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Gas prices at highest level since June 2016

Gas prices at highest level since June 2016”

Area prices on Monday were averaging $2.39 per gallon, down from $2.41 a week ago, according to AAA's fuel tracker.

Pennsylvania's average was up 10 cents at $2.65, and South Jersey's was up 2 cents at $2.41.

How much will depend on oil prices, which are averaging about $20 more per barrel than this time a year ago.

In Friday market action, USA crude oil rose 23 cents to close at $53.99 a barrel in NY.

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However, the most common gas price across the country fell from $2.399 yesterday to $2.199 this morning. It's the latest in a string of reports indicating an increase in average price. "But forecasting fuel prices, especially this year, remains a challenging balance of science and art", says Patrick DeHaan, senior petroleum analyst for GasBuddy.

The average gas price over the past month is up 16 cents a gallon in both the Houston area and the nation. Natural gas rose 1 cent to $3.29 per 1,000 cubic feet.

That fallback in oil prices should show up soon in gasoline prices at the more competitive local stations, which typically must buy gasoline several times a week, or even daily, because they sell so much.

It's costing more to fill up your tank across SC as gasoline prices continue to rise. Also, the U.S. Department of Energy reported a significant build-up of gasoline inventory. Many Oklahoma retailers passed the 2016 cost savings on to consumers, and 7-Eleven Stores Inc. cut the CNG price at its Moore location by $1 for more than 11 months until it sold as many gallons as it did in 2015.



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