Gas prices inching back up to $5 per gallon
After hitting a benchmark low at the beginning of the year, gas prices at the pump are poised to once again surpass the $5.00 mark as global crude oil prices continue to rise.
The price for gasoline at all providers on New Providence stood at $4.95 yesterday. The global price for West Texas Intermediate (WTI) crude oil, the trading classification of light sweet crude oil that serves as a benchmark price for purchases of oil, increased to $61.78 per barrel yesterday.
The Central Bank of The Bahamas’ (CBOB) Monthly Economic and Financial Developments (MEFD) report for March 2019 notes that the price is expected to continue climbing into the second quarter of this year.
“In March 2019, crude oil prices increased by 6.7 percent, relative to the previous month, to $66.01 per barrel, as OPEC’s (Organization of the Petroleum Exporting Countries) oil production levels fell to 30.4 million barrels per day − its lowest level since February 2015. Prices rose by 26.3 percent for the quarter. The mean of the forecasts suggests that during the second quarter of 2019, crude oil prices will average $66.70 per barrel,” the MEFD report notes.
In January, gas prices reached a low of $4.05 per gallon, the lowest price recorded at the pumps in more than a year.
Gasoline prices reached a high of $5.05 in October 2018.
Worldwide crude oil prices are expected to average $70 a barrel in 2019, however the political conflict in Venezuela and increasing tensions between that nation and the United States could lead to a decrease in Venezuelan petroleum exports to U.S. refineries, impacting the certainty of U.S. oil prices.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News