Published: Tue, April 24, 2018
Business | By Kate Woods

Average price of United States gas jumps 9 cents, over 13 in Lansing

Average price of United States gas jumps 9 cents, over 13 in Lansing

Motorists should brace for gas prices to worsen before they get better.

The auto group put the state average at $2.74 a gallon of regular gas on Sunday, up 11 cents from a week ago and 28 cents more than a year ago.

Oil prices were $15 per barrel higher than the same time past year.

The highest average prices per gallon last week were reported from California ($3.56); Hawaii ($3.54); Washington ($3.22); Alaska ($3.20); Nevada ($3.17); OR ($3.12); Utah ($3.06); Idaho ($3.00); Pennsylvania ($2.97); and CT ($2.88).

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AAA says gas prices are expected to continue to rise due to higher crude oil prices, diminishing supplies and the seasonal switchover to summer-blend gasoline.

Add in the fact that oil is trading at about $15 more per barrel than this time a year ago thanks to increased demand and reduced supply, and costs could continue to approach $3 per gallon around the state. The U.S. average was 2 cents higher, with Florida ranking 20th nationally.

That information combines with the latest data that registers consumer gasoline demand at 9.857 million barrels per day. "Unfortunately, oil prices could still remain elevated heading into the summer travel season".

"The road ahead at the pump looks quite ominous if that demand number proves common in the coming weeks", DeHaan said. That total is 16.4 cents a gallon higher than a month ago and 36.3 cents a gallon higher than a year ago.

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The average for Georgia was the highest of 2018.

Last April, gas was $2.71 per gallon in the region with a national average of $2.40. "So there are now a number of factors keeping upward pressure on gas prices", he said. Half the price of gasoline was determined by the price of oil.

US petroleum inventories all fell last week with crude oil stockpiles down by 1.1 million barrels, gasoline inventories down 3 million barrels, and distillates (diesel fuel and heating oil) inventories down by 3.1 million barrels.

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