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Tuesday, April 29, 2014
Local gas prices increased to $3.86 this week, according to AAA East Central. The bump is about three cents higher than last week and 21 cents higher than this time a year ago.

Today’s national average price at the pump is $3.69 per gallon, also about three cents more than last week, and 14 cents more than one month ago. The national average is up nearly 19 cents compared to the same date last year. Despite this differential, today’s price is lower than the same date in both 2011 and 2012. The price remains in line with AAA’s projection for spring gas prices which expected a peak between $3.55 and $3.75.

During the second half of April, drivers in the Northeastern corridor have experienced some of the largest increases in retail prices.  Meanwhile, over the last seven days, prices in some Southeastern and Midcontinent states have declined, including Kentucky, where gas prices have dropped four cents. Drivers in 37 states and the District of Columbia continue to pay a year-over-year premium in the double digits, led by California and Georgia at 35 cents and 32 cents respectively.

Ongoing geopolitical tensions between Russia and Ukraine remain a central reason for crude oil prices remaining elevated, which has contributed to higher gas prices. Additional sanctions on Russia were issued by the Obama Administration, and market watchers will continue to monitor the situation closely for any signs of further escalation that could impact global oil supplies.  At the close of formal trading Monday on the NYMEX, WTI closed 24 cents higher at $100.84 per barrel. This marked the 24th consecutive settlement above $100 per barrel.

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