Summer Driving Season Begins With Gas at 11-Year Lows
The 2016 summer driving season is officially underway. Although the national average of $2.32 a gallon is the lowest gas price for this time of year in more than a decade, higher-than-normal gasoline demand coupled with regional refinery issues have put upward pressure on retail pump prices, reports AAA. The Midwest region is posting the nation’s largest decline in gasoline inventories, which fell for the 15th week straight to the lowest level of the year. During the past week, crude oil climbed to $50 a barrel in the U.S. trading market due to tight supplies coupled with high demand. Wildfires in the Canadian Oil Sands helped to boost the price of crude to its highest level of the year while creating supply issues for U.S. oil refineries it serves in the Great Lakes region. For more information on fuel prices, visit www.fuelgaugereport.com.
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