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Will pause in upward spiral of gas prices continue?

10 May 2018
Will pause in upward spiral of gas prices continue?

As analysts see it today, there's as much a chance that US gas prices could go down from here as up.

GasBuddy's daily survey of gas outlets in New Hampshire and ME found that average retail gasoline prices in the state have risen half a penny cents in the past week, to an average of $2.74 per gallon in New Hampshire and $2.81 in Maine. The average for Pennsylvania is $3.02.

According to the U.S. Energy Information Administration, this summer alone the average American family is expected to pay $200 more in gas compared to this time past year.

The national average for regular gas is up to $2.81, according to AAA. At that time, gas prices averaged around $2.80 nationwide and in Florida, $2.72 in Georgia and $2.59 in Tennessee, which are about the same as what motorists are paying at the pump today.

In this April 23, 2018, photo, a vehicle is filled with gasoline at a station in Windham, N.H.

On the national scene, the survey found the current national average to be $2.81, the same as last week.

Ahead of yesterday's announcement, speculation was already driving crude oil prices higher in the market.

President Trump has until Saturday to decide whether to extend the existing Iranian deal or restore penalties on one of the world's biggest oil producers. Federal estimates show gasoline inventories are higher than they were this time past year.

National gas prices were also up - the USA daily national average was $2.81 per gallon, up from about $2.29 per gallon past year - and it's only expected to increase as we head into the typically more expensive summer driving months.

Prices are set to keep rising through Memorial Day and stay stagnate for the rest of the summer. Oil prices may rally stronger if Trump reveals a tough take on Iran, while prices may fall slightly should Trump soften his stance.

DeHaan said if this did cause prices to go up, "it could be" long term depending on the long term response to Iran.

Drivers are not thrilled about the prospect of higher pump prices.