Pump prices expected to stay high through the winter
Nov 14 2017 by Johnny Bowman
According to AAA, the national average for a gallon of gas has risen nine cents since the start of November, up to $2.56 per gallon, but increases in Florida have been sharper and more pronounced.
The Dearborn-based auto club says early Monday the average price for self-serve regular unleaded gasoline was about $2.74 per gallon. The national average has increased 8.6 cents per gallon during the last month and stands 39.8 cents per gallon higher than this day one year ago. At that time, gas was averaging $2.21 per gallon.
Austin- $2.26/g, up 5.2 cents per gallon from last week's $2.21/g. Gas prices were the same as last month's average and have increased by 41.7 cents from lastyear's average.
According to GasBuddy's historical data, gas prices on November 13 have varied widely over the past five years from $3.20 per gallon in 2012 to $1.99 per gallon last year. "Fortunately, oil prices let off the throttle last week, allowing gas prices to find what appears to be solid ground". Average Florida prices did, however, hold steady over the weekend, AAA said.
Shell to sell part of its Woodside Petroleum stake for $1.7bn
Former treasurer Peter Costello blocked Shell's attempted $10 billion takeover of Woodside in 2001 on national interest grounds. Logos of Woodside Petroleum are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017.
Motorists have not seen a drop in the price at the pump that usually shows up in the fall, GasBuddy.com analyst Patrick DeHaan said.
The rising price at the pump contradicts the usual trend of dropping gas prices during the fall season. However, motorists should expect gas prices to linger at their current levels this week.
At the same time, other factors influencing crude oil prices include plans by OPEC to continue an oil production cut through the end of 2018 and news that the king of Saudi Arabia, which is a significant member of OPEC, may abdicate his thrown.
The year's lowest stretch of gas prices came in July, according to DeHaan. Prices remain far below their 2014 peaks.