Monday, 24 April, 2017

Gas prices will rise this summer but should remain low

Still Asking 'Why Are Gas Prices So Low?' California gas prices stop dropping, hover near $3
Jeannie Matthews | 13 April, 2017, 02:17

Average retail gasoline prices in OH have risen 7.3 cents per gallon in the past week, averaging $2.37 per gallon on Sunday, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio. He said more than half of the states were hit by a price increase of more than 5 cents in the last week.

"The price of oil has jumped from $47 a barrel just three weeks ago, up to $52 a barrel this morning", he said.

The Energy Information Administration says gas averaged $2.23 a gallon last summer. That's nearly double the 354 oil rigs in operation this time a year ago.

"Demand is purely price-based, and higher anticipated prices will likely lead to gasoline demand that is lower than previous year or basically flat", he said. Modesto- $2.82/g, up 4.7 cents per gallon from last week's $2.77/g. Thats 39 cents higher than the lowest price spotted a week ago, which was at a Shell station, also in SC.

On one hand, demand for gasoline is up while supplies of refined gasoline are down as refineries start switching to summer blends of gasoline, he said. The rise is likely due to a switch to more expensive "summer-blend gasoline and increased driving demand", AAA Tidewater said in a news release. In New Hampshire, the average price rose 4.3 cents, to $2.25 per gallon.

Skiing Company Merger Affects Several Colorado Resorts
Colorado's Aspen Skiing Company and a private equity firm will buy the parent company of Vermont's Stratton Mountain. WCAX-TV reports (http://bit.ly/2ojMNno) that Aspen will pay $1.5 billion for Intrawest Resort Holdings Inc.

Rochesterians will pay more at the gas pump if they plan to travel this holiday weekend, industry experts say.

If you're living in the Western United States, home to six of the most expensive states for gasoline, you're probably eyeing this year's national average with envy.

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. Crude oil also rallied and then leveled out following last week's US missile strike against a Syrian airbase amid fears that further unrest in the region could lead to oil supply disruptions.

AAA said Georgia's average price of $2.28 per gallon was the highest since October 2016. That's up 7 cents from last week.

Last week, prices in the Bay State climbed 2 cents, again the largest increase since early January. New Jersey's $2.34 is up 50.3 cents from past year. "Part of that is due to. refinery issues pushing prices higher".

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