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FS: Area gas prices inching up
 
Gas prices increased again this week, about 6 cents to an average $2.72 a gallon, according to gasoline price website NewHampshireGasPrices.com.

This compares with the national average that has increased 7.1 cents per gallon in the last week to $2.81 a gallon.

Including the change in gas prices in New Hampshire during the past week, prices yesterday were 31.9 cents per gallon higher than the same day one year ago and are 13.1 cents per gallon higher than a month ago. The national average has increased 8.9 cents per gallon during the last month and stands 33.3 cents per gallon higher than this day one year ago.

The same pain is being felt in Maine, where average retail gasoline prices were 10.2 cents per gallon higher Sunday than a week earlier and now average $2.84 per gallon. This is 31.9 cents per gallon higher than the same time last year.

In Dover, prices hovered between $2.72 to $2.75 a gallon on Monday.

Prices in Rochester ranged from $2.71 to $2.82 a gallon, and from $2.66 to $2.80 a gallon in Portsmouth.

Patrick DeHaan, senior petroleum analyst for GasBuddy.com, said prices could still go up a few cents this week. He said crude oil is holding steady at $83 a barrel but noted that several retailers have yet to catch up to the price, meaning there's a chance prices could go up another four to eight cents.

DeHaan contributed the recent increase to three major factors.

First, the U.S. dollar has been weakening the last few months, which makes oil prices in other countries cheaper and puts pressure on U.S. prices because of the demand.

DeHaan said there's also a perceived increased in demand for oil right now because of the improving economy.

"There are signs that people are getting back to work and the demand will rise because they're purchasing more petroleum products," he said.

Lastly, oil supplies have dropped significantly in the last few weeks, according to DeHaan. He said the demand usually drops too this time of year but that doesn't appear to be the case this year.

Fortunately, there's a chance prices could go back down in the coming weeks.

"Prices have been more volatile this fall but they do tend to be a roller coaster ride this time of year, so it seems to me they could go down again," he said.
Source