Monday, 22 October, 2018

AAA report: Gas prices rise four cents as supplies dip

Gas prices are down slightly around Michigan for the first time in weeks Gas prices are down slightly around Michigan for the first time in weeks
Ellis Copeland | 21 March, 2018, 10:22

The average price per gallon in the city was $2.64 on Sunday, according to GasBuddy's daily survey of 229 gas outlets in New Haven.

Today's national gas price average of $2.55 is two cents more than a month ago and more than a quarter (26 cents) higher than this time previous year.

Gas prices remained mostly in check over the last week, yet the national average pushed higher as seasonal factors continue to weigh on the market, led by jumps at the pump in some Great Lakes states over the weekend.

On Monday morning, the average price of a gallon of regular gas in OH was $2.48, while last week's average was $2.40.

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- Tennessee: the highest average price was $2.41 on February 7; the lowest was $2.26 on January 1.

Gas prices in the Lima region have gone up 1.8 cent since last week, according to prices reported to GasBuddy.com. "In addition, demand in the Southeast - especially in Florida - is strong, as Americans hit the road for spring break". Based on current wholesale levels, prices at the pump could continue to climb another 5 cents. The report also noted that global supply reached 97.9 million b/d last month, which was fueled by growth in domestic production in the U.S. The figure is 700,000 b/d higher than last year's rate at this time.

Patrick DeHaan, a senior analyst at GasBuddy, said gasoline prices are at their highest level in more than a month and will only move higher into the summer months. He says gasoline prices nationwide this spring will be between 10 percent and 25 percent higher than a year ago. Inventory levels there are relatively on par with what they were a year ago.

The Great Lakes region, meanwhile, is the most volatile in the country and IL topped the list with a 3 percent spike in gasoline prices. For gasoline, that same metric is up 12.6 percent.

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