Gas Prices Rise Another Five Cents, Reports AAA

Eileen GuzmanMay 15, 2018

A year ago at this time, AAA said the average price was 59 cents lower at $2.31 per gallon.

Gas prices rose again around West Michigan on Monday with prices spiking to around $3 a gallon for regular unleaded.

Last week, the average price for a gallon hit $3.

Plus, the switch to the summer blend and the US pulling out of the Iran nuclear deal.

AAA estimates 41.5 million Americans will travel nationwide over the upcoming holiday weekend, a growth of almost five percent compared to a year ago. "Oil prices are about $71 a barrel and that has a direct impact on gas prices".

About 2.2 million Floridians - about 6 percent more than a year ago - are expected to travel on Memorial Day weekend, which kicks off the summer season, according to a report released Monday by the AAA auto club.

The Champaign price is $0.02 less than the IL average.

Nationally, prices increased 5.7 cents a gallon during the last week, to $2.86, the gasoline price website said in a statement.

The monthly retail sales report due Tuesday morning should shed some light on the tug of war consumers are facing between the bump in take-home pay from the tax cuts and increasing toll they face at the gas pump.

AAA also found the following average prices for other grades of gasoline or types of fuel: $3.129 for midgrade; $3.399 for premium and $3.139 for diesel.

During the weekend, Andy Weissman, CEO of EBW AnalyicsGroup, alerted his firm's subscribers that oil prices could "explode" in the next two or three weeks, reaching as high as $80 in July and $85 by September.

Automobiles: More than 90 percent of OH travelers (nearly 1.5 million), will drive to their destinations this Memorial Day, 4.6 percent more than a year ago.

Arizona is poised to join the $3/gal club as it stands at $2.99 Monday, while NY sits nearby at $2.98. The increase is on par with the national trend, which saw a near 6 cent increase in the past week.

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