Area Gas Prices Stall At $3.65

Jamestown area gas prices increased just a fraction of a penny, remaining at $3.65 a gallon this week, according to AAA East Central.

Today’s national average price at the pump is $3.31 per gallon. This is a half-penny less expensive than one week ago, but it is a fraction of a penny more than the same date last year and 8 cents more than one month ago.

Prices in a handful of areas have increased due to extremely cold weather causing refinery issues, yet sub-zero temperatures have also decreased demand for gasoline, which could put some downward pressure on prices.

After settling above $100 per barrel for one day on Dec. 27, West Texas Intermediate crude oil prices have tumbled back toward the $90 per barrel threshold. This sharp decline has been attributed to a stronger U.S. dollar, the return to the global market of Libyan crude, further easing of geopolitical tensions with Iran, and continued concerns surrounding weak domestic demand for gasoline. The decline continued Monday as WTI prices settled 92 cents lower at $91.80 per barrel at the close of formal trading on the NYMEX.