US Gas Prices Highest Since 2015

by Jared Lewis April 15, 2018, 0:03
US Gas Prices Highest Since 2015

Vehicles make their way down the interstate - headed for higher gas prices over time.

AAA Oklahoma spokeswoman Leslie Gamble said her organization agrees that spring and summer prices likely will be higher than in recent years, but she said Oklahoma prices are unlikely to top the 2015 summer average of $2.65 a gallon.

The average price for gas in Chicago was $2.96 a gallon Thursday, according to GasBuddy.

Total products supplied over the past four-week period averaged over 20.7 million barrels per day, up 5 percent from the same period previous year.

A year ago at this time, as summer driving season was beginning, a gallon of regular gasoline was selling for an average of $2.39. The Middle Eastern cartel of oil-producing nations, OPEC, chose to cut oil production in November 2016, which played a role, said Patrick DeHaan, an analyst with "Travel and vacations have not been impacted to this date because of increases in gasoline prices".

"The potential trade war with China has a possible effect on gas prices, and of course oil prices have been going up", he said. They say this is due to several factors which include: maintenance at refineries and the switch to the summer blend for gas. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.69 while drivers in San Antonio are paying the least at $2.32 per gallon. Additionally, demand for gasoline remains robust at 9.2 million b/d and is more in line with demand levels at the same time in 2017. Wyoming is at an average of $2.50.

Brent Crude, the global benchmark, surged to to $72 Thursday, which is higher than the Energy Information Administration's forecast of $63 for the summer. The price is up 23 cents from one year ago.

Market analysts note that oil prices have gone up in the last three days.

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