Gas Prices Maintain Highest Price of 2018
The U.S. Energy Information Administration forecast a almost 14% year-over-year rise in summer gasoline prices on the back of expectations for higher crude oil prices, according to a report released Tuesday.
Experts say the rising prices can be blamed on higher crude oil exports due to fears of military action in Syria. Domestic crude production also hit a record high 10.5 million barrels a day last week, which contributed to the USA shipping more oil to other countries.
According to GasBuddy, the national average is at the highest it's been since July of 2015, at $2.68.
(Coppell, TX) - The statewide gas price average in Texas is now $2.45 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. "With the average price $2.50 a gallon".
GasBuddy is an app and website which uses crowdsourced information to track gas station prices in real-time.
EIA's projection is up 32 cents from $2.42 a gallon last summer and translates to an annual average increase of nearly $200 per household. "The weather is going to be warmer and more people on the roads and therefore there is the potential for prices to increase". That's 17.9 cents higher than it was a month ago on March 13.
Tim Sumpter, a Huber Heights, Ohio, resident who follows gas price trends, said he wasn't surprised by the outlook, given the volatility across the globe.
Oil prices rose on Wednesday. "Compared to this day previous year, Texans are paying 20 cents more per gallon to fill up their gas tanks".
Market analysts note that oil prices have gone up in the last three days.
Vienna-based OPEC and its oil producer allies are poised to extend their supply reduction pact into 2019 even as the global glut of crude looks set to be eradicated by September, OPEC Secretary-General Mohammad Barkindo told Reuters.
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