OPEC cuts to oil production could extend beyond June.
The national average price for a gallon of regular unleaded gasoline on April 17 hit $2.41, two cents above last week’s price, 12 cents more than last month and 30 cents more than a year ago, AAA reported.
The national average is at its highest price this year and has now increased for 20 consecutive days.
In 43 states and Washington D.C. gas prices increased over the last week. The East Coast experienced the biggest increases as refiners wrapped up seasonal turnaround.
South Carolina ($2.13) continues to have the least expensive gas in the nation while Hawaii leads the nation with the most expensive gas at $3.06.
Last week, crude oil futures closed above $53 per barrel, led by reports OPEC and non-OPEC compliance is above 90% and the countries are considering extending production cuts beyond June, which was the original end date for the agreement reached last November. Participating OPEC countries plan to meet on May 25 to discuss how an extension of their agreement could further rebalance global oil supply and inventory levels.