Despite spring bump, fuel prices remain historically low.
The national average dropped 8 cents per gallon in the past 30 days, falling to $2.38 per gallon. It is nearly $1.20 per gallon less than what it was last year. The good news for fleet managers is that this is typically the time of year when gasoline prices peak.
Most analysts believe that prices may jump still, but most don’t think any upticks will last. The consensus is that most experts would be surprised if the national average made it north of $2.50 this year.
Inventories are strong and retailers are reporting flat demand. In addition, global crude prices are still slumping and analysts don’t see a pick up anytime soon.
Meantime, diesel prices are averaging $2.80 per gallon, about 12 cents per gallon less than last month and a $1.16 per gallon less than last year. Diesel prices are expected to fade lower and some analysts believe that they may get as low as $2.65 per gallon.
|WEX Monthly PPG Average Report for March 2015|
|Los Angeles, CA||$3.46||$3.18|
|New Orleans, LA||$2.23||$2.70|
|New York, NY||$2.70||$3.72|
|San Francisco, CA||$3.48||$3.50|
|St. Louis, MO||$2.35||$2.54|
|National Average (US)||$2.44||$2.87