Posted in: Gas Prices,
by Patrick DeHaan on Feb 24, 2014 09:44 AM
If you haven't noticed, gasoline prices remain on the move across much of the nation. In the last week, we've seen another jump at many pumps across the nation as the average for a gallon of gasoline has hit $3.40/gal, the highest since early October.
Some regions have seen it worse than others- the West Coast and Great Lakes have seen large spikes over the last week, and for the last three weeks in the Great Lakes, prices have jumped some 10-20c/gallon on a Saturday. The timing is quite interesting, but looking at markets, we see that these spikes in Great Lakes gas prices on Saturdays have been proceeded by large jumps in wholesale prices the Friday before.
On the West Coast, the surge in gasoline prices come as cleaner burning summer gasoline invades already. California is the first state in the nation to make the switch over year after year. While many areas in the U.S. don't being the transition until May, California sees the transition begin in February.
Over the next week, we'll likely see increases again in the national average as oil prices stand at $102/bbl, or $10/bbl higher than where they were just weeks ago.
The gradual increase in the national average is expected to stick around until April, when GasBuddy expects it to peak at just over $3.80/gallon nationally. Some states will likely see $4/gal too, so motorists should get used to seeing higher prices over the next few weeks.