Published: Thu, May 03, 2018
Markets | By Josh Butler

Gas prices set four-year record high in April

Gas prices set four-year record high in April

The big news in US crude production this week is in exports, which surged to 2.331 million barrels per day last week - the highest weekly estimate ever on record from the EIA. That is the biggest one-week increase since early September during hurricane season.

Part of the reason is our state gas tax is highest in the nation - 58.2 cents per gallon.

Warmer temperatures and rising gas prices usually go hand in hand. That's up from about $2.39 per gallon a year ago, according to Oil Price Information Service.

The benchmark price of USA crude oil has been on a mostly steady incline since last June and last week hit US$68.64 per barrel, the highest since December 2014. Here's something many drivers don't do, according to a recent survey: shop around for the best prices.

"We are not anticipating that the national average will hit $3 a gallon again", spokeswoman Stephanie Milani said. San Bernardino prices are up to $3.594 from $2.994 a year ago. Diesel is averaging $3.05, from $2.98 to $3.24.

While the upward run hasn't been as strong locally, the national average hit $2.81 on Monday, with the American Automobile Association saying the 15 cent increase over the month of April led to the highest national average since November of 2014.

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The latest from numbers from GasBuddy show that gasoline in Honolulu have gone up more than 3-cents per gallon in the past week.

This combination could make this summer the most expensive driving season since 2014, according to experts. Notably, at this time past year, SC carried the cheapest gas in the country. It didn't work. Consumers enjoyed lower prices at the pump and US producers used technology to make their operations profitable, even at lower prices. The energy sector and related industries have more money to spend on equipment and workers.

Motorists have probably noticed that it costs more to fill their tanks this spring.

"There's not a lot of good news for Vancouver drivers right now". Global economic growth has more people using oil, so demand is up worldwide.

It's still far from the highest gas price ever - $4.07 per gallon in July 2008.

Nariman Behravesh, chief economist at IHS Markit, said the average USA household is projected to spend an extra $190 on fuel this year. OR gas prices have increased 11 cents from April levels.

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