It doesn't take a rocket scientist, or a petroleum analyst for that matter, to make the observation that gasoline prices are rising across a significant portion of the United States and Canada. The national average in the U.S. has risen a penny already since midnight and prices in Canada are up 1c/L in just the last week.
A refinery fire in Washington state is making things worse, or about to make things much worse in Washington, Oregon, and California. Spot prices, a "base" price that stations pay depending on their location, rose over 30-cents per gallon in that region yesterday, while spot prices in Chicago, the market that determines prices in Michigan, Illinois, Wisconsin, Indiana, and Ohio, rose a whopping 20-cents per gallon.
The national average is about to spike- BIG TIME. How long will it last? Well, as BP assesses its Cherry Point, WA refinery after the fire last weekend, things may cool. Either way you look at it- U.N. nuclear inspectors got no where with Iran, and made an immediate report- likely to stoke anxiety in Israel. We're also racing towards spring, and with the summer gasoline switch over coming soon, all signs point to pain at the pump.
By next Monday, the national average may rise 4-10 cents from where it stands today! I'm expecting price increases similar to when the Libya situation unfolded last year over the next few days so be ready- AND SAVE- with GasBuddy!