New year will likely bring higher gas prices

06 Diciembre, 2017, 00:08 | Author: Arnold Perez
  • Gas prices fall now but could climb before New Year

AAA Michigan says gas prices statewide have fallen by about 8 cents per gallon in the past week.

The most expensive gas price averages in Georgia were in Savannah at $2.39 per gallon, Atlanta at $2.36 and Brunswick at $2.36. That's an eight cent decline from a month ago of $2.40.

Gas prices in the Meadville area dropped in the past week but the average price remains above the state average. The highest was about $2.64 per gallon in the Marquette area.

State of Tennessee- $2.25, down 1.3 cents per gallon from last week's $2.26. The average for Sunday was up 1.2 cents, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio.

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But on Monday, oil prices fell more than 1 percent as the market eyed signs of rising US production.

"Gas prices have been falling in recent weeks, but it has been a slow drip", said Mark Jenkins, a spokesman for AAA. "Oil prices are at their highest point of the year, preventing the typical seasonal plunge at the pump". Any strong gains in oil this week should push pump prices higher.

Gas is priced cheaper at some gas stations in Oklahoma, Texas and OH, but Hixson boasts the cheapest prices of any area in the Southeast. Elsewhere, much of the rest of the nation may see gas prices continue to slowly trickle lower, but higher prices are on the horizon. "That's because Americans drive less in the winter due to shorter days and cooler weather", he said. At the close of Friday's formal trading session on the NYMEX, West Texas Intermediate, a crude oil benchmark, increased 96 cents to settle at $58.36. The cheapest was $2.36 in Pensacola.

The future for gasoline prices does not look good after OPEC decided last week to extend last year's agreement on oil production cuts, said Patrick DeHaan, head of petroleum analysis for GasBuddy. Domestic oil inventory levels are lower than they were last year and gas prices are actually the highest they've been in three years.

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