Gas prices have jumped 12 cents over the previous two weeks, and 6 cents since May 14, to place the nationwide average at $2.93.
According to AAA, it’s the highest worth level going into the Memorial Day weekend since 2014 when the nationwide average worth for a gallon of normal unleaded with 10 p.c ethanol was $three.65.
The average worth for a gallon of normal in Arkansas on Tuesday was $2.67 with the prices as little as $2.53 a gallon in Fort Smith. The average worth in Oklahoma was $2.70 on Tuesday with prices as little as $2.39 a gallon in Durant and $2.60 in Spiro, in keeping with GasBuddy.com.
The nationwide average gas worth going into Memorial Day weekend final 12 months was $2.37 for a gallon of normal unleaded. It was $2.32 this week in 2016 and $2.74 in 2015.
AAA forecasts almost 37 million vacationers will hit the highway for the vacation weekend. Compared to an average of the final three Memorial Day weekends, pump prices are almost 50 cents costlier and climbing, Jeanette Casselano, AAA spokesperson, famous at the group’s web site Monday.
“Trends are indicating that this summer is likely to bring the national average to at least $3 a gallon,” Casselano added.
There are already 14 states with an average worth of $three or extra per gallon. For the week ending on May 11, the Energy Information Administration (EIA) revealed that gas shares fell by roughly 200,000 barrels to 29.7 million barrels. Current stock ranges are 600,000 stronger than they had been at the identical time final 12 months, nonetheless, with growing imports serving to to buoy inventories. Imports elevated by 50,000 barrels to 117,000 barrels final week.
The South and Southeast proceed to have the most affordable gas prices in the nation, however prices are at least 50 cents costlier than this time final 12 months, the AAA Fuel Gauge Report famous.
Following the earlier week’s 10-cent enhance, Florida’s gas worth average held regular on the week at $2.82. All different states in the Southern area see prices proceed to climb with the beginning of the work week. Prices in New Mexico and Texas went up eight cents; 7 cents in Georgia and Louisiana; 6 cents in Oklahoma, Arkansas and South Carolina.
“With a 1 million bbl (barrel) draw, the South and Southeast regions have dialed back on gasoline inventories for a third consecutive week,” AAA states. “Inventory levels fall to 78 million bbl – the lowest inventory level for this week in May since 2016.”
Oil prices edged greater final week following the discharge of EIA’s weekly petroleum report that confirmed whole crude inventories dropped by 1.four million barrels.
“If this week’s EIA report shows another inventory draw, we can expect crude prices to continue climbing,” AAA famous in its oil dynamics evaluation. “Additionally, at 2.57 million barrels per day, crude exports last week saw the highest rate ever recorded by EIA. The new record rate was 690,000 barrels per day more than the previous week and 1.48 million barrels per day more than this time last year. The surge in exports is attributed to growth in domestic crude production and Congress and the Obama Administration lifting the 40-year crude export ban in 2015.”
Steady development in crude exports from the U.S. “will possible put one other highlight on the crude discount settlement between OPEC and non-OPEC producers, which is about to run out at the top of 2018, the AAA report provides.
“Amid sturdy world demand and lowered output from OPEC and its companions, together with Russia, the U.S. has been capable of promote extra crude to overseas patrons,” AAA states.
Although the U.S. didn’t add any lively oil rigs final week, in keeping with Baker Hughes, Inc., the present whole — 844 — is 124 extra rigs than this time final 12 months.
GasBuddy recomends at its web site some suggestions to assist lower your expenses on gas. Although it could be too late in the week for this tip, a latest GasBuddy examine exhibits that Thursday and Friday are the costliest and busiest days to buy gas.
“If you can fuel up on a Monday and then top off right before you leave, you can save yourself some money,” GasBuddy notes.
GasBuddy additionally recommends stocking up on highway snacks earlier than you permit the home, and driving sluggish.
“We know you’re anxious to get to your final destination but speeding and aggressive driving like hard braking and accelerating quickly really decrease your fuel efficiency and can eat up your gas and your budget,” GasBuddy states.