As March fades into the sunset, so too are the low gasoline prices as the national average rose nearly 6 cents per gallon in the last week to $2.60, according to GasBuddy, which surveys nearly 135,000 gas stations nationwide. Gas prices advanced in all but one state, Ohio, but prices began to surge even there Monday morning.
“The jump at the pump has continued unabated over the last week as oil prices have rallied and the typical spring fever starts to grip energy markets, causing gas prices to continue to accelerate,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The Great Lakes led the region as this area cycled one step closer to the final summer-spec gasoline in the last week. With that change, came a price rise that was passed on from the wholesale to the retail level, pushing prices to tie for the highest prices in a couple years. Much of the rest of the country also saw prices rise, albeit a tamer rise. As March wraps up, gas prices are going out like a small lion, but there may be a larger lion looming in the weeks ahead. The surge at the pump is by no means over just yet.”
Oil prices surged in the last week, with West Texas Intermediate crude oil rising over $4 per barrel to nearly $66 after oil inventories fell more than expected and concerns about supply from OPEC member Venezuela. Weekly data from the U.S. Energy Information Administration showed a 2.6 million barrel decline in oil inventories, which now stand nearly 105 million barrels, or 20%, lower than a year ago. In addition, gasoline inventories fell by 1.7 million barrels, roughly the same level as a year ago as refiners continue to draw down inventories as winter gasoline transitions to summer gasoline ahead of a May 1 deadline. Refiners increased utilization by 1.7% to 91.7% in the last week, representing a healthy level of production of motor fuels. Gasoline inventories saw robust declines in both the Midwest and Gulf Coast, while rising slightly in the West Coast, East Coast and Rockies regions. Overall petroleum inventories now stand nearly 150 million barrels lower than a year ago, while exports remain brisk.
Looking state-by-state, the largest weekly changes in average gas prices were seen in: Idaho (+11 cents), New Mexico (+11 cents), Delaware (+10 cents), South Carolina (+10 cents), Utah (+10 cents), Nevada (+9 cents), Alabama (+8 cents), Maryland (+8 cents), North Carolina (+8 cents) and Arizona (+8 cents).
States with the lowest average gasoline prices: Missouri ($2.33), Mississippi ($2.35), Arkansas ($2.36), Alabama ($2.37), Texas ($2.38), Oklahoma ($2.38), South Carolina ($2.39), Louisiana ($2.39), Wyoming ($2.41) and Tennessee ($2.42).
States with the highest average gasoline prices: California ($3.47), Hawaii ($3.45), Washington ($3.10), Alaska ($3.08), Oregon ($3.01), Nevada ($2.96), Pennsylvania ($2.79), New York ($2.73), Connecticut ($2.72) and Michigan ($2.71).
Gas prices are highly likely to continue rising in a majority of states as wholesale gasoline prices continue rising, reflecting pricier summer gasoline and demand ramps up as warmer weather slowly begins to return.
