The following is an excerpt from Beth Braverman | December 20, 2016 | Thefiscaltimes.com |
Get ready to pay a little bit more at the pump this holiday season.
Gas prices have been on the rise for the past three weeks, according to AAA, reaching $2.24 per gallon this week, the highest price since October and more than 10 percent higher than they were this time last year.
AAA attributes the increase to the recent announcement by the Organization of the Petroleum Exporting Companies (OPEC) to cut production next year, which should limit the supply of gasoline on the market.
Prices are highest in the West, with drivers in Hawaii paying the highest price at the pump ($2.95). California drivers have the second-highest price per gallon ($2.67), followed by Alaska ($2.62) and Washington ($2.59). Even so, prices in California and Washington have declined recently, thanks to an increase in supply.
The lowest prices are found in the South and Southeast, with drivers in Arkansas and Oklahoma paying just $2.02 per gallon.
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