Without gas prices falling, the current price environment may be the floor for what could become a more expensive year than anticipated.
The average price for a gallon of regular unleaded in the Bradenton-Sarasota area on Monday was $2.51, according to AAA, which projects costs could climb into the $2.60s in Florida in the days ahead. That's one cent below the national average of $2.58. That price would be 19 cents above last year's average and the highest average price since 2014. "This year, gas prices are nine cents more than they were on January 1, a possible indication that prices in 2018 will likely be more expensive than last year".
"With oil maintaining strength, gasoline prices have continued to climb in many places, rising to their highest level since Hurricane Harvey dealt a blow to Texas and a significant portion of US refining capacity", said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"One remaining beacon of hope is that domestic oil production would ramp up sooner than later, and end the upward momentum on oil prices", Jenkins said. The Energy Information Administration reports an increase on the week in gasoline demand and a decrease in inventories. 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. That means gas prices are up too, and they could be going a lot higher.
Gasoline prices in Houston and elsewhere have reached some of the highest levels since Hurricane Harvey. "During the next few months, refineries will randomly conduct maintenance on their equipment and switch to a more-expensive-to-produce summer blend gasoline".
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