Gas Prices Slightly Up, Low Demand Helping

That is the same costs that were reported in the previous week's survey.

Nationally, average prices rose about a penny a gallon over the past week to $2.27 a gallon, GasBuddy said.

The U.S. average typically rises 35 to 65 cents from its lowest price in February through the end of May, "and there's no reason to believe the same won't happen this year", Mr. DeHaan said.

At $2.25 per gallon, the Bradenton-Sarasota area ranked below the state and national averages - both $2.28.

AAA Michigan says gas prices statewide have risen by about 7 cents per gallon in the past week. US crude oil production averaged an estimated 8.9 million barrels per day (b/d) in 2016.




Petroleum analysts say drivers will likely start to see higher gas prices in the near future.

Gas prices in Rockford are down 3.4 cents compared to a week ago.

The U.S. Energy Information Administration estimated that U.S. gasoline demand in January was down 6 percent from January 2016. U.S crude oil production is forecast to average 9.0 million b/d in 2017 and 9.5 million b/d in 2018.

Average gasoline prices slid over the last week in Lancaster, dropping 2.2 cents a gallon and continuing a decline that has knocked almost 20 cents off the average price since early January, GasBuddy reports. The organization also expects West Texas Intermediate crude oil prices to average about $54 per barrel this year.

 

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