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U.S. Fuel Prices Begin Year at 3-Year High
The average retail cost of unleaded, regular-grade gasoline in the U.S. began the new year at $2.49 per gallon, its highest level since 2014, according to AAA Gas Prices.
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The average retail cost of unleaded, regular-grade gasoline in the U.S. began the new year at $2.49 per gallon, its highest level since 2014, according to AAA Gas Prices.
Fuel prices in the U.S. averaged $2.35 at this time last year. At the state level, gasoline prices debuted in 2018 in a range from $3.28 per gallon in Hawaii to $2.22 in Alabama, Missouri and Oklahoma. The country’s highest average, $4.11 per gallon, occurred on July 1, 2008.
The price of the U.S. benchmark for crude oil (West Texas Intermediate) ended 2017 at $60.42 per barrel, its highest for the year. Analysts expects prices to continue to rise slowly in 2018 because of a continuing output quota set by the Organization of the Petroleum Exporting countries.
But OPEC’s cutback will be largely offset by rising output in the U.S., according to the country’s Energy Information Administration. EIA predicts the U.S. will achieve daily petroleum production of 10 million barrels per day for the first time ever in 2018.
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