AAA: upward trend in gas prices likely to continue for now
01 February, 2018, 06:49
Drivers are digging a little deeper into their pockets since gas prices are 24-cents higher than they were a year ago, according to AAA.
Prices stood at $2.65 per gallon on December 26 and have steadily gone up, resulting in an increase of $4.50 for a 15-gallon fill-up.
The national average increased last week by 3 cents to $2.57 a gallon.
The average price statewide during the summer of 2014 exceeded $3 a gallon.
We'll probably wish we had helium balloons to get around in if gas prices keep going go up, up and away in the coming weeks as travel club AAA is warning. Crude oil has been selling at very expensive rates the past few months.
Gas prices are as much as 9 cents more expensive on the week in the Great Lakes and Central states (Ohio, +4 cents).
At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $66.14 per barrel, $2.77 cents higher than the previous week and rising $2.24 since Monday's close, Wilmington-based AAA-Mid Atlantic reported. "Couple that with an increase of motorists on the road from last January means higher prices may be here to stay if demand remains this unusually high".
If you think gas prices are high right now, buckle up. Oil prices play a significant role in what motorists pay at the pump.
Consumers accustomed to seeing gas prices dip in January are wondering if, and when, that break will arrive at local gas stations.
South Jersey also saw increases-its average of $2.62 is 5 cents higher than last week's and 33 cents higher than last year's.
Oil prices are on the rise with a tighter global market.