The national average price for a gallon of gasoline has risen 5 cents for the second straight week, reaching $2.81 per gallon today, according to GasBuddy’s latest weekly survey of 135,000 gas stations. The rise has continued as retail gasoline prices catch up to the rise in oil over the last few weeks, which stands just shy of its highest since November 2014.
“The national average is now at its highest point since November 2014 with average gas prices advancing in nearly every state,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The only good news for motorists? We’re nearing a turning point in the U.S.- gas prices are perhaps just a dime away from hitting a peak for the short-term, pending OPEC’s meeting in June. With refineries well positioned for the summer months, we’re looking for some relief by mid-June, but expect this summer to remain one of the priciest in the last few years as average prices climb close to the psychological $3 per gallon barrier.”
Crude oil prices remain high, even as crude oil inventories rose 2.2 million barrels in most recent weekly data available from the Energy Information Administration. Gasoline inventories also increased, by a smaller 800,000 barrels. U.S. oil inventories stand nearly 100 million barrels lower than a year ago, a gap that has continued in recent weeks. In addition, U.S. oil exports reached a new record high of 2.3 million barrels per day, over 10% of the nation’s daily oil consumption.
Looking state-by-state, the largest weekly changes in average gas prices were seen in: Michigan (+9 cents), Delaware (+8 cents), Missouri (+7 cents), Georgia (+7 cents), New Jersey (+7 cents), Connecticut (+6 cents), New Mexico (+6 cents), Massachusetts (+6 cents), Arizona (+6 cents) and Texas (+6 cents).
States with the lowest average gasoline prices: Oklahoma ($2.49), Arkansas ($2.51), Missouri ($2.52), Mississippi ($2.53), Louisiana ($2.53), Kansas ($2.55), South Carolina ($2.55), Alabama ($2.55), Texas ($2.57), Tennessee ($2.59) and South Dakota ($2.61).
States with the highest average gasoline prices: California ($3.60), Hawaii ($3.59), Alaska ($3.23), Washington ($3.24), Nevada ($3.23), Oregon ($3.15), Utah ($3.11), Idaho ($3.05), Pennsylvania ($3.02) and Connecticut ($2.96).
The recent rise in gas prices may cool off in the week ahead as retail gasoline price increases have nearly caught up to the rise in oil prices, but any major global or local economic developments could push prices higher, however, gas prices are most likely in the 8th inning or so of the spring rally.
