US crude stocks rose last week while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.
"The rise at the pump comes as oil prices have hit their highest level since 2014 (over $67 per barrel), the region nears the end of its transition to summer gasoline, and as refiners wrap up seasonal maintenance", GasBuddy said in a news release. Domestic crude production also hit a record high 10.5 million barrels a day last week, which contributed to the US shipping more oil to other countries.
AAA Oklahoma spokeswoman Leslie Gamble said her organization agrees that spring and summer prices likely will be higher than in recent years, but she said Oklahoma prices are unlikely to top the 2015 summer average of $2.65 a gallon.
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The national average price already is at its highest level since 2015, climbing to nearly $2.70 a gallon Thursday, according to GasBuddy.com. The EIA also raised its expectations for West Texas Intermediate crude prices by roughly 2% from the previous forecasts-to $59.37 this year and $58.68 next year.
"This is part for the course and there are two main factors behind this increase", said Patrick DeHaan, senior petroleum analyst at GasBuddy.com.
The average American household is expected to pay about $200 more on gas in 2018 than in 2017, the U.S. Energy Information Administration projected. However, it's still less than the national average, which is $2.68.
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Tim Sumpter, a Huber Heights, Ohio, resident who follows gas price trends, said he wasn't surprised by the outlook, given the volatility across the globe.
Total products supplied over the past four-week period averaged over 20.7 million barrels per day, up 5 percent from the same period previous year.
"We were just taking about getting motorcycles actually because of the price of gas", says Kenneth Anthony Clarke from Atlanta. The price is up 23 cents from one year ago.
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"You have to put today's moves in the context of the last three days".