Gas prices are on the rise across the country and in Ohio.
According to a recent survey from AAA, the United States won't see a drop in gas prices anytime soon. That's eight cents below the national average of $2.61 per gallon. Prices are about 43 cents more than at the same point previous year. Gasoline is, on average, about one cent more in OH over the week ($2.45). He anticipates fuel prices by Memorial Day to be 25-to-50 cents higher this year.
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The U.S. Energy Information Administration last week estimated that U.S. crude production hit 10 million barrels a day in November, the highest since 1970. And the damage could get even worse as refinery maintenance season and summer gasoline is on the horizon.
The price of gasoline in MA is up three cents this week.
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Oil production in the U.S.is the highest it has been since the 1970s, and last year's product cuts at OPEC has prevented U.S production from rising, according to head of petroleum analysis for GasBuddy, Patrick DeHaan. "While oil production in the US reaches highs not seen since the 1970s, OPEC's production cuts for the past year have weighed heavily on global inventories, mitigating any small rise in USA production".
"This has been a storm brewing since the Obama administration legalized oil exports and OPEC made a decision to forgo market share to tighten global supply", said DeHaan in a news release.
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States with the lowest average gasoline prices: Texas ($2.34), MS ($2.35), SC ($2.35), Alabama ($2.37), Arizona ($2.37), Oklahoma ($2.37), Arkansas ($2.38), Missouri ($2.39), Louisiana ($2.40) and New Mexico ($2.41). That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.