Gas prices expected to rise throughout summer months

10 May, 2018, 11:26 | Author: Dustin Murphy
  • AAA: 2018 summer driving season could be most expensive in years

AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state. The Tampa-St. Petersburg-Clearwater area and the Orlando market had the least expensive gas in Florida with prices averaging $2.65 per gallon followed by the Melbourne-Titusville market where prices stood at $2.66 per gallon. At this time past year, Florida drivers were paying, on average, 35 cents less a gallon. The demand estimates from the past two weeks have been more in line with the usual spring driving season than the almost 9.9 million b/d estimate reported in the middle of April - a record-breaking figure that more closely resembles demand rates seen during the high-demand summer driving season.

Prices across the county varied, according to the website, with Pismo Beach reporting the highest gas prices at $4.15 a gallon at the Chevron station on Five Cities Drive and Shell station on Shell Beach Road on Monday.

In fact, customers are seeing the highest prices at the pump since 2014, at $2.81 a gallon on average nationwide.

As President Trump prepares to announce a decision regarding the Iran deal, the uncertainty is causing a rise in oil prices.

"If Iran's crude oil is sanctioned and it's impossible for Iran to ship crude oil, then gas prices could go up", says spokesman Patrick DeHaan. Today's price is 14 cents higher than last year's highest price, which was $2.67 on September 8, 2017. "If they do take place, there is the possibility there will be a tightening of oil supply and that's going to cause gas prices to go up", he said.

Prices are set to keep rising through Memorial Day and stay stagnate for the rest of the summer. On June 1, retailers must make the switch to selling the summer-blend gasoline.

"Brent is trading (higher) with the USA pulling out of the Iranian deal".

On net, analysts figure the recent jump in oil prices are likely to be a wash for the USA economy, or modestly negative.



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