The U.S. average is the highest price since September 2015
TAMPA, Fla. — Gas prices are rising across the country. The national average price for a gallon of regular unleaded jumped 7 cents in the past week. Sunday’s average of $2.39 is the highest since September 2015.
Gas Price Hike
1. Kentucky +15 cents
2. Michigan +12 cents
3. Florida +12 cents
4. Indiana +11 cents
5. Missouri +9 cents
9. Georgia +8 cents
15. Tennessee +7 cents
“This is the type of volatility we’ve come to expect this time of year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The major factors weighing on the market right now are supply and demand. People are beginning to drive more as the weather improves, causing an uptick in demand and a decline in gasoline inventories. Also, many refineries have begun producing and selling summer-blend fuels which are more expensive to produce. AAA forecasts the national average to peak around $2.70 this summer.”
The crude oil market has largely recovered after spending nearly three weeks under $50 a barrel. Friday’s daily settlement of $52.24/b is the highest since March 7. Primary factors contributing to increased crude oil prices include the seasonal uptick of driving demand, continued uncertainty around an extension of OPEC production cuts and increased U.S. production. Oil prices also received a temporary boost on Friday, following the U.S. launch of cruise missiles at a Syrian airfield base. Although Syria has little oil production, their location and alliances with other oil producing countries has led to speculation about how further geopolitical unrest may affect global oil supply. Traders will keep a close eye on political dynamics of the Middle East and any further discussions between OPEC and non-OPEC producers.
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com. Motorists can find the lowest gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
(Based on weekly EIA data)
U.S. crude inventories rose 0.28 percent to 535.5 million barrels
Domestic crude production rose 0.57 percent to 9.2 million barrels per day
Gasoline demand is .23 percent higher than this time last year
Gasoline inventories declined nearly 8 percent compared to the week before
Gasoline production declined more than 5 percent nationwide and at refineries along the Gulf Coast
Refineries operated at a1-percent lower capacity than the week before
Oil prices averaged $52.27 last week; nearly $2 more than the week before
Motorists can find the lowest gas prices in their area by downloading the free AAA Mobile app.