The national average for a gallon of gasoline is about to break the $2 threshold as prices continue to spike, FuelFix.com reports.
The price of a gallon of regular unleaded gasoline hit an average of $1.99 in the U.S. this afternoon, up 5 cents in a week.
Prices were already on the rise because of seasonal refinery shutdowns to switch to more expensive summer-blend fuels. A recent jump in oil prices added to the shift. The national average for gasoline dipped below $2 a gallon in December and steadily decreased until mid-February.
“With the U.S. average price of gas closing in on the $2 level, a price not seen since late December, it reflects a real paradox,” says Gregg Laskoski, GasBuddy senior petroleum analyst, in a prepared statement. “We see simultaneously both a stark increase—25 cents per gallon in the past few weeks—and a reminder of how much we’re still saving.”
As consumer mindsets have adjusted to lower prices at the pump, Laskoski notes that prices were 45 cents per gallon more expensive one year ago, despite the recent spike in costs.
GasBuddy projects gasoline prices to continue increasing in the coming weeks as more drivers hit the road in the spring, but the pace of the price spikes are expected to slow down a bit. Read the full story.
