Gas prices still inching up in northern New England

Gas prices in Rochester Michigan on Sunday Jan. 21 2018. Stephen Frye  Digital First Michigan

Gas prices in Rochester Michigan on Sunday Jan. 21 2018. Stephen Frye Digital First Michigan

Including the change in gas prices in Tennessee during the past week, prices yesterday were 25.3 cents per gallon higher than the same day one year ago and are 15.0 cents per gallon higher than a month ago.

Tennessee, TN, January 22- Average retail gasoline prices in Tennessee have risen 1.9 cents per gallon in the past week, averaging $2.35/g yesterday, according to GasBuddy's daily survey of 3,821 gas outlets in Tennessee.

"It certainly has been an unusual January for gas prices", said Tammy Arnette, senior public affairs specialist for AAA. "Oil prices remain near multi-year highs but do show some signs of buckling at least slightly, but for motorists, we have not and may not see sizable relief just yet".

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The national average was unchanged the last week at $2.53 a gallon. "That's indicating that 2018 may bring higher gas prices compared to the year prior".

Michigan's lowest average price was about $2.49 per gallon in the Traverse City area. On the week, gas prices increased for 41 states with Florida seeing the largest jump at the pump with a nine-cent increase. The Energy Information Administration (EIA) reports that while gasoline demand modestly decreased (146,000 b/d), gasoline inventory increased by 3.6 million bbl.

Today, motorists can find gas for $2.50 or less at 58 percent of gas stations nationwide.

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The top ten markets for the cheapest gas in the country are Texas at $2.29, Missouri at $2.30, Alabama at $2.30, MS at $2.31, SC at $2.32, Arkansas at $2.32, Arizona at $2.34, New Mexico at $2.35, Oklahoma at $2.35 and Tennessee at $2.36.

Crude oil prices, a major factor in the price at the pump, continue to flirt with four-year highs because of lower production from members of the Organization of Petroleum Exporting Countries and expectations of economically-driven demand pressure.

"However, there is still lingering hope that USA oil production will ramp up sooner than later, which would boost inventories and push energy prices lower", Jenkins said. While market watchers search for indications that global crude growth is slowing, the not inline with the trend. The total number of rigs now stands at 747.

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