So far, prices at the pump have remained in check
of ConsumerAffairsGasoline prices were the one bright spot in late 2024 as consumers wrestled with inflation. But some indicators suggest prices at the pump are headed higher again.
GasBuddy reports the average price of gasoline has risen for the second straight week, climbing 2.2 cents compared to a week ago, and stands at $3.11 per gallon.
Still, it could be worse. The national average is unchanged from a month ago but is 16.5 cents per gallon lower than a year ago. The national average price of diesel has increased 0.8 cents in the last week and stands at $3.632 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, notes the national average has been affected by sharp gas price increases on the West Coast, where refinery maintenance and outages have created a ripple effect in neighboring states.
While most of the country has experienced a relatively quiet week for gas prices, the West Coast has seen rapid increases a trend that should slow in the coming days, De Haan said in the companys blog.
Although the surge remains isolated to the West for now, refinery maintenance will soon begin in other regions, and with the transition to summer gasoline blends underway, prices in most areas are likely to start rising in the weeks ahead.
Gas prices are likely to move higher into the Memorial Day weekend, but stable oil prices may prevent any kind of surge. Currently the price of a barrel of oil remains in the mid $70 range and an easing of geopolitical tensions could hold any price spikes in check.
In particular, a resolution of the war in Ukraine could result in an easing of sanctions on Russian, increasing the global oil supply. Oil analysts at Bank of America predict the price of Brent crude could drop by as much as $10 a barrel if sanctions are eased, resulting in stable prices at the pump as the U.S. heads into the summer driving season.
At the beginning of the week California had the highest average gas prices in the nation at $4.84 a gallon. Mississippi had the cheapest average price $$2.68 a gallon.
Posted: 2025-02-20 16:53:49
