Gas prices slide but are forecast to rise again

21 February 2018, 03:32 | Robert Harris

Michigan gas prices fall more than 10 cents in the past week

AAA Western and Central New York: gas prices down slightly across region

A hike in gas prices is very likely across areas of the Great Lakes, where retail prices have fallen significantly over the last few weeks and where retailers are beginning to sell gasoline under cost.

In Iowa, the price a month ago was $2.53, and it was $2.31 past year. Motorists in almost every state are paying less on the week with Midwest and Southern states seeing the largest price drops at the pump. "A handful of major refineries are undergoing maintenance".

AAA experts expect the second quarter to be the most expensive second quarter for gas since 2014 and, looking ahead, they say, the driving season will be the most expensive since 2014 as well.

At last check, Monday morning, February 19, according to GasBuddy.com the lowest gas can in Iowa can be found for $2.22.

Today's national gas price average is 4 cent less than one week ago, 1 cent more than a month ago, but 25 cents more than a year ago.

In January, oil prices reached their highest in more than three years, enticing domestic producers to ramp up production.

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Despite the recent drops, NY state's average gas price Sunday was still 3.7 cents higher than a month earlier and 26.9 cents higher than a year ago. This month, domestic crude oil production exceeded 10 million barrels per day for the first time in decades. West of Boca Raton, six stations on Glades and Powerline roads were charging $2.79 a gallon, while a Marathon station at Glades and Butts roads just northwest of the Town Center at Boca Raton, was charging $2.99, take it or leave it.

However, inventory levels are not growing at the same rate, AAA said.

So where is the excess fuel going? Oil inventory is down more than 18 percent, while gasoline is down 4 percent, signifying a large increase in US exports.

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