AAA: Gas Prices Climb to Highest Price Since October

Gas prices have risen for 20 of the past 21 days, rising a total of 11 cents according to AAA.

The national average price for regular unleaded gasoline sits at $2.24 per gallon, which is the highest mark since October. Today’s average is three cents more than one week ago, nine cents more compared to one month ago and 24 cents more than the same date last year.

Prices continue to rise due to market expectations of tighter availability following the announcement of an OPEC deal to cut oil production that is scheduled to start in January 2017.

West Coast:

Drivers on the West Coast continue to pay some of the most expensive prices in the nation, this includes market-leader Hawaii ($2.95), where prices continue to inch back toward the $3 per gallon benchmark. Despite these high prices, drivers in many of these same states are enjoying some of the most dramatic month-over-month declines in the country. Idaho (-18 cents) has the highest monthly discount, while Nevada (-8 cents), Oregon (-5 cents), Arizona (-5 cents), Washington (-5 cents), California (-4 cents) all register in the top ten.

According to recent reports from the U.S. EIA, gasoline production on the West Coast reached a one month high of nearly 1.6 million b/d and gasoline inventories remain at a 15-week high of 29.2 bbl, which was nearly 2 million bbl higher than the same time last year.

A shutdown on the Olympic Pipeline system in the Pacific Northwest temporarily cut into deliveries last week, according to reports from OPIS. BP shutdown the Olympic Pipeline on Monday, December 12 to conduct planned maintenance on the system which distributes refined product throughout Washington state and Oregon. The pipeline was reopened on Thursday, December 15.