Gas at highest price so far in 2016

All fifty states saw average gasoline prices rising

Gas prices

YOUNGSTOWN, Ohio (WKBN) – The national average gasoline price rose 8.3 cents per gallon in the last week to $2.224/gallon, its highest level of 2016, according to fuel-price tracker GasBuddy.com.

All fifty states saw average gasoline prices rising. The top 50 metro areas with the biggest price changes saw a jump of at least 13 cents per gallon. Orlando and Tampa saw the second and third largest jump in the country, 21 and 19 cents, respectively, while Dakota-Dixon County in Nebraska saw the largest: an average rise of 30 cents per gallon.

The increases come countrywide as oil prices continue to hover near their 2016 peak- WTI crude oil closed last week at nearly $46 per barrel, while Brent crude oil closed at over $48 per barrel. The jump in oil prices comes as global oil production appears to finally be slowing, led by the United States, where oil production recently fell under 9 million barrels per day, the lowest level since late-2014 and a drop of 7% from the peak last summer.

Florida led states with the largest weekly average gas price rise of 13.8 cents per gallon, followed by Michigan (up 13.3 cents), Ohio (up 12.8 cents), Alaska (up 11.2 cents) and Oregon (up 11.0 cents). States with the smallest increases: Hawaii (up 0.1 cents), Arizona (up 1 cent), Kansas (up 2.4 cents), Nevada (up 2.6 cents) and California (up 3 cents). Across the country, some 32.2% of all gas stations remain selling at a price of $2.00 per gallon or lower, while 77.8% are selling above $2 per gallon. A year ago, 100% of stations were selling over $2 per gallon and 45.2% were above $2.50 per gallon.

While gas prices are likely to continue tracking close to oil prices, oil inventories remain well-supplied for this time of year, acting as a ceiling to how high gasoline and oil prices rise this summer. And though average gasoline prices have risen, they remain 39 cents lower than just a year ago.

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