As the New Year begins, the increased price of oil has put pressure on gasoline prices nationwide, and Nevada is starting to experience a regional uptick as well. According to the latest AAA Fuel Gauge Report, a monthly survey of gas prices, the Silver State’s average for a gallon of unleaded regular gasoline is $2.46, an increase of $0.06 from December 13, 2016.
Of the Nevada cities surveyed by AAA, North Las Vegas posted the lowest price at $2.36, and Reno has the highest average at $2.76.
Nevada ranks in the top 15 most expensive markets in the country and followed regional prices upward over the past week- although just by 2 cents,” said Cynthia Harris, AAA Nevada spokesperson in a press release. “The numerous hiccups at refineries in California over the past week could potentially impact future supply in the West Coast region, which included Nevada. However that is not currently the case. Thanks to rain storms and flooding along the coast, drops in demand can help balance out any shortage of supply.”
The national average price of gas continues to increase, reaching today’s average of $2.37 per gallon, the most expensive average since June 2016. Gas prices have moved higher by three cents per gallon on the week and 17 cents per gallon on the month. Retail prices have increased for 40 of the past 42 days as a result of market reactions to the OPEC oil cut agreement. Traders and industry alike will keep a close eye on OPEC compliance as they await the release of the first output report which is expected in mid-February.
Early Monday morning crude oil prices traded lower as a result of increased Iranian oil exports and reports of increased U.S. drilling. Increased oil production by the U.S. may keep a temporary cap on prices, but traders will continue to monitor how OPEC cuts and increased Iranian exports impact the market.
At the close of Friday’s formal trading session on the NYMEX, WTI closed up 23 cents to settle at $53.99 per barrel.
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