US Gas Prices Highest Since 2015

Gas Prices Maintain Highest Price of 2018

Gas Prices Maintain Highest Price of 2018

EIA forecasts that Brent crude oil will average $63/b ($1.50/gal) this summer, about $12/b ($0.29/gal) higher than last summer. The average price locally is $3.35 a gallon, up 40 cents compared to a year ago, according to AAA Washington. Ultimately, OPEC bears much of the responsibility for cutting oil production in 2017, leaving USA oil inventories at far lower levels than a year ago. The average price in Cedar Rapids dropped 7 cents to $2.52, Waterloo dropped 3 cents to $2.52, and Iowa City dropped 2 cents to $2.59.

The US Energy Information Administration has revised its forecast for average 2018 gasoline prices up 1.6% to $2.64/gal, it said in its most recent Short Term Energy Outlook.

Gas prices are getting pumped up to their highest level in years.

Additionally, demand for gasoline continues to remain robust at 9.2 million barrels a day as the spring driving season kicks off, which showed demand measured at 9.25 million barrels a day at the same time in 2017. Through February, southbound border crossings into Whatcom County are up 10.8 percent compared to the same period a year ago.

Patrick Dehaan, head of petroleum analysis for Gas Buddy - an app that tracks gas prices, said the surge has to do with an OPEC deal.

Just how high those prices will go will depend largely on where you live, thanks to factors such as how far you live from refineries (there's a reason why Louisiana, Texas, and other Gulf of Mexico-adjoining states tend to have lower gas prices); how popular your part of the country is with tourists (which is why Florida tends to have higher gas prices); and of course, the old bugaboo, state gasoline taxes.

GasBuddy suggests that drivers aren't necessarily stuck with paying higher prices during the current trend.

It's not news you want to hear, but gas prices are on the rise. Some stations offer cash discounts, some credit cards offer rebates, and Pay with GasBuddy also offers a discount.

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