Posted in: Gas Prices,
by Patrick DeHaan on Oct 17, 2011 11:49 AM
Six weeks. That's how long it has been since the last time we saw wholesale gasoline prices as high as they sit today. The national average in the U.S. was $3.66, the average in Canada was 125c/L. Clearly, we have catching up to do- in the U.S. and Canada, as retail prices have not climbed as much as wholesale gasoline prices.
It's a pretty easy forecast this week- gasoline prices will likely rise in a majority of areas. We already saw big spikes in the Great Lakes, but in the Rockies, prices are moving very slow. In fact, some areas of the Rockies are still seeing the prices fall, and may not see increases for another week or so.
This week's trend for the U.S.: upward in most regions
This week's trend for Canada: upward in most regions
I expect the national average in the U.S. will rise 3-7c/gal in the next week while prices in Canada will rise an average of 1-3c/l. While there are some concerns causing oil prices to rise to start this week, it's too little too late, but it still may make an impact if this new trend holds throughout the week.
Last week, prices rose in all but five states. Wyoming saw prices fall an average of 10.7c/gal, Utah dropped 5c/gal, Idaho 4.6c/gal, Arizona fell 1.6c/gal, and North Dakota fell 1.4c/gal.
Areas that saw the biggest increases were Indiana, rising 19.6c/gal, Louisiana up 14c/gal, New Mexico up 13.4c/gal, Georgia up 12.5c/gal, and Montana up 11.9c/gal.
In Canada, prices fell in just two areas- BC dropped 2.2c/l, and Alberta fell 0.1c/l. Nova Scotia rose the most, an average of 5.97c/l. Manitoba rose 5.3c/l, and Newfoundland rose 5.2c/l.
Overall, a lousy week for motorists, and I don't expect it to get much better any time soon.