The data shows that U.S. field production of crude oil averaged 10.525 million b/d last week, the highest figure for a single week going as far back as 1983.
"Many will be quick to ask why this trend is happening", said Patrick DeHaan, head of petroleum analysis for GasBuddy, in a release.
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You're eyes are not deceiving you, gas prices are in fact getting higher and are not expected to get better anytime soon.
According to US government estimates, the forecast for summer prices at the pump is an average of $2.74 per gallon. WTI took a hit alongside the equities market in the U.S. According to EIA reports, crude exports hit a record high of 15.2 million barrels last week.
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USA gas prices are at the highest level in almost three years and are expected to climb further in the coming weeks, with Bellingham following the national trend. "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".
"Gas prices are only a penny away from topping the $2.67 high of 2017", said Jeanette Casselano, AAA spokesperson. Gas prices this summer are estimated to be 14-percent higher than previous year. Through February, southbound border crossings into Whatcom County are up 10.8 percent compared to the same period a year ago.
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This summer, EIA expects wholesale gasoline margins (the difference between the wholesale price of gasoline and Brent crude oil price) to average 46 cents/gal, about 2 cents/gal lower than last summer. With 70 million downloads, GasBuddy is the leader in crowd-sourced information to help drivers find the best gas prices, closest stations, friendliest service, cleanest restrooms, tastiest coffee and much more.