It must be an early sign of spring: gasoline prices are rising again.
Nationally, the price of regular grade gasoline has climbed 17 cents the past 21 days. With the 5% jump, consumers will pay an average $3.45 a gallon heading into the weekend, vs. $3.28 a month ago.
Consumers are spending about 33 cents a gallon less than year ago levels. Prices will likely peak at about $3.75 a gallon, a slight break from 2013′s $3.79 peak in late February. Moreover 2014 prices are expected to average $3.39 a gallon, vs. $3.49 in 2014, says Tom Kloza, chief oil analyst with gasbuddy.com.
Still, the recent rise has been felt across the nation. In November, about 25% of U.S. gas stations sold gasoline at $3 or less. That’s dropped to less than 1%.
Behind the longest daily increase since February 2013 : Higher crude oil prices, increased exports con. and rising wholesale prices for spring delivery ahead of stronger seasonal demand. Benchmark West Texas crude oil continues to trade above $100 a barrel.
“It’s a little surprising how strong crude oil is right now,” says Kloza, who expects gas prices to drift higher through mid-to-late April.
Prices in some states have risen far faster than the national average – particularly in the Midwest, where Michigan gas prices have jumped 39 cents to $3.66, Indiana, where gas is up 34 cents to $3.58, and Ohio, with a 34 cent jump to $3.56.
South Carolina currently has the cheapest gas, averaging $3.17 a gallon. Most expensive: Hawaii, at $4.08.
Follow price trends on twitter @gbstrauss
Source