Gas prices are heating up alongside summer temperatures.
In the last 15 days state averages have jumped, pushing up the national average nearly a dime to $2.75. In addition to rising gasoline demand, 13 states this month have introduced new gas taxes that have contributed to the national average increase. Those states include California, Connecticut, Illinois, Indiana, Maryland, Michigan, Montana, Nebraska, Ohio, Rhode Island, South Carolina, Tennessee and Vermont.
“The only motorists seeing relief at the pump are in a handful of states in the West Coast and Rockies regions where prices are trending cheaper, but still rank among the most expensive in the country,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “The majority of motorists can expect more expensive gas prices throughout July, but the national average is still not likely to hit $3/gallon.”
Today’s average is four cents more than last week, but less than one cent cheaper than last month and 11 cents less expensive than a year ago.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by 17 cents to settle at $57.51. Crude prices ended last week down from the previous week as global demand concerns continue to worry market observers as the U.S. and China continue to resolve their trade dispute. The fall in prices occurred despite EIA’s data showing that total domestic crude inventories fell by 1 million bbl to 468.5 million bbl.
Moving into this week, if it appears that the U.S. and China are not closer to a trade resolution, crude prices could continue to decrease. However, if tension between the U.S. and Iran escalates, crude prices could surge amid market concerns of conflict in the Middle East, which could limit oil flows from the region.
AAA has a variety of resources to help motorists save on fuel:
- AAA Shell Gas Discount: (http://www.AAA.com/
Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program. - Fuel Price Finder (http://www.AAA.com/
fuelfinder) locates the lowest fuel price in your area. - AAA Gas Cost Calculator (http://gasprices.
aaa.com/aaa-gas-cost- calculator/) helps budget travel expenses. - TripTik Mobile (http://www.aaa.com/
mobile) plots fuel prices along your travel route. - AAA’s Member Rewards Visa® Credit Card (http://www.AAA.com/
financial/AAAvisa.htm) accumulates double points on fuel purchases.
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Chris Graham
