Gas Prices Rise 1.8 Cents In Chattanooga

Posted May 01, 2018

AAA predicts gas prices will not reach that peak in 2018, though drivers will still likely see higher prices than in recent years.

The average price in the area was at $2.99 on Monday while the state average was at $3.01, according to GasBuddy's daily survey of 5,269 gas outlets in Pennsylvania.

Comparing pump prices to those this time a year ago, OH motorists are paying 47-cents more to fill-up.

More pain at the pump is expected this summer, however. New Jersey drivers are paying $2.88, and in DE, gas prices are below the national average at $2.75. That's up from about $2.39 per gallon a year ago, according to Oil Price Information Service.

The auto club, based in Dearborn, announced the average price of gas in MI last week was about $2.85, compared to about $2.88 last week.

"Crude oil prices topped 68 dollars a barrel today, rising 2.9 percent and hitting a 3-year high", said Lloyd Albert, AAA Northeast senior vice president of public and government affairs. Following EIA's report that revealed crude inventories moved higher by 2.2 million barrels, oil prices were mostly stable last week, but remained near the three year highs they reached earlier this month.

"The good news is, both at the global level and the US level, this is occurring at a time when growth is fairly robust", said Nariman Behravesh, chief economist at IHS Markit. Don't look for prices to drop as we start a new month.

"The national average is now at its highest point since November 2014 with average gas prices advancing in almost every state", Patrick DeHaan, head of petroleum analysis for GasBuddy stated in a news release. Gas prices to rise each spring through Memorial Day and slowly decline as the summer goes along. That's a 30-cent increase from this time a year ago.

The Oil Price Information Service says filling up this summer will be the most expensive since 2014. "That rise in US production and further rises in USA production will put a cap or a damper eventually on higher oil prices", Behravesh said.