Gas prices "steady" over the week

Posted May 11, 2018

Wednesday's average gas price in Kansas is $2.58, up 12 cents in the past month.

According to a Monday press release from AAA, Sunday's national gas price average stood at $2.81, while Tennessee's gas prices stood at $2.59.

Gasoline inventories nationwide are recovering from record-high demand in April - and the national average gas price held steady for the week, as the spike in US pump prices appeared to temporarily level off. This is a drop from the previous week's high of 2.331 million barrels per day, which was the highest weekly estimate on record from the Energy Information Administration.

Analysts are citing concern that Iranian oil exports will fall if the USA withdraws from a 2015 deal that eased sanctions on Iran in exchange for limits on its nuclear program.

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The direct effects from the newly imposed sanctions on Iran will all depend on how high the price of crude oil gets and who will help fill the gap. Oil prices have been flirting with the $70 per barrel mark during trading Monday as investors wait to see what the fallout of the deal, or end of a deal, could mean for geopolitical relations.

Crude oil exports were at 2.148 million barrels per day last week. "We're entering the busy summer driving season and consumer blends of gas are more expensive to produce than the winter blends".

In the past month, oil prices have risen 10% and economists at The Wall Street Journal said due to indications by President Trump that he may withdraw from a 2015 global agreement with Iran that allowed an increase in oil exports in return for sanctions to its nuclear program. The highest average price was in the Ann Arbor area for the second straight week, where it was about $2.91 per gallon.

The average price Monday in the Bradenton-Sarasota-Venice metro area was $2.68 per gallon, AAA data showed, compared with $2.69 a week ago, $2.57 a month ago and $2.34 a year ago.

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"This is a scenario of pump prices possibly going from bad to worse" says Marilyn Buskohl, spokesperson for AAA South Dakota.

In addition to the tax cuts, higher gas prices could water down the economic gain from the bipartisan agreement in Congress to ramp up spending.

When it comes to local averages for one gallon of regular unleaded, it is a four way tie for the lowest price as Cave City, Park City, Glasgow and Tompkinsville all coming in at $2.64.

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