Gas prices expected to rise, but remain under $3 mark

Lucy Hill
April 13, 2017

That changed this week as the average price for a gallon of gas nationally increased 7 cents to $2.39. "Declining gasoline inventories, like we saw last week, normally trigger a rise in gas prices". That's nearly double the 354 oil rigs in operation this time past year. This compares with the national average that has increased 5.7 cents per gallon in the last week to $2.39 per gallon. Modesto- $2.82/g, up 4.7 cents per gallon from last week's $2.77/g. Syrian airstrikes and the shutdown of Libya's Sharara oilfield have added only more uncertainty going forward as oil prices jump higher.

In addition, refineries are producing and selling summer-blend fuels that are more expensive to produce because they contain more additives, Jenkins said.

The EIA in its Summer Fuels Outlook sees prices averaging 23 cents higher this summer than a year earlier, primarily because Brent crude oil is forecast to be $8 a barrel more than in the summer of 2016.

Roseville, CA- Roseville motorists aren't alone as seasonal pressure begins kicking gas prices higher around the country. Be prepared to pay more at the pump as gas prices slowly make a slow but steady upward climb. About 80 miles to the south, Stuart's average was three cents higher.

Assad speaks with Iran's president, who affirms support
Vladimir Putin and Hassan Rouhani said in a phone call that aggressive United States actions against Syria violated global law. Both countries belong to the USA -led coalition fighting Islamic State militants in Syria.

The seasonal increase in gasoline prices continues to drive across SC, but the cost to fill up is less in the Palmetto State than anywhere else in the nation. Prices now are the highest since January. Last year, the average was $2.18 a gallon. Exxon, 238 W. Business U.S. Highway 190, had the cheapest gas in Copperas Cove at $2.07 per gallon.

Wholesale gas prices rose 7 cents last week as demand rose and gasoline supplies fell. Crude oil futures rallied following last week's USA missile strike against a Syrian air base amid concerns that further unrest could lead to oil supply disruptions. Prices will only become volatile if "something large disrupts the flow of oil somewhere and oil prices and thus gas prices rise proportionally".

AAA said the crude oil market has largely recovered after spending almost three weeks under $50 per barrel.

Other reports by TheDailyFarc

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