Gas prices on the rise just in time for summer travel season

Gas prices on the rise just in time for summer travel season

"But, we expect prices to stabilize through the summer".

Statewide, the average price for a gallon of regular unleaded gasoline is $2.56, according to the survey. That's up from about $2.39 per gallon a year ago, according to Oil Price Information Service.

Alaska- $3.26/g, up 7.9 cents per gallon from last week's $3.18/g.

"This will be the most expensive driving season since 2014", said Tom Kloza, global head of energy analysis for Oil Price Information Service. Average gas prices are now $2.81 per gallon, up from $2.39 a year ago, with people on the West Coast paying more and those on the East Coast a little less, according to the Oil Price Information Service.

In Cleburne on Monday, drivers were seeing up to $2.65 at the pump, and it cost Dana Sanchez of Blum nearly $52 to fill her gas tank up. Additionally, the EIA reported that consumer gasoline demand at 9.857 million b/d is the highest level ever on record for the month of April and exceeds typical summer demand measurements. "Which, during the summer is not realistic".

MI remains 15th in the country for most expensive average daily gas price. "The higher prices at the pump are mainly a result of a tightening oil market, which leaves us prone to price hikes based on geopolitical tensions and supply shortage concerns".

Comparing pump prices to those this time previous year, OH motorists are paying 47-cents more to fill-up.

GasBuddy reports that Michigan's cheapest gas could, for the second consecutive week, be found in Menominee with four stations in the area coming in with a reported cost of $2.52 per gallon as of Monday morning.

The highest average price was in the Ann Arbor area, where it was about $2.89 per gallon. The road ahead at the pump looks quite ominous if that demand number proves common in the coming weeks.

The price of US crude oil has been on a mostly steady incline since last June and last week hit $68.64, the highest since December 2014.

AAA noted that American oil exports have continued to climb.

Several factors have helped drive oil prices higher. "We're nearing a turning point in the USA - gas prices are perhaps just a dime away from hitting a peak for the short-term, pending OPEC's meeting in June", he said.

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