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Gasoline prices fall in US, but trend unclear in Silver State - February 14th, 2018

 

The average price for gasoline dropped for the first time this year nationally, but it’s unclear Nevada residents will end up paying less at the pump, a AAA spokesman said Wednesday.

Nevada started 2018 with an average price of $2.65 per gallon, peaking this week at $2.78, AAA spokesman Michael Blasky said. Nationally, the average price for a gallon of gasoline was $2.56 on Wednesday, down 3 cents from last week.

“While prices could drop in the near future, it’s unclear whether gasoline prices in Nevada will continue to fall, or if prices will increase as travel demand picks up later this spring,” Blasky said.

Gasoline prices typically fall in tandem with decreased travel demand in January and February, but rising oil prices have led to “abnormally high prices,” Blasky said.

The increase came as oil exporters decreased production and pushed crude oil prices from $50 per barrel last year to $70 in January, Blasky said. Crude oil sold for roughly $62 per barrel on Tuesday.

Contact Art Marroquin at amarroquin@reviewjournal.com or 702-383-0336. Follow @AMarroquin_LV on Twitter.