Gas More Expensive for First Time in Two Years
CARS.COM — For more than two years, U.S. motorists on average paid less for gasoline than they had a year earlier, but that streak came to a halt this week. Price tracker GasBuddy.com said the national average of $2.22 a gallon on Monday was a penny higher than a year ago, ending a 119-week streak — 833 days — during which the national average for regular gas was cheaper than on the same date the previous year.
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The national average remained $2.22 on Thursday, according to GasBuddy and the AAA Daily Fuel Gauge Report, 2 cents higher than a year ago. At this time in 2015, pump prices were on a steady slide that resulted in the national average dropping below $2 in December for the first time since 2009.
Earlier expectations that gas could fall below $2 a gallon again this year have been tempered by worries that the Organization of Petroleum Exporting Countries will convince members and other oil producers at a meeting Friday and Saturday to cut production and boost crude prices.
“Oil prices remain at elevated levels and are well supported as OPEC’s main meeting draws closer. Continued speculation was that OPEC is preparing to cut oil production, with support from non-OPEC countries such as Russia, as well,” GasBuddy analyst Patrick DeHaan said in a blog post.
News reports, however, said Russia and others are balking at cutting oil production, so any such agreement remained up in the air.
Oil was trading at around $49 a barrel on U.S. markets early Thursday, $2 less than a week ago.
Despite concerns about OPEC’s plans, plus several unscheduled refinery outages and widespread damage and flooding in the Southeast from Hurricane Matthew, the average price of regular gas is only 1 cent higher than a month ago. Premium gas is 2 cents higher at $2.73, and diesel fuel is 7 cents higher at $2.42. The average price of premium is 3 cents higher than a year ago, and diesel is 7 cents lower.
Missouri and Oklahoma were tied for the lowest statewide average for regular at $2.01 a gallon, according to AAA, followed by Arkansas at $2.02 and Kansas, New Jersey and South Carolina at $2.04.
New Jersey motorists, though, face sticker shock at the pump on Tuesday. That’s when a 23-cent increase in the state gasoline tax takes effect. New Jersey had ranked among the lowest for state gas taxes at 14.5 cents per gallon.
Hawaii had the most expensive gas at $2.90 for regular, followed by California at $2.77, Washington at $2.73, Alaska at $2.65, Oregon at $2.55 and Nevada at $2.51.
