Gas price climbs two cents over last week, as supply dips.
The national average price of gas increased by two cents since last week to $2.86, as gas demand grew and supply fell, AAA reported. Today’s average price of gas is down one cent compared to last month, but up 55 cents compared to this time last year. Meanwhile crude oil prices are up $20/bbl versus this time last year.
According to the latest Energy Information Administration (EIA) report, total crude inventories fell on the week to 405 million bbl, 80 million bbl lower than levels at the same time last year.
“As crude and gasoline inventories tighten, motorists can expect gas prices to trend higher and remain volatile,” said Jeanette Casselano, AAA spokesperson. “On the week, pump prices increased as much as 11-cents for some states with others seeing decreases of up to four-cents.”
On Friday on the NYMEX, WTI decreased 92 cents to $68.69. AAA reported that tightened domestic crude supply plus robust global gasoline demand and high global crude demand are expected to sustain into the near future the more expensive crude oil prices.