Reviews National Average Gasoline Price Nears 3-Year High

21:31  16 april  2018
21:31  16 april  2018 Source:   247wallst.com

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Seasonal factors continued to push U.S. retail gasoline prices higher last week. The national average price for a gallon of regular gasoline rose by four cents a gallon last week to an average of .66, according to the latest data from GasBuddy.

For the third year in a row, the national average will be within a penny or two of .64 per gallon. Stability wasn’t always the norm. Between 2003 and 2008 average retail gasoline prices more than doubled, reaching an all-time high of .11 per gallon in 2008.

  National Average Gasoline Price Nears 3-Year High © Thinkstock

The average U.S. 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. Month over month, the price is up nearly 18 cents a gallon and is about 30 cents a gallon higher year over year. Last month, the national average was $2.533, while the year-ago average was $2.413.

Among the 50 states, only Delaware saw a decline (less than a penny) in pump prices over the past week. Crude oil prices rose more than 8.5% last week, primarily on geopolitical issues like the attack on Syria and a trade war with China. Demand remained strong last week as well.

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Drivers may see the highest retail gasoline prices in three years thanks to OPEC’s efforts to boost oil prices , according to GasBuddy. Taking all of that into consideration, GasBuddy reached its average price projection of .49 for the year. National gasoline prices are likely to peak at .67 a gallon in

U.S. retail gasoline prices jumped nearly six cents a gallon last week to a national average of .60 a gallon, according to the latest data from GasBuddy. Month over month, the price rose by more than four cents a gallon, and it is nearly 32 cents a gallon higher year over year .

U.S. crude oil inventories rose by 3.3 million barrels last week and gasoline inventories rose by half a million barrels. The increase could not stop crude from rising to its highest level in 995 days, according to GasBuddy.

Patrick DeHaan, head of petroleum analysis at GasBuddy, said:

The seasonal surge at gas pumps is in full motion, causing the most dreaded time of year for fearful motorists, especially of what may still be coming. With the national average gas price now at its highest since July 26, 2015, I can't immediately allay all fears of a continued spike in gas prices, however, we're likely in the closing innings of the seasonal rise- let's just hope we don't go to extra innings. In the past few years, the average date that gas prices have peaked is mid-May, which is just around the corner, and by all metrics, that could be very close to what we expect this time around. Refinery maintenance has gone well thus far, and gasoline supply has continued to push higher as more refiners conclude their work. With the transition to summer gasoline also wrapping up, the reasons [for] gas prices to rise will shrink.

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For the third year in a row, the national average will be within a penny or two of .64 per gallon. Stability wasn't always the norm. Between 2003 and 2008 average retail gasoline prices more than doubled, reaching an all-time high of .11 per gallon in 2008.

Diaz said the couple were back to the habits they used during last year 's run-up in gasoline prices , which peaked at a record high : above .58 a gallon in California and .11 nationally . They are driving less and consolidating trips. "That's all we can do," Diaz said. The national average rose

According to GasBuddy, states where prices moved most last week were: Michigan (up 12 cents); Utah (up nine cents); Idaho and Nebraska (up eight cents); and Georgia, Illinois, West Virginia, Missouri, Texas and Tennessee (up seven cents).

States with the lowest average prices last week included: Missouri ($2.42); Oklahoma and Arkansas ($2.43); Mississippi ($2.45); South Carolina ($2.46); Louisiana ($2.47); Kansas and Texas ($2.48); Alabama ($2.49); and Wyoming ($2.50).

The highest average prices per gallon last week were reported from California ($3.55); Hawaii ($3.48); Alaska ($3.22); Washington ($3.20); Nevada ($3.11); Oregon ($3.09); Utah ($2.97); Pennsylvania ($2.94); Idaho ($2.93); and New York ($2.80).

West Texas Intermediate crude oil for May delivery traded down about 1.2% Monday afternoon at $66.60, while Brent for June delivery traded at $71.77. The price differential (spread) between WTI and Brent crude rose by seven cents to $5.17 a barrel week over week.

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U.S. Motorists Driving Less as Gas Prices Rise .
Total miles driven on U.S roads and streets last year posted the smallest growth in four years. As gas prices rise, Americans drive less and that helps balance the market and lower prices. It also encourages carmakers to build more fuel-efficient vehicles.

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