Published: Fri, April 13, 2018
Business | By Kate Woods

Forecast says gas prices will rise 14% this summer

Forecast says gas prices will rise 14% this summer

"But now with oil prices recently surging up to their highest level since 2014, gas prices have followed".

The average price is much higher in Bellingham.

Typically, the peak gas prices hit in May or early June before starting to go down, DeHaan said.

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In Fargo on Thursday morning, gas prices averaged $2.40.

U.S. crude oil inventories increased last week, and the refining sector input 83,000 barrels per day more than the previous week's average, said the U.S. Energy Information Administration (EIA) Wednesday.

Other factors behind the higher spring gas prices include the rising price of crude oil, which is up to around $67 a barrel.

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Petroleum analysis outlet GasBuddy reported Thursday that gas prices rose overnight to the highest national average since July 2015, a span of almost 1,000 days. Despite lower margins, EIA projects that continued growth in gasoline exports and higher domestic consumption will lead to higher gasoline yields this summer, with gasoline production averaging about 170,000 barrels per day (b/d) more than last summer. Ultimately, OPEC bears much of the responsibility for cutting oil production in 2017, leaving US oil inventories at far lower levels than a year ago. USA crude production, meanwhile, was seen at 10.69 million barrels a day this year, down 0.1% from the previous forecast. Through February, southbound border crossings into Whatcom County are up 10.8 percent compared to the same period a year ago. The average price in North Dakota was $2.55.

GasBuddy suggests that drivers aren't necessarily stuck with paying higher prices during the current trend. Some stations offer cash discounts, some credit cards offer rebates, and Pay with GasBuddy also offers a discount.

Gas prices had the most expensive start to April in four years, averaging $2.46 during the first eight days of the month - an increase of 36 cents from April 2017.

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