Gas price escalation expected to continue

Henrietta Brewer
April 17, 2018

Gas prices continue to rise as prices went up 6 cents per gallon last week on Long Island, averaging $2.80 per gallon according to Gas Buddy, which tracks gas prices nationwide. "However, prices could rise even more, depending on how the crude market responds to the latest news of a USA missile strike over the weekend". "Warmer spring weather, coupled with the uncertain direction of oil prices and the switchover to (more expensive) summer-blend gasoline, will likely send pump prices higher as we approach Memorial Day". Although Syria is not a major oil producer, AAA says tension in the country could ripple to other countries in the region and restrict global oil supply flows.

As tensions mount following weekend US missile attacks in Syria, gas prices jumped up quickly across the nation.

Meanwhile, the Energy Information Agency is reporting that crude oil production in the lower 48 states broke more records last week, topping 10 million barrels per day for the first time in recorded history.


If gas prices follow their typical trajectory, they may rise slightly in the next month or so but should start falling after that, DeHaan said.

The national average price for gasoline is the highest in more than two years, AAA said. Refinery maintenance has gone well thus far, and gasoline supply has continued to push higher as more refiners conclude their work.

Chattanooga gas prices still remain 25 cents per gallon below the USA average of $2.71 per gallon, according to Gasbuddy.com.


"Demand for gasoline this March was very strong, closer to the demand AAA typically sees during the summer", Michael Blasky, AAA Northern California, said earlier this month. Jerry Brown, who vigorously supported the measure to raise more than $52 billion over a decade to help pay for extensive road-improvement programs statewide.

"The seasonal surge at gas pumps is in full motion, causing the most dreaded time of year for fearful motorists, especially of what may still be coming", said Patrick DeHaan, head of petroleum analysis for GasBuddy. However, we're likely in the closing innings of the seasonal rise.


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