Gas prices down in metro Detroit fall after dramatic rise last week

Share

Gas prices down in metro Detroit fall after dramatic rise last week

According to AAA Northeast, the average price per gallon has risen almost 11 percent since a year ago at this time, when gas was $0.23 lower. "Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than a year ago, making it more expensive to produce gasoline".

According to GasBuddy historical data, gasoline prices on August 7 in Pennsylvania have ranged widely over the last five years: $2.20/g in 2016, $2.69/g in 2015, $3.57/g in 2014, $3.62/g in 2013 and $3.61/g in 2012. Last week, prices rose 8.3 cents per gallon. "Looking behind us however, gas prices have remained in a relatively tight range for the a year ago, staying within a 30 cent wide range".

Austin- $2.12/g, up 5.7 cents per gallon from last week's $2.06/g. "OPEC's meeting this week could steal the focus and propel markets higher or lower, depending on the outcome of the meeting, but for now, the most likely outcome would put pressure on oil prices to rise, especially if there's talk of another oil production cut from the cartel".

Swelling consumer demand and pressure from crude oil prices means the average price for gas is 23 cents higher than this time previous year, retail analysis finds. In nearby San Bernardino, the average cost of fuel was $2.86 per gallon and in Riverside, it was $2.91 per gallon. Heating oil gained 1 cent to $1.65 a gallon.

"It's hard to say why this week in particular (has a higher demand), but there is always more driving in the summer because people are taking vacations, taking road trips, taking advantage of time off and all that", said Lindsay Hawkins, communications specialist for AAA of Western and Central New York.

"Strong gasoline demand across the country is continuing to push prices higher at the pump, a trend that we don't see letting up through the end of summer", said Steward.

Share

Advertisement

© 2015 Leader Call. All Rights reserved.