Gas prices starting to sting

Gas Prices Maintain Highest Price of 2018

Drivers should expect to pay more at the pump this spring

Just how high those prices will go will depend largely on where you live, thanks to factors such as how far you live from refineries (there's a reason why Louisiana, Texas, and other Gulf of Mexico-adjoining states tend to have lower gas prices); how popular your part of the country is with tourists (which is why Florida tends to have higher gas prices); and of course, the old bugaboo, state gasoline taxes.

On average, the price of fuel is the highest it has been in almost 1,000 days, according to smartphone app GasBuddy, which allows consumers to see gas prices at nearby stations.

Prices will continue to rise over the next few months, Armbruster said.

The average American household is expected to pay about $200 more on gas in 2018 than in 2017, the U.S. Energy Information Administration projected. In addition, smaller issues driving prices up include refinery maintenance season, which is beginning to wrap up, and the switch-over to summer gasoline, which is also nearing completion.

The lowest prices are forecast to be along the Gulf Coast region at an average of $2.45 a gallon, while the West Coast region is expected to see the highest, at $3.22 a gallon.

It is important to remember that these are national averages.

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With spring here and summer approaching, gas prices are rising earlier and higher than usual, said Charles Bolton, co-owner of Bolton Oil Company.

"This pipeline price pressure will feed into consumer prices soon and will ultimately prompt the Fed to hike interest rates an additional three times this year", said Paul Ashworth, Chief US Economist at Capital Economics.

Net U.S. crude imports rose last week by 1.722 million barrels per day.

"On top of that, sprinkle a little Syria, sprinkle a little trade tension - and oil prices are a bit higher than they otherwise would be", DeHaan said.

Both oil benchmarks hit their highest since late 2014 on Wednesday after Trump warned that missiles "will be coming" in response to a suspected gas attack in Syria and after Saudi Arabia said it intercepted missiles over Riyadh. The price is up 23 cents from one year ago. "All of this is happening at the same time when USA oil inventories are about 20% lower than they were about a year ago".

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