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Business, Energy, STEM

U.S. Gas Prices Are Up the First 30 Days of 2018

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:

U.S.-gas-prices-for-January2018

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):

$2.586       Yesterday

$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.

Happy motoring!

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About Vi Brown

Vi is principal and CEO of Prophecy Consulting Group, LLC, an Arizona firm that provides business and engineering services to private and public clients. Prior to establishing her consulting practice in 2001, Vi worked with Motorola, Maricopa County Government, Pacific Gas & Electric, CH2M Hill, and Procter & Gamble. As an adjunct faculty member, Vi teaches undergraduate calculus classes and graduate level environmental courses. She is also a professional speaker.

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