Mass. Gas Nearly 50 Cents Above Last Year's Price

Posted May 11, 2018

Including the change in gas prices in Modesto during the past week, prices Monday were 67.8 cents per gallon higher than the same day one year ago and are 17.0 cents per gallon higher than a month ago.

Average retail gasoline prices in Minnesota have risen 1.8 cents in the past week, averaging $2.63 per gallon Sunday, according to GasBuddy's daily survey of 2,856 gas outlets in Minnesota.

As the world holds its breath until President Donald Trump decides whether to extend the Iran nuclear deal by May 12, analysts from GasBuddy and AAA say the price of oil depends on this decision. Making the new average $2.79 per gallon.

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Dan Eberhart, CEO of oilfield services company Canary LLC, drew a direct connection: "Withdrawing from the Iran nuclear deal will support higher oil prices". Oil prices have been flirting with the $70 per barrel mark during trading Monday as investors wait to see what the fallout of the deal, or end of a deal, could mean for geopolitical relations. While Idaho's prices didn't change over the week, national average prices dropped.9 cents per gallon. "We're entering the busy summer driving season and consumer blends of gas are more expensive to produce than the winter blends".

Gas prices in Rockford haven't been this high in May since 2015, when gas was $2.63 a gallon.

Triple-A says this week's national average is 46 cents higher than this time previous year, and 14 cents higher than 2017's highest, which was $2.67 on September 8th.

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Every 10-cent jump in gas prices costs Americans an extra $10.6 billion per year to fill up their tanks, Morgan Stanley found. The price went up slightly in Vermont to an average of $2.79 per gallon.

In Connecticut, gas averages $2.95 a gallon in Greater Hartford, up from $2.71 a month ago and $2.48 a year ago. Among eastern states, only Pennsylvania has an average price that high.

From 2017 to 2018, some US states have witnessed an increase of almost 70 cents at gas stations.

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