A spike in Maine gasoline prices last week outpaced the national average.
Average retail gasoline prices in Maine rose 9.3 cents per gallon in the past week to $2.19 per gallon Sunday, according to GasBuddy, a research firm that compiles and monitors gas prices. The national average increased 6.9 cents per gallon over the same time to $2.11.
“Gasoline prices increased last week in 49 of 50 states, thanks to a sudden jump in the price of crude oil tied to speculation of a change or freeze in oil output at this weekend’s meeting in Doha, Qatar,” Patrick DeHaan, senior petroleum analyst for GasBuddy, said in a news release. “At the conclusion of the talks over the weekend, no decision was made – not at all a surprise given the recent disagreements between major players Saudi Arabia and Iran. The lack of a clear vision to cut or even freeze crude oil production will likely lead to a sharp sell-off in oil markets to start the week as global oil production continues to outpace demand. While typically we’re used to seeing gasoline prices racing higher in the spring, the direct impact of this weekend’s meeting could cause gasoline prices this week to reverse temporarily as oil markets react.”
Crude oil prices opened Monday at just under $40 per barrel in trading.
Maine gasoline prices Sunday were 25.4 cents per gallon lower than the same day one year ago and are 25.4 cents per gallon higher than a month ago. The national average has increased 13.7 cents per gallon during the last month and stands 33 cents per gallon lower than this day one year ago, GasBuddy said.
Gasoline prices on April 18 in Maine have ranged widely over the last five years: $2.44 per gallon in 2015; $3.67 in 2014; $3.57 in 2013; $3.99 in 2012; and $3.81 in 2011.
GasBuddy based its analysis on a daily survey of 1,228 gas outlets in Maine.
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