US National Average Gasoline Price Takes Aim at Multi-Year High

Credit WXXI News  Alex Crichton

AAA advises motorists to shop around for the best prices.

Oil prices were $15 per barrel higher than the same time a year ago.

Tampa Bay prices, meanwhile, rose a whopping 17 cents over the week with an average of $2.70 per gallon Monday. Most other states are still averaging 11-cents or more cheaper.

Indeed, the Organization of the Petroleum Exporting Countries has been successfully working with non-member producers such as Russian Federation to stop the oil supply glut that dropped the price of a barrel of oil from more than $100 in 2014 to as little as $29 at the beginning of 2016. The U.S. average was 2 cents higher, with Florida ranking 20th nationally. On the gasoline side, demand is strong and inventories are down as refineries wrap up their maintenance season and begin pushing out summer-blend fuel, which is more expensive to produce. "Unfortunately, oil prices could still remain elevated heading into the summer travel season. So there are now a number of factors keeping upward pressure on gas prices", he said.

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"If they haven't already, gas prices should hit their annual peak within the next couple weeks", Jenkins added.

Consumers in Lawrence County yesterday found themselves paying the highest price for gasoline in the past three years at $2.99 per gallon as gasoline demands are at an all-time high.

$2.53/g in 2017, $2.23/g in 2016, $2.57/g in 2015, $3.79/g in 2014 and $3.65/g in 2013.

On Monday morning, the average price of a gallon of regular gas in OH was $2.69, while last week's average was $2.58. The most expensive gas prices in Florida are in West Palm Beach, Fort Walton Beach and Fort Lauderdale areas. It's the opposite reason- OPEC production cuts for the last 15 months- that oil prices have continued to surge. USA oil inventories now stand 105 million barrels lower than a year ago, or almost 20 percent.

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