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Gas Prices Rise 1.6 Cents In Chattanooga

15 May 2018

Rose White, spokeswoman for AAA in Nebraska, said prices may increase a few more cents going into the Memorial Day holiday weekend, but no sharp hikes are expected.

Gas prices averaged $2.72 in April, an increase of 33 cents from previous year, due to expensive crude oil, record gasoline demand and shrinking global supply.

The New Jersey-based Oil Price Information Service earlier this year forecast that Americans would spend $955.6 million per day on fuel in 2018, or $348.8 trillion for the year - the highest since 2014.

Most travelers, 36.6 million, will drive this Memorial Day weekend.

In Nebraska, 14 communities have average gas prices of $3 or more.

CLEVELAND, Ohio -The long Memorial Day weekend is just two weeks away and gasoline prices here and across the nation are heading toward $3 a gallon.

Another factor that has caused high gas prices has been money which has continued to flow into commodities as bets for higher oil prices rise, according to DeHaan.

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In the Pittsburgh area, the per gallon price remained at $3.07, according to GasBuddy's survey of 731 gas outlets.

The jump in gasoline prices the past year, if sustained, would cost the average American $450 a year, offsetting about half the tax benefit, Mark Zandi, chief economist of Moody's Analytics, said in an interview published last week.

AAA expects near-record Memorial Day travel volume with 41.5 million Americans (1.6 million Ohioans) traveling at least 50 miles from home between Thursday, May 24 and Monday, May 28.

Oil futures have remained near their highest level since 2014 following the Trump administration's decision to re-impose sanctions Iran, the world's fifth-biggest oil producer.

AAA says the total Memorial Day travel will rise 4.4 percent from 2017.

In nine states, the average price is $3 or more and a few more states are likely to join that list, she said.

Here's one number nobody wants to contribute to: AAA expects they will rescue more than 340,000 motorists over the course of Memorial Day weekend.

Gas Prices Rise 1.6 Cents In Chattanooga