Gas prices at highest all year
But where are they headed next?
The gas pump is sucking up more of your paycheck.
Gasoline prices are at their highest level all year, and it ’s not quite clear where they’re headed.
A gallon of regular gas averaged $2.66 Monday in Broward County, $1.09 less than last year but 11 cents more than last month. In Palm Beach County, the price was $2.72, up 12 cents from a month ago and down $1.09 from last year.
The national average is $2.62 — 59 cents higher than the year’s low of $2.03 in January. Gas prices this year have increased to the highest seasonal rate since 2012, according to travel club AAA.
Average gas prices have risen by at least a nickel in every state except Ohio. Four states average more than $3 per gallon: California, Hawaii, Nevada and Alaska.
AAA said oil prices have risen steadily as the market considers a possible slowdown in domestic oil production, balancing relatively low prices this year.
West Texas Intermediate, a benchmark oil price, closed at $59.15 on Friday, the highest price all year.
AAA outlined possibilites that could push gas prices either way in coming weeks.
On one hand, “oil prices have rallied significantly in recent weeks, and market
momentum could send prices higher, especially if domestic production slows further or if fighting escalates in the Middle East,” AAA said.
At the same time, the group said motorists could soon see falling prices because of a glut of domestically produced oil. Gasoline supplies are about 8 percent higher than last year and could grow as refineries finish seasonal maintenance, the group said.
Typically, gas prices peak in early May, fall through June and rise again as Americans hit the road for summer travel in July and August.
“We could see record summer travel this year due in large part to cheap gas prices,” said Josh Carrasco, a AAA spokesman for Florida.
About 6 in 10 Americans say they are more likely to take a road trip of 50 miles or more in 2015 if gas prices remain near recent levels, a new AAA survey shows. Drivers 18-34 are more likely to do so than others.