Gas Prices Level Off
The national average price for regular unleaded gas has fallen the last five days, but the cumulative total is just a penny per gallon, so pump prices in some areas may not have budged or might have even increased.
But the 40-day streak of price increases ended Sunday, according to the AAA Daly Fuel Gauge Report, the longest such sprint since 2011.
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The national average for regular unleaded was $2.44 a gallon Thursday, and for premium, it was $2.84. Regular is 21 cents more than a month ago, and premium is 23 cents higher after nearly six weeks of increases at the pump. Diesel fuel was averaging $2.92, up 11 cents since Feb. 12.
Gas prices typically rise this time of year because refineries temporarily shut down or curtail production during routine seasonal maintenance. Oil prices, though, are much lower than they were a year ago, and last week U.S. inventories of crude oil rose for the ninth straight week to a record level.
The result of low oil prices and high inventories of crude oil is that the average price for regular gas is $1.05 less than it was on March 12, 2014, and diesel is $1.09 less.
U.S. oil was trading at less than $49 per barrel Thursday, compared to around $90 a year ago.
Global oil prices were above $100 per barrel as recently as June, but one forecast predicts oil could remain below $100 until 2020. IHS Automotive analysts said last week they expect oil prices to bottom out during the second quarter this year and that it will take five years of gradual increases to reach $100 again.
Prices in California have soared in recent weeks because an explosion crippled production at an ExxonMobil refinery in Southern California and other refineries have been affected by strikes by union workers, but California motorists have started to see some relief. The statewide average for regular unleaded fell 3 cents the past week to $3.41, though that was still the highest in the nation and 70 cents higher than a month ago.
While prices in California moderated, they jumped 18 cents per gallon in Utah to a statewide average of $2.34 and 19 cents in Idaho to $2.37.
In contrast, pump prices fell an average of 14 cents in Ohio the past week to $2.27 and 16 cents in Indiana to $2.23.
The cheapest gas was in South Carolina, where regular averaged $2.16, followed by Wyoming at $2.19 and Alabama at $2.21.
