What is Happening to Gas Prices?

It is not your imagination. Gas prices have jumped this week.

According to GasBuddy:

Gasoline prices are rising, once again, driven by rising crude oil prices and rising U.S. demand. And yet, the U.S. average price of gas today, $2.14/gal., is down 38 cents from last year’s average of $2.52 on this date. Today’s average is just 10 cents more than the average Americans saw on this date in 2009.

“ Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4% from last year and up 7.4% from 2014 according to their ‘product supplied’ demand indicator,” said Will Speer, a Houston-based senior petroleum analyst for GasBuddy.

“Consequently, we see the benchmark West Texas Intermediate (WTI) crude opening the week at $43+, $8 higher than where we were just three weeks ago,” Speer added. “But, remarkably, the most commonly seen price across the country today is $1.99. And that’s exactly what it was a week ago, a month ago, and even 6 months ago… $1.99.”

Across the country 37.6% of stations are still priced below $2. A year ago on this date 100% of fuel retailers were above it. The highest 5% of stations in the U.S. today are averaging $2.90 while the lowest 5% of stations are averaging $1.78. The $1.12 difference between the two reflects compression compared to last year when the disparity between the highest 5% and lowest 5% on this date was $1.29.

With the relatively slow pace at which prices are rising this spring there are still many states averaging below $2. Call them the ‘Lucky 13’: OK, TX, LA, MS, AR, SC, AL, MO, NM, TN, KS, VA, NJ.

At the opposite side of the spectrum, California leads the nation with an average price of $2.77 but that price is 20 cents more than the second-highest average (Hawaii) and 50 cents more than the seventh-highest average (Alaska).

Use this link to find the Current Apopka Gas Prices.