Gas prices going up 14% this summer

16 April, 2018, 21:53 | Author: Regina Silva
  • Gas prices going up 14% this summer

In Sacramento, the average was $3.42 a gallon, a 16-cent spike in one month and nearly 52 cents higher than this time previous year.

New York City had a 5 cent increase in gases prices this week, with the average gas price coming in at $2.89 per gallon.

As recently as April 9, GasBuddy senior petroleum analyst Patrick DeHaan said: "As markets have seen concern rise of a possible trade war between the US and China, oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent".

"The rest of the country is adjusting to those higher wholesale prices and we just haven't gotten there yet", Jenkins said. "Crude oil is selling at high prices compared to previous years and domestic gasoline demand has been high most of the winter among the factors all driving gas prices up and draining consumers' wallets".

Drivers in the Tampa Bay and Orlando regions were paying the lowest average price in the state at $2.54. Crude oil prices rose more than 8.5% last week, primarily on geopolitical issues like the attack on Syria and a trade war with China.

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Four-dollars-a-gallon gasoline, not seen in the Golden State since midsummer 2014, is starting to look likely due to developments that pushed at-the-pump prices into overdrive last week.

Gas prices in Virginia have continued to increase over the last week, resulting in an average price of $2.52 per gallon in Hampton Roads, according to AAA Tidewater. Analysts said it was indicative of oil markets' volatility in connection with any real or threatened upheaval in the Middle East.

Patrick DeHaan, head of petroleum analysis for gas price comparison site GasBuddy.com, said that's the highest national average price since July 2015.

$2.33 per gallon in 2016 to $3.70 per gallon in 2013. Refinery maintenance has gone well thus far, and gasoline supply has continued to push higher as more refiners conclude their work. The Florida average of $2.63 is the most expensive since February. "With the transition to summer gasoline also wrapping up, the reasons gas prices to rise will shrink".

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