Gas prices fluctuated between 2008 and 2014 because of a mixture of the Great Recession and global development.
According to data from AAA, the average gas price in the Raleigh-Cary area right now is $2.707, up from $2.543 at the start of April. This compares with the national average that has increased 4.3 cents per gallon in the last week to $2.81/g, according to gasoline price website GasBuddy.com.
"The case of the Mondays" is not a thing when it comes to pumping gas. The good news is that prices are likely to creep lower once they reach that peak. GasBuddy analyzed gas price data from the period of January through March 2018 and found that the first day of the work week offers the lowest average gas price in 21 states, making it the best day to fill-up. We're nearing a turning point in the USA - gas prices are perhaps just a dime away from hitting a peak for the short-term, pending OPEC's meeting in June. That year, pump prices averaged $3.34, peaking at $3.70 in April and bottoming out at $2.25 in December.
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On the week, gasoline demand dropped from its record high level the previous week, falling by 774,000 barrels per day, according to the Energy Information Administration. A wave of global economic growth has driven up demand for oil, and production cutbacks initiated by OPEC past year have whittled down oil supplies.
The summer driving season will be here soon and price increases are continuing. That would translate to an additional $190 spent on fuel by the average USA household this year compared to last year, according to the agency. Friday has the most expensive average and is the worst day to buy gas in 19 states. Every state on the West Coast, as well as Alaska, Hawaii, Idaho, Nevada and Utah, have an average price of over $3 a gallon.
Concerns that President Donald Trump is about to impose new sanctions on Iran have sent oil prices climbing, and gas prices are coming along for the ride.