Saturday, 21 July, 2018

Gas prices fall in Meadville area

Gas prices fall in Meadville area Gas prices fall in Meadville area
Nellie Chapman | 06 December, 2017, 00:05

Americans are paying less at the pump than a month ago, with the national gas price average at $2.48.

Knoxville- $2.24, down 3.7 cents per gallon from last week's $2.28. Florida prices have now declined for 22 consecutive days - but for a total of just 9 cents. The highest was about $2.64 per gallon in the Marquette area. The national average went up 30.6 cents since past year 4.2 cents up since last month.

"On the week, 90 percent of states saw their gas price average drop - some even by double digits", Jeanette Casselano, a AAA spokesperson, said in a statement.

Gas prices faced upward pressure last week due to an Organization of Petroleum Exporting Countries meeting and its impact on the oil market.

But on Monday, oil prices fell more than 1 percent as the market eyed signs of rising US production.

Relief at the gas pump is on the way, but don't look for prices to plummet all at once. The group agreed to keep its production cuts in place until the end of 2018. Lower demand because of the cooler weather and a cheaper winter blend of gasoline has finally brought relief to consumers. Prices increased 43 cents during the year in Montana, Wyoming, Hawaii and North Dakota, the AAA said. "Oil prices are at their highest point of the year, preventing the typical seasonal plunge at the pump". USA oil inventories are already 100 million barrels lower than where they were a year ago as a result of the belt tightening, leading 2017's yearly average gas price to close out at the highest since 2014.

"Motorists should enjoy the falling prices now because it's likely that prices may again rise approaching the New Year as oil prices continue to show strength", he said in a statement.

AAA says the national gas price this week is $2.48, the cheapest price since early November.