U.S. gas prices stable, even with winter-weather strains

U.S. gas prices stable, even with winter-weather strains

U.S. gas prices stable, even with winter-weather strains

One source thinks the fuel that makes these vehicles go is going to jump in price in 2018.

New markets are also likely to continue to open for US petroleum products, "meaning exports will likely continue to ramp up, contributing to smaller inventory gains in the United States", and sending prices higher, according to the report.

Prices on Cape Ann for regular gasoline ranged from a low of $2.55 per gallon at several Gloucester stations to a high of $2.89 in Essex, according to Gasbuddy.com.

In the greater Modesto area Thursday morning, the lowest price was $2.53, offered at Costco in Turlock and the Arco station at 3936 Mitchell Road in Ceres.

Prices at the pump remain elevated due to strong oil prices, AAA said. Gasoline inventories jumped by almost 5 million barrels while distillate inventories, made up of heating oil and diesel, gained almost 9 million barrels even amidst high demand due to cold weather.

Gas prices have held relatively steady, during the first seven days of the year.

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The news comes just a week after GasBuddy's annual report found that 2018 gas prices could be the highest in four years.

AAA Mid-Atlantic reported the price of self-serve regular rose to $2.44, up a couple of pennies from a week earlier and about a dime above a year ago. Ultimately, OPEC bears much of the responsibility for cutting oil production, leading oil inventories to begin 2018 almost 50 million barrels lower than a year ago.

States with the lowest average gasoline prices: Missouri ($2.21), Arkansas ($2.23), Oklahoma ($2.23), Alabama ($2.25), SC ($2.25), MS ($2.25), Texas ($2.26), Tennessee ($2.27), Kansas ($2.27) and Louisiana ($2.27). "But prices historically will drop after the ball drops on New Year's Eve".

The nor'easter dumping snow across the U.S. East Coast this week may trigger a short-lived dip in gasoline demand as commuters stay home.

The average price in Minnesota was about $2.41 a gallon - up about 7 cents over the previous week, and up about a dime over a year ago, according to GasBuddy.

Although we're in the dead of winter, gasoline prices have bumped up in the last week.

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