Gas prices rise to levels not seen in more than 3 years

Gas prices rise to levels not seen in more than 3 years

Gas prices rise to levels not seen in more than 3 years

Gasoline prices jumped 6 cents a gallon to an average of $2.87 nationwide in part because of the Trump Administration's decision to reimpose sanctions on Iran, according to AAA.

Though the average gas prices are at a relatively high price statewide, they're 20 cents less than the national average.

Crude oil prices continued to move up this week following President Donald Trump's decision to re-impose economic sanctions on Iran and withdraw the US from the Iran Nuclear Deal.

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Gas prices are still climbing in northern New England. A month ago it was $2.33 and one year ago it was $2.29. "The latest round of figures from the EIA shows that gasoline demand is significantly higher than this time previous year".

Despite the higher pump prices, AAA predicts more than more than 41.5 million Americans will travel this Memorial Day weekend, with 36.6 million of that number traveling by vehicle.

States with the lowest average prices last week included: MS ($2.56); Arkansas ($2.57); South Carolina, Louisiana and Alabama ($2.58); Oklahoma ($2.59); Tennessee and Missouri ($2.61); Kansas ($2.63); and Texas ($2.65).

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Nationally, gas prices have risen a little over 5 cents per gallon, with an average of $2.86/gallon.

The cheapest gas in Florida was found in The Villages, at $2.78, and in Charlotte County, at $2.79.

AAA officials said people traveling Memorial Day weekend will likely see pump prices at their highest level since 2014. West Palm Beach-Boca Raton was again highest at $2.92.

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Futures for September delivery on the Shanghai International Energy Exchange fell 1.2 percent to 465.5 yuan a barrel. WTI light sweet oil was up 10 cents at USD70.80 a barrel, staying near last week's 4-year peak.

He pegged the odds at 65 percent that pump prices will hit $3 for the summer driving season.

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