Gasoline prices have increased across the United States for almost three weeks now, and it is beginning to look like increases may begin slowing- at least for now.
The national average has been moving higher every day since July 8, when it was $3.51/gallon. Today, the national average stands at $3.68/gallon, a rise of 17-cents per gallon since early July. The good news is that at least for now, the largest of the increases is likely behind us, and pending the outcome of crude oil prices, retail prices may begin to stabilize for a short time.
While gasoline prices are seemingly always on the move, a new trend has yet to come to light. Yes, another rally could start, but after such a steep rally, its more likely that oil prices contract slightly. That could all be moot if a major Atlantic storm moves in and impacts oil production in the Gulf, however.
This week will feature a slight rise in gas prices at the beginning of the week, but some areas will likely start to see prices rolling back slightly, especially in California.
Stay tuned for Wednesday's important Energy Information Administration report, which could have a key roll in oil prices this week.