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'2018 is starting to look ominous' for gas prices, expert says

Posted 12/6/17

Average retail gasoline prices in Harrisburg fell 1.5 cents per gallon last week, averaging $2.66 a gallon Sunday, according to GasBuddy’s daily survey of 241 gas outlets in Harrisburg. …

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'2018 is starting to look ominous' for gas prices, expert says

Posted

Average retail gasoline prices in Harrisburg fell 1.5 cents per gallon last week, averaging $2.66 a gallon Sunday, according to GasBuddy’s daily survey of 241 gas outlets in Harrisburg.

This compares with the national average that fell 3.5 cents a gallon last week to $2.46.

Prices on Sunday were 33.3 cents per gallon higher than the same day one year ago and are 2.2 cents per gallon higher than a month ago. The national average has decreased 6.4 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on Dec. 4 in Harrisburg have ranged widely over the last five years: $2.33 a gallon in 2016, $2.24 a gallon in 2015, $2.87 a gallon in 2014, $3.41 a gallon in 2013 and $3.52 a gallon in 2012.

Areas near Harrisburg and their current gas price climate:

Lancaster: $2.68 a gallon, down 2.5 cents from last week.

Reading: $2.70 a gallon, down 1.4 cents from last week.

York: $2.64 a gallon, up 1.9 cents  from last week.

“With OPEC deciding last week to extend last year’s agreement on oil production cuts, the future for gasoline prices isn’t as rosy,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While the short term may feature more modest price decreases in many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC’s extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017’s yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it’s likely that prices may again rise approaching the New Year as oil prices continue to show strength.”

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