Gas prices at multi-year high but may be near peak

Darnell Taylor
April 16, 2018

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.

Crude oil prices surged last week, posting a $4 per barrel increase on the week as concerns mounted about trade tensions with China, the situation in Syria and robust demand eating into global supply.

A new report from the U.S. Energy Information Administration (EIA) says the average cost of a gallon of regular unleaded gas will hit $2.74 a gallon this summer.

The national average price for gasoline is the highest in more than two years, AAA said.

Gas prices are set to spike in Central Florida by as much as 25 cents.

While gas prices in Southwest Florida remained flat over the week, the US average is higher than it has been in more than two years, AAA reported Monday.

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That means Orlando could see prices in the high $2.70s soon, said Mark Jenkins, a spokesman for AAA.

"In the past few years we've had such an abundance of crude oil that worldwide problems really didn't phase the oil market", Jenkins said.

The average price in the state is $2.48 per gallon of regular, an increase of five cents from last week and nearly 22 cents from March. "But the recent OPEC cuts have made that a little tighter". "With the transition to summer gasoline also wrapping up, the reasons for gas prices to rise will shrink". Jerry Brown, who vigorously supported the measure to raise more than $52 billion over a decade to help pay for extensive road-improvement programs statewide.

Patrick DeHaan, head of petroleum analysis for gas price comparison site GasBuddy.com, said that's the highest national average price since July 2015. However, we're likely in the closing innings of the seasonal rise.

"In the past few years, the average date that gas prices have peaked is mid-May, which is just around the corner, and by all metrics, that could be very close to what we expect this time around", DeHaan said.

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