Motorists be prepared: gasoline prices have already started to move higher in some areas, and others will likely see their prices follow suit in the coming days.
The Great Lakes, well known for being among the quickest regions to see gas price fluctuations come down to the retail level, saw their prices increase significantly in the last week. While much of the increase was related to power issues with pipelines and refineries after torrential rains and thunderstorms, prices would have likely moved up anyway- albeit a smaller amount.
Wholesale gasoline prices have advanced in all regions, and the Great Lakes certainly stands out as wholesale prices in those areas have risen a whopping 40c/gallon in the last week alone. In other regions, prices have increased as well:
East: up 9c/gal
Gulf: up 7c/gal
Mid-Continent: up 8c/gal
Great Lakes: up 40c/gal
West, LA: up 5c/gal
West, SF: up 6c/gal
West, Oregon/Wash: up 7c/gal
So indeed, the party may be over, at least temporarily. The national average may reverse its slide to show a slight bump up over the next seven days, but I don't expect price increases to be significant, with the exception of the Great Lakes, due to the aforementioned reasons.
This is a very sensitive time of year for the nations refineries, as they finish maintenance and work ahead of the summer driving season. If there are more outages, expect prices to advance- something typical for this time of year.