Motorists in 48 states saw gasoline prices increase in the last week while the national average spiked 7 cents to $2.40 per gallon, according to fuel price-tracker GasBuddy.com.
“With all but two states seeing average gasoline prices rise over the last week, the jump at the pump has continued,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Over half of the nation’s 50 states saw prices rise by more than a nickel in the last week while five saw a jump of double digits.”
Just two states, Idaho and Utah, saw average gasoline prices decline, thanks to refineries in those states getting back online after maintenance. Among states that saw increases at the pump, Kentucky led all with an average rise of 15 cents per gallon, followed by Florida (12 cents), Michigan (12 cents), Indiana (11 cents) and Missouri (10 cents).
The increases at the pump in the last week can be blamed not on the situation in Syria, which only came to light late in the week, but on oil prices that had rebounded in previous weeks and a continued progression towards summer gasoline, a more expensive fuel that burns cleaner, as required by EPA.
While Syria weighed on oil prices after the U.S. missile strike last Thursday night, oil markets eventually shrugged off the attack. By Friday, oil prices were off their highs and even moved into the red briefly.
“While the continued increases are completely seasonal in nature, it’s not any easier for motorists to digest. Oil now stands $5 per barrel higher than just a few weeks ago and are the main culprit for rising gasoline prices. Many areas are also nearing completion of the transition to summer gasoline, and with it comes a complex list of various summer blends of gasoline that cause us to pay more each and every spring. In addition, with the situation in Syria, there is a rising risk of more heat between some of the world’s largest oil producers, causing concern in oil markets which could be a slight contribution to higher prices,” DeHaan added.
Just 0.8% or 1,080 of the nation’s 135,000 gasoline selling stations were offering a price at or below $2 per gallon Monday morning, a drop from 6.1% or 8,235 of stations that offered the price a week ago. South Carolina continued to offer the nation’s lowest gasoline prices, averaging $2.10 per gallon. Following are Oklahoma ($2.12), Mississippi ($2.13), Alabama ($2.14) and Tennessee ($2.14). Hawaii remained the only state over $3 per gallon with an average price of $3.05 per gallon. Following were California ($2.99), Washington ($2.89), Alaska ($2.82) and Oregon ($2.74).
With oil prices making additional gains Monday morning, the future of gasoline prices looks to deliver higher gasoline prices to most of the country again this week, and overall, the national average gasoline price may remain in an upward direction for most of the next month.