Drivers paying highest pump prices since 2014

The New Year began with increased gas prices reaching today’s national average of $2.34 per gallon. The national average has moved higher for 34 of the past 35 days, according to AAA Carolinas Motor Club, largely due to market reactions to last fall’s OPEC deal. Pump prices increased by five cents on the week, by 18 cents per gallon on the month, and are up by 34 cents on the year. But the South remains home to some of the nation’s least expensive markets for retail gasoline: South Carolina ($2.10), Alabama ($2.13), Tennessee ($2.13), Mississippi ($2.14), Texas ($2.14), Arkansas ($2.15) and Louisiana ($2.15). The region saw some temporary inventory declines last week due to exports and a power outage at CITGO’s Corpus Christi, Texas, refinery that resulted in flaring and excess emissions, according to OPIS. Moving into 2017, retail prices will continue to hinge on the ability of cartel countries to successfully implement production cuts, but retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring.