The hot news in the last few days hasn't been that gasoline prices have continued to decrease, but the opposite- gas prices have begun increasing across virtually all states.
Over the last week, the national average has risen just over 3 cents per gallon, to $3.418. Even cheapest state, South Carolina, saw its gas price average return to $3/gal after dropping under it for several weeks. While prices can still be found under $3/gal, only a small percentage of Americans will be able to take advantage.
Even with the sudden up-tick, Americans are paying 22c/gal less than they were last year, with Canadians paying about 2c/L less than they were a year ago.
Prices along the West Coast have been the exception. California, Oregon, and Washington all saw their average prices continue to decline in the last week, likely as stations have been able to maintain margins as prices there continue to roll back from the price spikes felt in late May.
For other regions, we'll see slight increases or stability. I'm not expecting this uptick to continue for a significant amount of time, so breathe a sigh or relief. In the Great Lakes, prices will continue to contract faster than the national average after a few states saw double digit increases twice last week.
The latest jobs numbers looked lousy, leading oil and gasoline spots lower to start the full work week. We'll continue to follow as the week progresses.