Here’s one of my top of mind questions for this morning: What’s been happening with gas prices during the first 30 days of Calendar Year 2018?
For a quick answer, I went to GasBuddy.com and created this chart:
Today’s U.S. average for a gallon of regular gasoline is $2.589. That’s 3 ¢ higher than yesterday, and 32.3 ¢ higher than one year ago (Source: GasBuddy.com):
$2.558 One month ago
$2.488 One month ago
$2.268 One year ago
One reason given for these higher prices is an increase in consumer demand for gasoline. The other factor that appears to have an impact on current prices at the pump is the cost of crude oil. At 10 a.m. this morning, NYMEX reported West Texas Intermediate (WTI) crude oil selling at $64.31. That just under yesterday’s closing price of $65.53. Crude prices have been selling at higher rates over the past few months and may now be impacting the cost of retail gasoline.
All things considered, the current average of $2.589 isn’t in the bargain basement range for gas prices, however, it isn’t a bad price for consumers.