Monday, 22 October, 2018

Gas prices back over $3.00 per gallon in area

Gas prices back over $3.00 per gallon in area Gas prices back over $3.00 per gallon in area
Nellie Chapman | 15 May, 2018, 18:46

In Hampton Roads, gas prices averaged $2.70 per gallon Monday.

Gas prices are on the rise, says AAA Oklahoma.

AAA Oklahoma Spokesperson Leslie Gamble attributes the increase to supply and demand as well as the White House's decision to re-impose sanctions on Iran.

"Gas prices saw among the larger weekly increases since Hurricane Harvey in the last week as oil prices continued to surge, leading to sharply higher prices at the pump, putting the U.S.in peril of striking the $3-per-gallon level for the first time since 2014", said DeHaan.

The price spiked at several stations to $3.09 a gallon by late afternoon.

Experts say it's normal for prices to surge over the summer because more people are out on the roads, but economists say there is now a lower supply of oil, which is a ideal recipe for high prices. According to GasBuddy, gas stations in 25 cities are selling gas for 70 cents a gallon more than at this time past year.

The AAA analysis shows motorists in 19 states are now paying above the national average for fuel, with nine states seeing average gas prices above the $3 a gallon mark.

Sticker shock at the gas pump has been most severe for motorists in OH, where the average price shot up by 15 cents a gallon. Of course the rising prices will mean more pain at the pump just as the summer driving season is getting underway. Right says it could get even more expensive.

They point out that USA oil production capacity is much larger now than a decade ago.