Gas prices going up 14% this summer

Gas prices going up 14% this summer

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. That's the highest since early last fall when prices briefly spiked up to an average of $2.54 per gallon after Hurricane Irma temporarily cut off some gas pipelines. But that's 26 cents higher than past year and would be the highest average summer price in the US since 2014. With the national average gas price now at its highest since July 26, 2015, I can't immediately allay all fears of a continued spike in gas prices.

USA crude oil inventories rose by 3.3 million barrels last week and gasoline inventories rose by half a million barrels. "However, prices could rise even more, depending on how the crude market responds to the latest news of a USA missile strike over the weekend".

"That could be very close to what we expect this time around", DeHaan said.

Honolulu- $3.42/g, up 6.5 cents per gallon from last week's $3.36/g. Refinery maintenance has gone well thus far, and gasoline supply has continued to push higher as more refiners conclude their work. The conflict in Syria sent crude prices to their highest point in more than three years, and as a result, motorists are about to feel the pain at the pump.

That means, "the reasons gas prices rise will shrink", DeHaan said.

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Four-dollars-a-gallon gasoline, not seen in the Golden State since midsummer 2014, is starting to look likely due to developments that pushed at-the-pump prices into overdrive last week.

States with the highest average gasoline prices: California ($3.55), Hawaii ($3.48), Alaska ($3.22), Washington ($3.20), Nevada ($3.11), OR ($3.09), Utah ($2.97), Pennsylvania ($2.94), Idaho ($2.93) and NY ($2.80).

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.

According to GasBuddy, which tracks fuel prices, motorists weren't seeing much of a difference in prices at Manatee ($2.56 average) and Sarasota ($2.57) outlets.

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