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Gas prices rising quickly as refinery maintenance and production cuts begin

gas-station-727162_1280 (1)AAA said Monday that the national average price of gas has increased for six consecutive days for the first time since early November.

The company is attributing the higher moving gas prices to refinery maintenance season and some refineries cutting production in response to abundant supplies.

The national average for gas has climbed by four cents per gallon in a week to around $1.75/gallon.  Prices are likely to continue to rise as the spring refinery maintenance season ramps up. Monthly and yearly savings persist and drivers are saving five cents on the month and 65 cents on the year.

In Missouri the average is $1.59/gallon, 14 cents higher than last week. St. Joseph’s average is up 11 cents to $1.60/gallon.

AAA said global crude oil supply remains front of mind and the price of oil continues to swing in response to shifting expectations of future supply and demand. The world’s top oil producing nations recently have considered potential agreements that would freeze production levels to stabilize prices. Despite these discussions, many of these countries rely on oil profits to finance national operations and social programs, and thus any agreement faces significant headwinds as countries look to fill budget deficits by producing oil at higher levels. Both global benchmarks, Brent and West Texas Intermediate, managed to post weekly gains, though market fundamentals continue to point to abundant supplies.

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