Published: Tue, May 15, 2018
Money | By Ralph Mccoy

Why gas prices will keep rising this summer

Why gas prices will keep rising this summer

Gasoline is following crude oil sharply higher, and AAA says part of the reason is the White House decision to withdraw from the Iran deal. This compares with the national average that has increased 5.7 cents per gallon in the last week to $2.86/g, according to gasoline price website GasBuddy.com. That means it is renewing sanctions, which include not buying Iranian oil.

The price spiked at several stations to $3.09 a gallon by late afternoon. "Plus, recent political events evolving Iran could affect the future supply, so that's driving the price up".

AAA expects drivers across Virginia and the country to continue seeing rising gas prices after the US reimposed sanctions on Iran last week, AAA Tidewater said.

Oklahoma City- $2.53/g, up 7.6 cents per gallon from last week's $2.46/g. It now stands at $2.87 per gallon.

Including the change in gas prices in Oklahoma during the past week, prices yesterday were 54.0 cents per gallon higher than the same day one year ago and are 17.6 cents per gallon higher than a month ago.

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Analysts say the gas prices nationwide are close to hitting $3 per gallon for the first time since 2014, when it averaged $3.62.

Florida's most expensive gas is unfortunately right here in Tallahassee and in West Palm Beach.

The highest average price for regular gas was $4.11, recorded in July 2008.

They point out that USA oil production capacity is much larger now than a decade ago.

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