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Price at the pump continues to rise

09 January 2018

Just last week gas went up two cents from $3.85 a gallon of regular unleaded to $3.87 a gallon.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the increase is due to higher crude oil costs. They are 11.9 cents higher than a year ago.

Sunday national gas price average is $2.49, which unchanged in the last week, up a penny in the last month and 12 cents higher than this time previous year.

Meanwhile over the past week, the national average has increased 0.4 cents per gallon to $2.48.

Gas prices have ticked up two cents per gallon in Rhode Island.

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Both GasBuddy and AAA report that prices remain elevated because of strong oil prices.

Demand for gas on the other hand, has dropped off significantly according the to Energy Information Administration leading to a larger supply of gas available. Since last autumn's maintenance season was interrupted by hurricanes, this spring is likely to be more active than usual for refineries, putting the price hike on the higher end of that 30- t0 75-cent scale, AAA said. "Unfortunately, springtime is a springboard for prices at the pump, and we may see a 40 to 50 cent jump by the summer".

Prices normally rebound in the spring as demand grows and supplies tighten.

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Price at the pump continues to rise