Wednesday, 16 January 2019
Latest news
Main » Gas prices are rising

Gas prices are rising

15 May 2018

Gas prices have gone up 17 cents since last month, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio.

Within the past few weeks, gas prices have been increasingly high due to President Trump's decision to withdraw the United States from the nuclear deal with Iran and oil supplies that have continually dropped as US exports rise past Venezuela, a country that has the largest amount of oil reserves in the world, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.

AAA Oklahoma Spokesperson Leslie Gamble attributes the increase to supply and demand as well as the White House's decision to re-impose sanctions on Iran.

W.D. Williams with AAA Auto Club says there are several reasons for the increase of gas prices.

Hampton Roads' gas prices are 8 cents more than last week, 18 cents more than last month and 59 cents higher than previous year. By comparison though, the average price of gas during this time of year in 2013 was $3.42 per gallon.

The AAA analysis shows motorists in 19 states are now paying above the national average for fuel, with nine states seeing average gas prices above the $3 a gallon mark. "AAA predicts that the national average may reach $3/gallon this summer, especially if crude oil prices continue to increase". Woodward now averages about $2.60 per gallon. Right says it could get even more expensive. Analysts think chances of that record being broken anytime soon are slim. Of course the rising prices will mean more pain at the pump just as the summer driving season is getting underway.

"U.S. supplies are down a little", Williams said.

Gas prices are rising