Economy

Gas prices remain high for three weeks

Gas prices remain high for three weeks

Just before Memorial Day and the summer travel season, gas prices are rising across the country.

Rose White, spokeswoman for AAA in Nebraska, said prices may increase a few more cents going into the Memorial Day holiday weekend, but no sharp hikes are expected.

Tennessee's gas prices rose 3 cents in the last week, standing at $2.62 per gallon - the highest daily price since November 2014. California gas prices are almost 70 cents higher compared to past year, due to expensive crude oil, record gasoline demand and shrinking global supply.

Oil prices have continued to surge, leading to sharply higher prices at the pump, said Patrick DeHaan, head of petroleum analysis for GasBuddy. "The highest gas prices since 2014 won't keep travelers home", said Fran Mayko, AAA Northeast spokesman.

AAA Colorado expects prices to peak around $3 a gallon, but if there is an especially active hurricane season they could go higher.

"Ranked the most congested country in the world, US drivers are all too familiar with sitting in traffic", INRIX Head of Research Graham Cookson said in a statement.

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Air travel will register the highest growth of all travel modes, with an expected 6.8 percent increase to 3.13 million, AAA said.

According to AAA's first travel forecast of the summer, almost 5.2 million Californians are projected to travel over the upcoming three-day weekend.

But the higher prices don't appear to be interfering much, if at all, with summer travel plans. According to the Energy Information Administration, oil and gasoline inventories both fell 2.2 million barrels in the last week while heavier distillate inventories fell 3.8 million barrels. In Maine, prices have risen 4.2 cents per gallon to an average price of $2.86. They predict the national average will rise further in the coming weeks, peaking near $3 per gallon.

That's not great news for Memorial Day weekend, because that price hike could start back up again.

That is nearly 5 percent more than 2017, and the most in more than a dozen years.


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