Gas prices jump almost 3 cents

Posted January 24, 2018

Today's national gas price average is $2.54, which is only one cent more than last week.

A spokesperson for AAA said this month is very abnormal for prices at the pump. "Oil prices remain near multi-year highs but do show some signs of buckling at least slightly, but for motorists, we have not and may not see sizable relief just yet".

AAA Northeast said Monday in its weekly survey that self-serve regular is averaging $2.51 per gallon.

While a few states in the region are welcoming cheaper gas prices this week, there are no cost savings at the pump compared to this time past year - gas prices are as much as 37 cents more expensive. The national average has increased 8.8 cents during the last month and stands 22.7 cents per gallon higher than this day one year ago.

So far this year, Georgia gas prices have climbed 10 cents.

"However, there is still lingering hope that USA oil production will ramp up sooner than later, which would boost inventories and push energy prices lower", Jenkins said.

"What continues to impress is the large spread in prices between stations nearby, even as gas prices remain somewhat low, unsuspecting motorists have seen price differences of 10 to as much as 50 cents per gallon between neighboring stations in some large cities", said DeHaan in a news release.

AAA reveals gas prices grew in the first weeks of January for the first time in four years. Nonetheless, AAA pointed out that week-over-week, gas prices increased for 41 states with Florida seeing the largest jump in pump price with a nine-cent uptick.

If the forecast holds, AAA said, it would be 1 million barrels per day more than previous year. Last year, Russian Federation reached a 30-year high average production rate of 10.98 barrels per day.

At the close of Friday's formal trading session on the NYMEX, West Texas Intermediate dropped 58 cents to settle at $63.37. This growth potentially stalls efforts by OPEC and major crude producers to rebalance the market (by cutting production through the end of 2018).