $2.67 post-crash high that we saw late last summer in the aftermath of the hurricanes. Local fuel prices are up an average of 19.1 cents per gallon in the past month and are 31.6 cents per gallon above the same time a year ago.

"The price is likely to increase as spring brings warmer weather and the switchover to summer blend gasoline, but hopefully we will only see mild jumps in coming weeks".

Crude oil prices fell more than 4% last week as traders tried to gauge the impact of a possible trade war on oil prices. Slower economic growth would reduce energy demand. The average price in the Shoals was $2.21 on January 2.

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Gasoline stocks dropped 1 million bbl on the week. While prices are up 6.9% this year, that's actually only slightly more than half the average YTD change of 13.4% as of early April and almost two percentage points below the median change of 8.7%.

The $2.43 cost also is the average across Alabama, according to GasBuddy.

Tucson- $2.54/g, up 5.6 cents per gallon from last week's $2.48/g.

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Oil prices have been higher than usual due to concerns of a possible trade war between the USA and China, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.

"While the pause button may be hit for the time being on the spring surge, it is still likely we'll see prices advance again soon", DeHaan said.

The national gas price increased 12 cents last month is now stands at 25.9 cents per gallon higher than this day one year ago.

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