Average US Gas Price Jumps 3 Cents To $2.54 For Regular

Average US Gas Price Jumps 3 Cents To $2.54 For Regular

Tom Kloza, global head of energy analysis for the Oil Price Information Service, believes the average price for a gallon of regular gas could rise by as much as 50 cents between the dead of winter and the spring/summer driving season thanks to increased demand and refinery maintenance that was put off past year due to Hurricane Harvey in the southern portion of the country.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the increase is due to higher crude oil costs. Gas prices will edge upward as we approach spring, with gas prices rising throughout the summer into September, when prices will plateau.

Gas in San Francisco was the highest in the contiguous United States at an average of $3.22 a gallon. Nationally, it remained steady at $2.48.

AAA found regular gas in MA for sale as cheaply as $2.31 per gallon and as expensive as $2.79 per gallon. West Texas Intermediate last week settled above $62 a barrel for the first time since December 2013. That price point is then lowered later in the year as a result of low demand.

"Retail prices could drop 5 to 15 cents in the next month and a half, while supply outpaces demand", said Mark Jenkins, a AAA spokesman. Meanwhile, gasoline demand, measured by the Energy Information Administration, has dropped significantly, contributing to a strong build in fuel availability.

Gas prices held steady during the first week of 2018 in Southwest Florida, and analysts say drivers can expect to see a seasonal slide in what they pay at the pump. "Of course, this forecast could change dramatically if there are unexpected shifts in fuel supply and/or the stock market".

New Orleans- $2.19/g, up 1.4 cents per gallon from last week's $2.18/g. Spring is one of two times a year refineries go offline to conduct maintenance on their equipment, and switch from winter to the more expensive-to-produce summer blend gasoline.

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