MANCHESTER, NH — Pump prices have risen for 20 of the past 21 days, rising a total of 11 cents during this span. The national average price for regular unleaded gasoline sits at $2.24 per gallon, which is the highest mark since October. Today’s average is three cents more than one week ago, nine cents more compared to one month ago and 24 cents more than the same date last year.
Increases at the pumps are due to rising oil prices, said Dan Goodman manager of public affairs for AAA Northern New England. “We think oil prices have reached close to their peak and prices will decline due to declining demand after the holiday and many refiners begin discounting excess inventories of winter-grade fuel,” said Goodman.
- Vermont’s current price is $2.31 per gallon, which is 2 cents higher than one week ago, and 17 cents higher than one year ago.
- New Hampshire’s current price is $2.20 per gallon, which is 1 cent higher than one week ago and 18 cents higher than one year ago.
- Maine’s current price is $2.32 per gallon, which is 2 cents higher than one week ago and 20 cents higher than one year ago.
- Massachusetts current price is $2.25 per gallon, which is 3 cents higher than one week ago and 17 cents higher than one year ago
Oil Market Dynamics
Last week, markets continued to react to the OPEC production agreement as Saudi Arabia and Russia made clear their intentions to fully cooperate with the production cut. OPEC and non-OPEC members agreed this month to cut oil production collectively by 1.8 million barrels per day in an effort to rebalance the global oil market. In reaction to the OPEC agreement, U.S. interest in oil production has increased and drillers added 12 new oil rigs in the last week, bringing the total oil-rig count to 510 rigs nationwide, according to Baker Hughes Inc. Traders will continue to watch how OPEC and non-OPEC members move forward with the terms of the agreement and how U.S. oil producers react. At the close of Friday’s formal trading session on the NYMEX, WTI was up $1.00 to settle at $51.90 per barrel.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
