Gasoline prices surged in the last 30 days, reversing the recent trend.
Gasoline prices surged in the last 30 days reversing the trend of falling prices seen in the last part of 2014. The national average spiked to $2.45 per gallon, but the good news is that it’s still more than $1.00 per gallon less than what it was a year ago.
Price increases in February are very common as refiners get ready to switch over to the more expensive-to-make summer spec that is mandated by the E.P.A. It is also a month where refiners tend to do maintenance because volumes are lower than other times of the year. This past month also saw the Torrance Refinery damaged by fire. This was particularly troubling to California which saw prices shoot up by more than $1.00 per gallon. The Golden State’s average is now $3.40 per gallon, making it the most expensive state in the country.
Most analysts predict that increases should continue throughout March, but most don’t expect the national average to reach $3.00 per gallon this year. Other analysts say that the national average may ultimately reach that high, but it won’t last long and should quickly decline once refiners see that supply issues will not be problem.
Meantime, diesel prices jumped from $2.78 to $2.90 per gallon. Analysts expect diesel prices to hold steady over the next month.
|WEX Monthly PPG Average Report for February 2015|
|Los Angeles, CA||$2.89||$3.08|
|New Orleans, LA||$2.07||$2.71|
|New York, NY||$2.53||$3.61|
|San Francisco, CA||$2.88||$3.38|
|St. Louis, MO||$2.14||$2.52|
|National Average (US)||$2.24||$2.84