Gasoline prices in Mercer rise above $3

Roman Schwartz
May 3, 2018

He said he expects the cost of gas to peak in the next few weeks, hovering right around the $3 per gallon mark.

While motorists may feel powerless to stop the rising prices, they don't have to be resigned to paying what gas stations are asking. This makes our local area one of the most expressive metro areas for gasoline in North Carolina, with Asheville coming close depending on different days. Businesses can only absorb the high prices for a short time.

"That rise in USA production and further rises in US production will put a cap or a damper eventually on higher oil prices", Behravesh said.

The average price is 3.1 cents more than one week ago, 12.8 cents higher than one month ago and 66 cents greater than one year ago, according to figures from the AAA and Oil Price Information Service. Diesel fuel hit its highest national average price in more than three years over the weekend at about $3.06 per gallon. This day offers the lowest average gas prices across 21 states. 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.

Still, gas prices remain well off from 2008, when crude oil prices jumped above $130 per barrel and average retail gas prices surged to an all-time high of $4.11 per gallon. But at the same time, the development of emerging economies such as China, Russia, India and Brazil began to slow around 2010 and demand for gasoline gradually slowed down with it.

According to the AAA, in November 2014, pump prices averaged $3.34, peaking at $3.70 in April and bottoming out at $2.25 in December.

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What's Behind Current High Prices?

Move to summer blends, driver demand push prices. Also, oil refineries slow down production to do post-Winter maintenance at this time of the year. All of the states on the west coast of the United States are seeing gas prices that are over $3 a gallon.

When looking at year-on-year increases, California where prices have increased by 62 cents tops the list of all states in the country, followed by Arizona by 55 cents, Hawaii by 54 cents, Nevada by 52 cents, OR by 43 cents and Washington by 38 cents. You may remember local prices were unusually high in January and February. At 9.083 million barrels, gasoline demand is now more in line with rates typically seen during the spring driving season.

Globally, there are also several impacts on the oil market.

In broader economic terms, the rise in oil and gasoline prices will help crude producers in states like Texas and North Dakota and will likely boost capital spending industrywide.

Oklahoma City - $2.45/g, up 2.7 cents per gallon from last week's $2.42/g.

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