Gas prices still climbing in northern New England

30 January, 2018, 01:08 | Author: Andrea Terry
  • Gas prices still climbing in northern New England

"Without gas prices falling, the current price environment may be the floor for what could become a more expensive year than anticipated, barring any change to OPEC policy that has led to today's climate of lower supply and higher prices". The statewide average was $2.58, up 17 cents from a month ago and 22 cents from a year ago.

Local prices Sunday were 60.8 cents a gallon higher than the same day a year ago and 8.3 cents a gallon lower than a month ago, the statement said.

Nationally, the average price of gasoline was $2.58 a gallon, four cents higher than seven days earlier, while Georgia's average of $2.48 was three cents higher during the same period, according to the auto club.

Analysts say the rising pump prices in recent weeks are mostly due to increasing US crude oil prices.

USA crude stocks fell for a record 10th-consecutive week, reaching the lowest level since February 2015, according to the Energy Information Administration. Compared to one year ago, motorists in IN (+52 cents) top the list for the largest increase, while New Mexico (+15 cents) has seen the smallest increase in the country.

Another week, another hike in gas prices in the Meadville area. Oil prices have always played a significant role in what motorists pay at the pump.


Gasoline prices in Houston and elsewhere have reached some of the highest levels since Hurricane Harvey. EIA's latest weekly report highlights that USA crude inventories reached their lowest level in almost three years at 411.6 million barrels. Crude oil has been selling at very expensive rates the past few months.

"There appears to be a recipe for even higher gas prices brewing, and the rising price of oil is just one of the key ingredients", said Mark Jenkins, a spokesman for AAA.

A gasoline industry expert says rising gas prices could be the norm for this year. "During their downtime, these refineries reduce the amount of gasoline they put out into the market". "It's unclear exactly how the market will absorb these shifting fundamentals, but motorists may want to be ready".

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