Economy

Gasoline prices continue to rise in Houston

Gasoline prices continue to rise in Houston

Month over month, the price rose 11 cents and is more than 33 cents a gallon higher year over year.

"The futures market was uninspired last week, and wholesale gasoline dropped a nickel", said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Typically maintenance season reaches its peak in mid-March". This was the first measurable growth in USA crude supplies in the last 11 weeks, thanks to lower refinery runs, higher crude oil production and imports.

The national gas price average has increased for the sixth consecutive week, landing today's national average at $2.61.

Gas prices in the Lima region have increased 5.3 cents since last week, according to prices reported to GasBuddy.com.

Gasoline prices inched upward in Lowndes County again last week. Nationally, prices have increased by about 34 cents during the same period.

Kansas motorists continue to experience higher prices at the gas pump.

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AAA Northeast said Monday in its weekly survey that self-serve regular in Rhode Island is averaging $2.61 per gallon, which is four cents more than last week and the same as the national average.

The price of crude is driving the retail cost of gas. More positive news is that domestic oil production is closing in on 10 million barrels per day, which would almost double the amount seen a decade ago, AAA said.

They also brought up the fact that Venezuela, who provided oil to several countries around the world, wasn't producing it anymore because they couldn't afford it.

Domestic inventory levels remain significantly lower than past year (down 15 percent), and since US oil exports are at record highs, AAA said, it is hard to establish significant supply builds. On the week, US consumer gasoline demand hit 9 million barrels-per-day.

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