Sunday, 21 October, 2018

Gas prices up 39 cents from a year ago

Tuesday is the Best Day to Buy Gas in California, Friday the Worst GasBuddy reveals the best, cheapest day to fill up - WFSB 3 Connecticut
Elsie Buchanan | 04 May, 2018, 10:09

The price of US crude oil has been on a mostly steady incline since last June, last week hitting $68.64, the highest since December 2014. Experts say prices at the pump are the highest we've seen in four years, but GasBuddy says you can save by shopping for gas on a specific day. This time past year, El Paso drivers were paying just $2.26 for a gallon of regular gas, that's 78 cents less than now. The highest retail gasoline prices statewide were in Midland and El Paso at $2.84 per gallon.

Patrick DeHaan, head of Petroleum Analysis for GasBuddy.com, said the price at the pump is up nationwide because of an increase in the price of oil, and Louisville is no different. Friday has the most expensive average and is the worst day to buy gas in 19 states. That was a mixture of the various hurricanes' impact on the supply of gasoline and what appeared to be high demand at a time when most people are driving less due to the cold weather.

Fort Collins- $2.57/g, up 0.8 cents per gallon from last week's $2.56/g.

The price of gas is encroaching on a three-year high and is expected to pass it in the weeks ahead.

Globally, there are also several impacts on the oil market.

Model 3 production issues are burning through Tesla's cash
As a point of reference, Tesla during the recent December quarter posted revenue of $3.29 billion and a loss of $675 million. One example: Musk said Tesla had a very complex robot created to put fiberglass mats on top of the Model 3's battery packs.


DeHaan says the price rise is squarely on the global price of oil.

As KTSM previously reported, the rising gas prices can be linked to a steady incline in USA crude oil prices over the past year. At the same time, production cutbacks initiated by OPEC a year ago have helped whittle down oil supplies.

That has amplified the typical increase in gas prices seen this time of year.

Pennsylvania has the highest price per gallon in the tri-state area with $3.02. Already, U.S. consumer demand for gasoline hit a record high for the month of April, according to the EIA.

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