Gas prices increase over last week

GasBuddy Predicts Jump in Price
Gas expected to rise five cents per litre in 2018
Author

13 January, 2018

"After taking into consideration all of the above, GasBuddy analysts constructed this forecast for the Canadian average price of gasoline, month-by-month, for 2018".

Overall, for the entire year ahead, the average price in the U.S.is projected to rise 8 cents to $2.57 a gallon, the highest price since 2014. The Sherman-Denison area saw the largest increase on the week, with regular unleaded prices going up by an average of seven cents per gallon.

High travel volumes over the holidays are to blame for the slight increase in prices. Crude prices have come up more than $15 since last summer.

The average price of a gallon of self-serve regular gasoline in San Diego County rose 1.1 cents Monday to $3.193, one day after rising one cent.

Gas prices in the Lima region have decreased 16.7 cents since last week, according to prices reported to GasBuddy.com. "2018 promises to be another year that petroleum products leads the way in pushing up the overall cost of living for Canadians, setting in motion inflationary pressures that could, in turn, lead to higher interest rates", says McTeague.

GasBuddy Predicts Jump in Price

A barrel of West Texas Intermediate crude oil topped $60 on the New York Mercantile Exchange on Dec. 29 and has remained there since, even closing above $62 on Thursday for the first time since December 2013. It's only a few pennies, but usually gas prices are dropping this time of year.

The average price of gas this year is expected to be $1.19, according to GasBuddy. "But prices historically will drop after the ball drops on New Year's Eve".

The latest Energy Information Administration (EIA) report measures gasoline demand at a strong 9.5 million b/d, which is typical of the holiday season.

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

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