Thursday, 20 September, 2018

Meadville-area gas prices dip below $3 per gallon

Meadville-area gas prices dip below $3 per gallon Meadville-area gas prices dip below $3 per gallon
Lindsey Cook | 03 May, 2018, 15:59

Gas prices across the country are the highest they have been in four years. Metro Detroit's average is about 45 cents more than this same time past year. That is the biggest one-week increase since early September during hurricane season. Crude runs fell by more than 300,000 barrels per day last week, dropping 4 percent below a year ago. "This week, Texas continued to make the list for top 10 lowest gas price averages in the U.S".

Last time the average price of a gallon of gas in CT was above $3 was in December of 2014.

The data, released by auto club AAA Monday, comes as the price of crude oil hits $68 per barrel, a three-year high. Analysts say they are uncertain whether this was a one-week quirk or if high gasoline prices are causing drivers to cut back. However, these gains would have been more significant had the USA not exported a record amount of fuel, the auto club said. Premium is averaging $3.16, from $2.91 to $3.49. Gas in Oklahoma is averaging 3 cents less.

Hitting $2.81, today's national gas price average has reached the highest price per gallon since November 2014.

"This will be the most expensive driving season since 2014", Tom Kloza, the service's global head of energy analysis, tells The Associated Press.

The price of US crude oil has been on a mostly steady incline since last June and last week hit $68.64, the highest since December 2014. It didn't work. Consumers enjoyed lower prices at the pump and US producers used technology to make their operations profitable, even at lower prices.

In broader economic terms, the rise in oil and gasoline prices will help crude producers in states like Texas and North Dakota and will likely boost capital spending industrywide.

"The only good news for motorists?" GasBuddy is a website and app that helps consumers find the best gas prices around them.

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Several factors have helped drive oil prices higher. The smaller amount of available oil only exacerbated this rise in demand.

That has amplified the typical increase in gas prices seen this time of year.

As a result, USA crude oil inventories are down. Gasoline demand sank to its lowest level in almost two months, declining 8 percent from the previous week, AAA said.

California nudged out Hawaii for the most expensive gas this month, with OR in the sixth spot nationwide for the third consecutive week. Throughout the month, the state average rose a total of 16 cents.

Average gas prices in south central OH remain at $2.732 per gallon this week, according to AAA East Central's Gas Price Report, and prices in Portsmouth are reported as among the lowest.

Long Islanders are forking over the highest prices for gasoline that they've paid in almost three years, and they can expect to be paying more - soon.

"We're nearly guaranteed not see any record high prices, but prices will be a little bit higher than last summer", DeHaan said.

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