February 25, 2018

Main » Gas prices hit four-year highs, AAA says

Gas prices hit four-year highs, AAA says

24 January 2018

It's 8.8 cents per gallon higher than last month, and 22.7 cents per gallon higher than a year ago.

Jeanette Casselano, a spokeswoman for AAA, said gas prices usually drop by as much as 20 cents during the first few weeks of January as holiday demand sloughs off, but this year the trend is reversed.

USA producers are seizing the higher petroleum prices to grow global market share - as evidenced by crude exports growing to 1.25 million b/d last week. However, this story so far this year has been a rally in oil prices.

Motorists in five Great Lakes and Central states are among the minority in the country seeing pump price decreases on the week, including OH (-8 cents).

The most expensive gas price averages in Tennessee were in Jackson at $2.40, Nashville at $2.38 and Kingsport-Bristol at $2.37. Great Lakes refinery issues continue to flare up with no warning, and gas prices there may continue to be more volatile in coming weeks.

Oil prices dipped after EIA's latest petroleum revealed domestic crude production in the USA continues to grow.

Gas prices in the Lima region have increased 0.5 cents since last week, according to prices reported to

GasBuddy's daily survey of gas outlets says the price has risen 2.3 cents per gallon in New Hampshire in the last week, averaging $2.49.

"However, there is still lingering hope that US oil production will ramp up sooner than later, which would boost inventories and push energy prices lower", Jenkins said. If the forecast holds, it would be 1 million barrels per day more than previous year.

Yet again, Allen County has the lowest county average price for gasoline at $2.299. This growth potentially stalls efforts by OPEC and major crude producers to rebalance the market (by cutting production through the end of 2018).

South Dakota's statewide average is $2.49, two cents higher than last week and 14 cents higher than one year ago. Last year, Russian Federation reached a 30-year high average production rate of 10.98 barrels per day, AAA said.

Gas prices hit four-year highs, AAA says