Gas prices could reach four-year high in 2018

More than a foot of snow fell on some major eastern USA metropolitan areas and temperatures dipped to sub-Arctic levels. Connecticut, New York, and Pennsylvania are among the states with the 10 highest prices this week.

The latest Energy Information Administration (EIA) report measures gasoline demand at a strong 9.5 million b/d, which is typical of the holiday season. According to Gas Buddy, gas prices will not break a record.

It says the yearly national average will rise 19 cents vs. last year, to $2.57 per gallon of unleaded regular gas.

Fort Collins- $2.38/g, down 1.3 cents per gallon from last week's $2.39/g. The national average has increased 1.3 cents per gallon during the last month and stands 13.6 cents per gallon higher than this day one year ago.

Gasoline costs continued to inch higher last week, rising by just more than 1 cent in the Houston area and about a half-cent nationwide.

We're seeing the lowest expected price of gas of the year this month in January 2018, at $1.13.

The same held for many eastern USA states despite the severe winter weather last week.

According to GasBuddy, the nation's yearly gasoline bill will rise to $364.6 billion, some $25 billion higher than what drivers spent previous year. Prices were also lower than average in Arkansas, at $2.24, along with Oklahoma, South Carolina, Alabama and Texas, where gas averaged $2.25.

The Great Lakes market, however, is not so lucky. Prices at the pump in the state of Georgia sit at around $2.36 a gallon, more than 10 cents higher than this time past year. IL and MI led the nation when it came to volatility over last month.

DeHaan says we could be soon feeling the effects of a decision made by OPEC, the organization of petroleum exporting countries.

However, McKinley said a major factor that should moderate gasoline prices this year is increased fracking activity in North American oil fields.

  • Wendy Palmer