January gas prices most expensive in four years

Brandon Parsons
January 24, 2018

The largest increase in prices increase year over year are on the West Coast and in the middle of the country, according to AAA.

"For the first quarter, if demand steadily declines and production continues to increase and/or remains high, we will likely see cheaper pump prices in February and March, potentially 5 to 15 cents cheaper depending where you live", Casselano told The Drive.

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

Higher oil prices so far this year and expectations of strong demand on the back of economic growth means higher gas prices for consumers, analysts say.

Including the change in gas prices in Minnesota during the past week, prices Sunday were 17.4 cents per gallon higher compared to the same day one year ago and are 14.9 cents per gallon higher than a month ago.

The national average was unchanged the last week at $2.53 a gallon. Great Lakes refinery issues continue to flare up with no warning, and gas prices there may continue to be more volatile in coming weeks. The U.S. Bureau of Economic Analysis releases its estimate of fourth quarter gross domestic product on Friday.

Yet again, Allen County has the lowest county average price for gasoline at $2.299. If the forecast holds, it would be 1 million barrels per day more than previous year.

AAA reveals gas prices grew in the first weeks of January for the first time in four years.

At the close of Friday's formal trading session on the New York Mercantile Exchange, West Texas Intermediate crude oil dropped 58 cents to settle at $63.37 - nearly a dollar less than the week before. Oil prices slid after EIA's latest petroleum report underscored that domestic crude production in the USA continues to grow.

Saudi Arabia has produced as much as 10.5 million barrels per day, but that rate has dropped below 10 million, due to the recent OPEC production cut agreement.

For Virginia, the average price per gallon is now $2.37, which is the 12th lowest in the country, according to AAA. Last year, Russian Federation reached a 30-year high average production rate of 10.98 barrels per day.

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