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Price of gas up by 15 cents

Price of gas up by 15 cents

The national average price for gasoline in 2017 increased year-over-year for the first time since 2012, averaging $2.39 a gallon, according to GasBuddy, which expects it to climb to $2.57 this year.

The national average price for regular unleaded was $2.49, AAA said, down a half-cent over the week.

In Rhode Island, gas is four cents above the national average of $2.49, while gas prices are a penny less than the national average in MA. "Prices at the pump are higher than they were almost all of last summer, mainly because oil prices remain high and due to the extreme cold weather that caused some snafus at refiners". That price is three cents more than last week and is eight cents more per gallon compared to this day a year ago.

In comparison, the highest daily average gas price is projected to range from $1.29-$1.35 in Toronto. Historically, gas prices rise 30-75 cents during spring maintenance season, due to the supply reduction and summer-blend switch.

This is the highest gas price for the week in metro Detroit since 2014.

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$2.16/g in 2017, $1.75/g in 2016, $1.93/g in 2015, $3.11/g in 2014 and $3.17/g in 2013. The EIA pegged gasoline demand at 9.485 million barrels a day for the week ended December 22, from 9.278 million barrels the same time past year.

Prices on GasBuddy also show that most expensive regular gas in the state is going for $2.89 per gallon at a Shell station on the southwest side of Indianapolis.

DeHaan noted that several factors including the strength of the economy, fuel taxes, weather and global conflicts all play roles in setting the final gas price consumers see at the pump. Gasoline inventories jumped by almost 5 million barrels while distillate inventories, made up of heating oil and diesel, gained almost 9 million barrels even amidst high demand due to cold weather.

Severe winter weather put a strain on the US energy grid, but low consumer demand for gasoline left the price at the pump stable, market reports found.

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