Gas 10% Lower Than Last Year But May Rise Again Soon
Including the change in gas prices in Florida during the past week, prices yesterday were 36.1 cents per gallon lower than the same day one year ago and are 21.1 cents per gallon lower than a month ago. The national average has decreased 13.3 cents per gallon during the last month and stands 32.2 cents per gallon lower than this day one year ago.
"The party at the pump with the seasonally lower prices may be temporarily over," said analyst Patrick DeHaan. "We've seen situations unfold that have caused a reversal in the downward trend, and those situations are multiplying across portions of the U.S. and Canada. Along the West Coast, supply has grown tight and will lead to likely increases, and in the Great Lakes prices may spike 10-20c/gallon in the next two days in over a half dozen states as a result of a similar situation. Refineries are finishing what was an extensive maintenance season and with plant restarts commencing, problems may develop, putting pressure on prices," DeHaan said.