Month of April has most expensive national gas price average since 2014

  • Month of April has most expensive national gas price average since 2014

Month of April has most expensive national gas price average since 2014

The national average price of gasoline is now its priciest since July 2015, almost 1,000 days, rising to $2.68 per gallon overnight, from April 30 to May 1, according to GasBuddy, the only smartphone app connecting 70 million drivers with their Perfect Pit Stop. In the area, the price was $2.52 at Lyons and at Russell. And across the USA, 16 percent of gas stations are charging more than $3 per gallon, according to AAA.

"This will be the most expensive driving season since 2014", said Tom Kloza, global head of energy analysis for Oil Price Information Service.

Drivers who live in California are being hit hardest with gas prices averaging at $3.60 a gallon.

The average price rose 18 times in 19 days, was unchanged Monday and resumed increasing on Tuesday. And with good reason: Gasoline purchases account for approximately 5% of consumer spending in any given year.

As KTSM previously reported, the rising gas prices can be linked to a steady incline in USA crude oil prices over the past year. Benchmark U.S. crude closed Monday at $68.57.

Globally, there are also several impacts on the oil market. Ultimately, OPEC bears much of the responsibility for cutting oil production in 2017, leaving USA oil inventories at far lower levels than a year ago.

We took a closer look at the Gas Buddy retail price chart. Pump prices normally rise as demand increases from families going on vacation and taking to the highways on road trips.

On the week, gasoline demand dropped from its record high level the previous week, falling by 774,000 barrels per day, according to the Energy Information Administration.

Average retail gasoline prices are lowest in a swath of states in the South and Southeast, including Louisiana and Alabama. They're ranging from $2.68 to $2.80 per gallon.

As of May 2, AAA reports that the average national gas price is $2.814 per gallon, compared to $2.372 this time a year ago. Among eastern states, only Pennsylvania has an average price that high.

Prices are now 42 cents higher than they were one year ago.

"Here we are month number 16 dealing with OPEC producing less oil, it's clearly added up, to a big drop in United States oil inventories", DeHaan explained.