It's been a perilous week for motorists in the nation's midsection as gasoline prices have soared. There's good news: relief may soon be on the way.
Spot gasoline prices, which have a strong and direct impact on retail prices, have seemingly begun to move lower. As spot prices move lower, the decreases are passed on to wholesale channels, and finally, allow gas stations to drop their retail prices several days later.
But it all comes too late, as many areas have set all time record highs for gasoline prices. Iowa, Minnesota, North Dakota, and Oklahoma have all seen new statewide record high averages in the last week. Cities breaking their all time highs include Des Moines, Minneapolis/St. Paul, Fargo, Oklahoma City, Sioux Falls, and Omaha.
Most of those cities should see relief in the week ahead, albeit not significant relief... just yet. As supply is drawn in to the region, prices will slowly moderate.
Across the rest of the U.S., the Great Lakes is still at risk for it's own bout of $4/gal gasoline in the next 48 hours as continued refinery issues in the region lead prices higher.
On the West Coast, prices have begun to moderate in some communities, with more relief coming this week. The East Coast and Gulf continue to be relatively quiet at the pump with no significant changes to talk of. What a smorgasbord of gas price trends all over the country!