November 20, 2018

Gas prices going up, where you can find cheap gas

15 May 2018, 10:51 | Austin Hogan

According to Gas Buddy the Citgo on Union Street is currently the cheapest

According to Gas Buddy the Citgo on Union Street is currently the cheapest

Gas prices in Rockford are back on the rise after holding steady last week. The national average for regular unleaded gasoline is $2.879 at self-service pumps, according to AAA.

A year ago, the national average was nearly 54 cents lower.

AAA expects 1.3 million people will take a trip during the holiday weekend, up 5 percent from past year and the highest since 2005. The U.S. decision to withdraw from the Iran nuclear deal and reinstate sanctions against Iran could constrain global oil supplies, which could further drive up crude and gasoline prices.

The average price for a gallon of gas in Omaha is up 10 cents from a week ago.

The number of projected Memorial Day travelers, 41.5 million Americans, is up 5% from last year and at its highest point in over 12 years, according to AAA.

In Tennessee, the average gas price is $2.62.

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But the higher prices don't appear to be interfering much, if at all, with summer travel plans. "Although gas prices are on the rise, a strong economy will keep demand high for the holiday weekend".

Factors include increasing demand, shrinking supply, the switch to summer-grade gas and tension between the USA and Iran, according to AAA.

AAA said that while the cost of staying at one of their Three Diamond hotels is down 14 percent from previous year at an average price of $186 per night.

"We're seeing extremely high demand for gasoline", Sinclair said. AAA does not expect the holiday price to "come anywhere near 2014 levels".

Now, with the start of summer driving season just weeks away, the possibility of $3 per gallon gas - something analysts were dismissing as recently as the beginning of this month, is looking like more and more of a certainty.

It was ten years ago that the average price at the pump for Americans was over the four-dollar mark, so the three-dollar price may seem to be acceptable to many. This new record surprised experts in the field that the record was passed before the Memorial Day weekend as many take to the road during that holiday.

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