Tags: gasoline | pump | prices | drivers | summer

WSJ: Gasoline Pump Prices Poised to Hit 4-Year High This Summer

WSJ: Gasoline Pump Prices Poised to Hit 4-Year High This Summer
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By    |   Monday, 09 April 2018 02:18 PM

Continuing production cuts by major exporters have sent gasoline prices higher, with Americans reportedly facing the highest sticker-shock at the pump since 2014.

“This summer, in terms of average gas prices, will likely be the highest since 2014,” Patrick DeHaan, petroleum analyst at GasBuddy, a fuel-tracking app, recently told the Wall Street Journal. “There’s been very little question about that.”

The average U.S. price of regular-grade gasoline shot up 8 cents a gallon over the past two weeks to $2.74, the Associated Press reported.

Industry analyst Trilby Lundberg said Sunday the increase was driven primarily by rising crude oil prices. The current gas price is 30 cents above where it was a year ago.

The highest average price in the contiguous 48 states was $3.63 in the San Francisco Bay area. The lowest was $2.37 in Baton Rouge, Louisiana. The average price for diesel fuel rose three cents, to $3.04.

Crude prices have jumped thanks to continuing production cuts by major exporters, the Journal explained.

“While higher fuel prices could herald an end to the glut that has plagued the energy market since 2014, they also threaten to dampen demand and hit consumers in their pocketbooks,” the Journal warned.

Higher gas prices also have the potential to dent U.S. demand, if consumers opt to drive less.

“The rise of the use of the word ‘staycation’ is probably going to happen this summer. You may start to see some people that are turned off to higher prices,” said DeHaan.

(Newsmax wire services contributed to this report).

© 2019 Newsmax Finance. All rights reserved.

   
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Economy
Continuing production cuts by major exporters have sent gasoline prices higher, with Americans reportedly facing the highest sticker-shock at the pump since 2014.
gasoline, pump, prices, drivers, summer
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2018-18-09
Monday, 09 April 2018 02:18 PM
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