Gas Prices Rising - Get Used to It, AAA Says

Gas prices still inching up in northern New England

Including the change in gas prices in Hawaii during the past week, prices yesterday were 46.1 cents per gallon higher than the same day one year ago and are unchanged versus a month ago.

"It has been anything but a normal January for prices at the pump", said Mark Jenkins, a spokesman for AAA.

Federal data show the average retail price for a gallon of regular unleaded gasoline was $2.42 previous year and should be about 15 cents per gallon higher for all of 2018.

Gas is averaging $2.54 a gallon in Florida, 18 cents more than a month ago, according to AAA. The app and website have the most accurate and real-time fuel prices at over 140,000 unique stations in the United States, Canada, and Australia and is the most comprehensive money-saving companion while on the road. "Consumers are really accustomed to seeing gas prices dip in early January". Every other state in the region are paying one to five cents more at the pump for a gallon of regular gasoline compared to last Monday. While gas prices will continue to be steered by the price of oil, they will soon face additional pressure from refinery maintenance season. On the week, USA production increased by 258,000 b/d to 9.750 million b/d.

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"Since 2014, gas prices decreased as much as 20 cents in the first three weeks of the year".

If the forecast holds, AAA said, it would be 1 million barrels per day more than past year.

On the week, US crude production increased by 258,000 barrels per day (b/d) to 9.750 million b/d. Last year, Russian Federation reached a 30-year high average production rate of 10.98 barrels per day, AAA said.

At the close of Friday's formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude oil dropped 58 cents to settle at $63.37 - nearly a dollar less than the week before. In Tennessee, the highest average price was September 10 at $2.60, and the lowest was July 5 at $1.99. This growth potentially stalls efforts by OPEC and major crude producers to rebalance the market (by cutting production through the end of 2018).

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