Gas Prices 28 Month High - $3.13. Gas prices reached a 28-month high Wednesday even though oil supplies in the U.S. continue to grow. In additional, the demand is weak as the national average rose to $3.133 a gallon.
The prices are about $1.20 more at the pump two years ago, according to AAA, Wright Express and the Oil Price Information Service. Just eight states remain at $3 a gallon for gas. The cheapest is $2.94 a gallon is in Missouri. Hawaii has the highest average of $3.746.
“I do believe that this year is front-end loaded,” Tom Kloza, OPIS chief oil analyst, said in a statement. Kloza predicted gas prices will range from $3.50 to $3.75 a gallon this spring and then drift lower, to between $3 and $3.40 a gallon. “I think that perhaps the first third of the year sees higher retail prices for gasoline and diesel… than the middle or final thirds.”
The average has have climbed steadily from about $2.80 a gallon in November even though consumer demand has been weak and inventory levels remain high. The Energy Department said Wednesday that supplies of crude both rose again last week while distillates, which include heating oil and diesel, declined. All three products are at or above the average range for the past five years.
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