The streak is over, folks. At least for now. GasBuddy data showed the national average rising for 32 consecutive days- starting January 20 at $3.265/gal, and ending February 21 at $3.733/gal. The tide has now turned and the national average has dropped two days straight. This is certainly excellent news for all of you disillusioned motorists- but I would caution you not to get overly thrilled as prices may linger near these levels for some time.
Meanwhile in Canada, prices have risen to 129.3c/L, 2.6c/L higher than last year at this time. Prices may continue to rise in Canada over the next several days before they too stall out.
However, to start the new work week, it does appear that crude prices are lifting gently as markets open, which is also putting upward pressure on wholesale gasoline prices- again.
I expect the national average this week may take a slight breather. Northern California may see prices advancing, and there could be a mid or late week spike in the Great Lakes as the transition slowly beings to summer gasoline. Note this isn't just like throwing a switch- the conversion to summer gasoline is a slow one, and the Reid Vapor Pressure (RVP) of gasoline is starting to shift to the ultimate summer standard of 7-9RVP. Winter gasoline is 15.0 RVP, and today the specifications will begin changing to 13.5 RVP, still a long way to the ultimate target of 7-9 RVP.
If you'd like to read more about what Reid vapor pressure is,
check out the EPA's website.