EIA projects that monthly average gasoline prices will reach a peak of $2.79/gal in May before falling to $2.65/gal in September. It's at $2.67 per gallon of regular unleaded.
Gasoline prices are made up of four main components: crude oil prices, wholesale margins, retail distribution costs, and taxes.
The average price for a gallon of gas is $2.68 in the US, the highest since July 2015, according to a report from GasBuddy, which tracks gas prices and trends. Additionally, demand for gasoline remains robust at 9.2 million b/d and is more in line with demand levels at the same time in 2017.
Pump prices expected to continue to rise as spring arrives.
Drivers around the nation are leaving gas stations little lighter in the wallet than they have been in almost three years.
The crowd-sourced gas price compiler said the sudden surge can be blamed on oil prices surging to almost $67 per barrel, the highest level since 2014, on fears of military action in Syria and trade conflict with China. Crude oil prices have increased this year, in part, because of extensions to the coordinated crude oil production reductions by the Organization of the Petroleum Exporting Countries.
Seven gas stations tied for the lowest price of $2.47, including Gate and Walmart Neighborhood Market on North Green Street, Ingles Gas Express and Quality Plus on Carbon City Road, Murphy Express on West Fleming Drive, Raceway on Burkemont Avenue and Speedway on West Union Street.
According to the Weekly Petroleum Status Report by the EIA, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending April 6, increased by 3.3 million barrels from the previous week. The average price locally is $3.35 a gallon, up 40 cents compared to a year ago, according to AAA Washington.