Average retail gasoline prices rise 6.2 cents per gallon in past week

Average retail gasoline prices rise 6.2 cents per gallon in past week

GasBuddy, which also surveys thousands of retailers across the country to determine up-to-the-minute gasoline costs, had the average price in the state of Georgia Monday at $2.61, 7.5 cents a gallon more than a week ago.

Including the change in gas prices in Honolulu during the past week, prices on April 14 were 51.9 cents per gallon higher than the same day one year ago and are 9.5 cents per gallon higher than a month ago.

The AAA Auto Club said today that pump prices will get even more expensive this week and will likely rise to the highest level in more than two years, due to rising geopolitical tensions in the Middle East.

EIA data also shows that domestic crude production in the US hit a new record high of 10.53 million b/d on in early April.

"Motorists should expect a 15-cent increase at the pump in the short term", said AAA spokesman Mark Jenkins.

As recently as April 9, GasBuddy senior petroleum analyst Patrick DeHaan said: "As markets have seen concern rise of a possible trade war between the USA and China, oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent".

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Monday's average prices in South Central Ohio averaged $2.63, while last week's average price was listed at $2.58.

It's not just the Syria situation that has caused prices to soar.

States with the lowest average gasoline prices: Missouri ($2.42), Oklahoma ($2.43), Arkansas ($2.43), MS ($2.45), SC ($2.46), Louisiana ($2.47), Kansas ($2.48), Texas ($2.48), Alabama ($2.49) and Wyoming ($2.50). Although crude oil production and inventory quantities in the US rose this week, the possible impact on supply from Middle East tension continues to loom. Syria has not exported oil since civil war broke out in 2011, but it receives fuel deliveries from Iran.

"The USA is a macro market with totally different supply logistics, vast fuel resources, huge fuel storage capacity, a network of pipelines from the refineries to the distribution points, and trucking fleets which deliver fuel 24 hours per day, 365 days per year", said Alan Neesome of Sol Petroleum, which supplies the local Esso stations. With the national average gas price now at its highest since July 26, 2015, I can't immediately allay all fears of a continued spike in gas prices.

"That could be very close to what we expect this time around", DeHaan said.

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