Gas prices on the rise
Average national gas prices have surged 35 cents per gallon in the last six weeks.
Motorists are now spending $135 million more each day than they did in early January. And, industry watchdog “GasBuddy” said more increases are on the way.
Seasonal changes and refinery problems have combined to push prices higher, but the changes have not been equal from state-to-state. According to GasBuddy surveys, the west coast has largely escaped the biggest price hikes so far. Idaho prices are up about 14 cents per gallon from 2019 lows.
“Excess inventory of winter gasoline paved the way for deep discounts in some states after the holidays, and now with the transition to cleaner, more expensive summer gasoline underway, supply has tightened, and those previous deep discounts have vaporized,” said GasBuddy head of petroleum analysis Patrick DeHaan. “The news doesn’t get much better either: motorists can expect the jumps at the pump to continue into April, and perhaps even lasting up to Memorial Day, when the transition to summer gasoline and refinery maintenance have generally wrapped up.”
The Environmental Protection Agency mandates summer gasoline refinery specifications that take effect each year from May 1 to September 15. Once that transition is completed, gas prices may ease some but are likely to climb until then.
Oil prices have also had a smaller impact. OPEC countries and Russia have continued to limit output to drive up prices. Turmoil in Venezuela is also playing a role.
