Summer gas prices to be highest since '14 due to oil's rise

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Diesel fuel hit its highest national average price in more than three years at about $3.06 per gallon.

The average price for regular gas in ME was $2.81 a gallon Wednesday, about 16 cents more than a month ago and 52 cents higher than the same time past year, according to price tracking website gasbuddy.com.

"It is not going to deter motorists from going out, but it might change how they are going to spend their money when they are on a road trip", he said.

The national gas price average is 16 cents more expensive than last month and 43 cents more expensive that a year ago at this time.

On Tuesday, GasBuddy issued a new study that found the best and worst days of the week to buy gas to maximize savings at the pump and avoid the lines during the busy summer travel season. "In addition, recent rhetoric from the Trump Administration inflaming the situation in Syria and pushing a trade war with China is like pouring gasoline on a fire - they certainly put more upward pressure on prices".

"Motorists have been spoiled the past few years with inexpensive gas prices", said Tiffany Wright, AAA Carolinas spokesperson.

"It will be higher than the last three years, but still closer to last year than 2014", summer when gas hovered between $3.65-$3.75 a gallon, he said.

That deadline is adding to normal seasonal increases in prices.

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"There's always the myth that gas prices go up for such an event", DeHaan said.

Analysts don't expect prices to rise anywhere near the 2008 rate, when the average national price was $4.11 per gallon.

Tulsa - $2.51/g, up 10.2 cents per gallon from last week's $2.41/g. Gas prices fell with the financial crisis then, as domestic and global recoveries took place, prices climbed back up, reaching an average of $3.70 in the United States in April 2014. Although stocks are below the level they were at last year, they are still higher than the five-year average for the region.

What's Behind Current High Prices?

In broader economic terms, the rise in oil and gasoline prices will help crude producers in states like Texas and North Dakota and will likely boost capital spending industrywide.

"You would have to get up into the $90-$100 range for it to really have a big impact on growth", he said.

Information for this article was contributed by Jessica Summers of Bloomberg News.

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