LAS VEGAS, March 11, 2014 - A surge in gas consumption, as state motorists hit the road early this year, has caused state fuel prices to rise significantly. Prices are following their typical yearly trend by moving up during the spring, peaking during the summer and decreasing through the fall. Nevada's average price for a gallon of unleaded regular gasoline is registering at $3.50, according to the AAA Nevada monthly gas survey.
A survey of 13 gas stations in Winnemucca Friday afternoon morning found a low of $3.49 a gallon and a high of $3.79 a gallon. The average price of gas in town was $3.58, which is 27 cents more than January's average and 10 cents lower then the March 2013 average.
North Las Vegas and Las Vegas are registering the state's lowest pump price, in metro areas tracked by AAA, with drivers paying an average price of $3.42 per gallon of unleaded regular gas. Reno registers Nevada's highest price, at $3.75 a gallon, a difference of $0.24 since AAA's gas survey on Feb. 11. A year ago on this date, Nevada's average gas price was $3.83 per gallon of unleaded regular.
"While retail gas prices are climbing, oil analysts predict higher prices over the next month due to seasonal refinery maintenance and the required switchover to produce summer-blend gasoline," said Cynthia Harris, AAA Nevada California spokesperson. "These factors coupled with unexpected market-moving events, such as unplanned domestic refinery maintenance or further escalation of geopolitical tensions with Russia, could cause prices to shoot up even higher."
Today's national average price at the pump is $3.49 per gallon, which is the highest price in nearly six months. This price is $0.03 higher than one week ago and $0.22 more than one month ago. National prices are still $0.21 per gallon less than the same date last year. The national average continues to steadily climb and has now increased for 31 straight days, jumping almost a quarter during this span.
Rapidly escalating tensions in Ukraine pressured West Texas Intermediate (WTI) crude oil prices to a more than six-month high last Monday. However, crude oil prices dropped during the week as the situation stabilized, resulting in a more than $3.00 per barrel drop by midweek. Market watchers will continue to monitor the Russian-Ukrainian conflict closely. The associated geopolitical tensions are likely to keep oil prices from falling too far.
Crude prices declined again today following bearish economic news from China over the weekend rather than the easing tensions with Russia. China has the second largest economy in the world so a weaker than expected Chinese economic report means a lower consumption of crude oil. This trend puts downward pressure on global crude prices. At the close of today's formal trading on the NYMEX WTI settled down $1.46 at $101.12 per barrel.
The highest average price of gas tracked by AAA in the nation is in Hawaii, where consumers are paying $4.16 per gallon of unleaded regular gasoline.
at the proper pressure suggested by the vehicle manufacturer, performing routine maintenance and making sure fluids are clean and belts and hoses are in good repair. The way you drive can also impact fuel economy. Smooth driving to avoid sudden stops and starts, combining trips and lightening your load also helps conserve gasoline.
One way consumers can reduce the amount of money they spend on fuel is to shop aggressively for the lowest price. AAA offers text alerts via mobile phone for low gas prices in your area. Start saving today at www.aaa.com/gas.
AAA's Fuel Gauge Report is the most comprehensive retail gasoline survey available, with over 100,000 self-serve stations surveyed every day, nationwide. Data is provided in cooperation with OPIS Energy Group and Wright Express, LLC.
AAA Nevada offers a wide array of automotive, travel, insurance, DMV, financial services and consumer discounts to more than 340,000 members. AAA has been a leader and advocate for the safety and security of all travelers since it was founded 114 years ago.[[In-content Ad]]
