Published: Thu, May 03, 2018
Business | By Pearl Harrison

Gas Prices Continue to Climb Across the Country

Gas Prices Continue to Climb Across the Country

Neal, who put in just $5 worth, said "I have to take it day by day". In the Northeast, the average price for a gallon of regular gas in Long Island was $2.97 at the beginning of the week, 42 cents more than a year ago. The national average price of gasoline is now its priciest since July 2015, almost 1,000 days, rising to $2.68 per gallon overnight, from April 30 to May 1, according to GasBuddy, the only smartphone app connecting 70 million drivers with their Perfect Pit Stop. This practice started in 2016 when prices were as low as $27 a barrel and the nationwide average got below $2 per gallon at times.

Drivers can expect prices to go up as far as $2.90 before leveling off for the summer, said Patrick DeHaan, head of petroleum analysis at gasbuddy. 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. 19 states, including California, registered the highest price for a gallon of gas. Louisiana and Alabama have the cheapest gas in the country at $2.54 and $2.56 per gallon, respectively. Crude oil prices are at the highest level in more than three years and expected to climb higher, pushing up gasoline prices along the way. Less than 4% were charging $3 or more on this date a year ago. "Now that the upward momentum slows down, people will get a little more used to paying it".

While the pace of traffic volume growth has slowed, it is still higher than ever this year, Turnpike Executive Director Peter Mills said.

Gas prices approached 139.9 at various stations while many others have yet to catch up including Costco at 122.4. All of the states on the west coast of the United States are seeing gas prices that are over $3 a gallon.

You may have noticed gas prices in Louisville are up this week, but one expert said it has nothing to do with the Kentucky Derby.

Move to summer blends, driver demand push prices. They begin letting their vehicles get closer to empty so that they don't have to spend as much money each week keeping the auto filled. "Gas is a small factor in overall trip planning". When companies pay more to ship goods, they pass those costs onto consumers, she added.

The summer driving season will be here soon and price increases are continuing.

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