Residents will be shocked to see local gas prices rose $0.23 a gallon overnight. At Murphy Express, gas was $2.26 a gallon yesterday and $2.49 a gallon this morning. Do you ever wonder how the gas prices miraculously rise in the middle of the night, when everyone is home asleep?
Rising demand is to blame for this week’s expected gas-price increases of 5 to 10 cents a gallon, AAA said. Americans consumed an average 9.45 million barrels of gasoline per day in October — the highest for that month since 2006.
Traders drove wholesale gasoline and oil prices higher for the week on that news. West Texas Intermediate crude oil closed at $55.64 on Friday — a $4 jump compared to two weeks earlier and the highest close since July 2015. Wholesale gasoline prices rose an average 7 cents in the southeastern U.S. last week.
AAA spokesman Mark Jenkins said prices should rise this week but he doesn’t see the trend continuing through the holiday season.
“Drivers are seeing pump prices increase in some markets, due to higher demand and falling supply levels,” Jenkins said. “It would not be a surprise to see gas prices rise 5-10 cents this week, since wholesale prices rose an average of 7 cents last week. However, long-term fall gasoline demand is expected to drop in November, which should prevent any significant spike in gas prices before the end of the year.”