North Dakota gas average resumes push toward $4
NORTH DAKOTA -- North Dakota's gas price average is back on the rise, resuming its push toward $4 a gallon this week experts say.
Gas prices saw a slight decline for two-weeks but pump prices rose again over the past week because in part of the high cost of crude oil.
According to Gene LaDoucer, regional director of public affairs for AAA-The Auto Club Group, the cost of a barrel of crude continues to hover just above $100.
The national average for a gallon is up seven cents from last week at $4.19, which is still down from the peak of $4.33 it was on March 11.
North Dakota's average is currently at $3.95, the highest statewide average since June 2013, up six cents from last week and sits at the highest statewide average since June 2013, according to AAA.
“As long as the oil and gas supplies remains tight, it will be hard for prices to fall and consumers will continue to pay higher prices at the pump,” LaDoucer said. “It now costs North Dakota drivers about 42 percent more to fill up than a year ago.”
According to new data from the Energy Information Administration, total domestic gasoline stocks has decreased by 1.6 million bbl to 230.8 million bbl last week. Gasoline demand decreased from 8.87 million b/d to 8.74 million.
"Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher," LaDoucer said. "Pump prices will likely face upward pressure as oil prices remain above $100 per barrel."