January gas prices most expensive in four years

January gas prices most expensive in four years

January gas prices most expensive in four years

In the last week, 41 states have seen gas prices go up during a time of the year when they normally do down.

A spokesperson for AAA said this month is very abnormal for prices at the pump.

The average for Sunday was down 2.7 cents at $2.41, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio. The highest gas price in the South and Southeast is found in Florida $2.54, which is 25 cents more a gallon than in Texas.

That said, January trends don't dictate where prices are headed for the remainder of the year.

The most expensive gas price averages in Tennessee were in Jackson at $2.40, Nashville at $2.38 and Kingsport-Bristol at $2.37.

By a very slim margin, gas prices in the Lima area are the lowest in the region for the second straight week. Sunday's state average of $2.36 was 14 cents more than a month ago and 25 cents more than the same time past year. The EIA forecasts that crude oil production will average 10.3 million barrels per day in 2018, which would mark the highest annual average production rate in US history, surpassing the previous record of 9.6 million barrels per day set in 1970.

Gas prices in the Lima region have increased 0.5 cents since last week, according to prices reported to GasBuddy.com.

"Since 2014, gas prices decreased as much as 20 cents in the first three weeks of the year".

He said last week that there may be some relief in sight for gas prices as a while as refineries start making a summer blend of gasoline and sell off their winter stocks at a bargain, but that relief might last only through the middle of February.

At the close of Friday's formal trading session on the NYMEX, WTI dropped 58 cents to settle at $63.37. Last year, Russian Federation reached a 30-year high average production rate of 10.98 barrels per day, AAA said.

AAA found gas selling for as low as $2.37 per gallon and as high as $2.79 per gallon in MA. This growth potentially stalls efforts by OPEC and major crude producers to rebalance the market (by cutting production through the end of 2018).

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