Published: Wed, November 15, 2017
Economy | By Shawn Conner

Paying More at the Pump? Gas Prices Surge 9 Cents in November

Paying More at the Pump? Gas Prices Surge 9 Cents in November

Gas prices in Iowa are averaging two-52 a gallon, which is two cents below the national average.

The state with the fifth cheapest gas prices at $2.31 a gallon is Arkansas, followed by Texas, at $2.31, Virginia, at $2.32, Tennessee, where a gallon will run an average of $2.34, Oklahoma at $2.35 and Missouri at $2.36. That's also higher than the national average from a year ago, when motorists were paying $2.20.

Gas prices remain stubbornly high for this late in the year, though a market snapshot from AAA said relief may be just around the corner. Last week, total USA gasoline inventories declined by 3.3 million barrels, creating a tighter market and higher prices at the pump.

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The auto club said the spike, which occurred in other state as well, was unseasonable but they had predicted last week that increases were expected because of demand issues.

Last Monday, crude oil hit a two-year high, buoyed by lower US inventory and production, and concerns over the stability Saudi Arabia. Iowa's average is $2.54, gasprices.aaa.com said.

Senior Petroleum Analyst Dan McTeague anticipates gas prices will come down a few more cents, but not as much as some might expect.

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The rising price at the pump contradicts the usual trend of dropping gas prices during the fall season. AAA points to a report by the U.S. Energy Information Administration showing gasoline inventories dropping by 3.3 million barrels as one of the culprits.

Gasoline costs are continuing to rise nationwide, including Houston, courtesy of higher crude oil and lower fuel stockpiles sitting storage. Gasoline inventories now stand 5.2% lower than a year ago while distillates have plummeted 15.5% in the last year.

AAA says the rise is due to high demand, among other factors, which is reducing inventories.

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