Causes of gas price hike explored


While Oklahoma saw one of the largest jumps, the average price of gas per gallon is lower than prices in 44 other states.

Sacramento, CA, May 14- Average retail gasoline prices in Sacramento have risen 3.3 cents per gallon in the past week, averaging $3.55/g yesterday, according to GasBuddy's daily survey of 720 gas outlets in Sacramento.

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AAA Oklahoma Spokesperson Leslie Gamble attributes the increase to supply and demand as well as the White House's decision to re-impose sanctions on Iran.

"It will be more painful for motorists than the past two years - but nothing close to 2011 to 2014 when it was $3.40 to $3.60 a gallon", said Tom Kloza, global head of energy analysis at OPIS. Including the change in gas prices in Sacramento during the past week, prices yesterday were 70.8 cents per gallon higher than the same day one year ago and are 12.1 cents per gallon higher than a month ago. He also believes that there is a high possibility that crude oil prices will continue to rise and gas prices may reach as high as $3. By comparison though, the average price of gas during this time of year in 2013 was $3.42 per gallon.

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North Carolina is now below that average - at $2.72. Woodward now averages about $2.60 per gallon. Of course the rising prices will mean more pain at the pump just as the summer driving season is getting underway.

Nationally, 36 states are seeing gas prices that are a nickel or more expensive than the previous week.

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They point out that US oil production capacity is much larger now than a decade ago.