Daily Archives: April 14, 2015

Gas Prices Rise And Fall Based On Regional Influences

2015-04-13-trendOhio Gas Prices Spike, Holding U.S. Average In Check

The national average price of gas barely moved during the past week, according to the latest weekly report from the U.S. Energy Information Administration. The E.I.A. report shows U.S. gas prices remained unchanged at $2.41 per gallon, but region by region, the numbers tell a different story. For instance, drivers in California are paying about 5¢ less for gas this week, but drivers in Ohio are paying 11¢ more. Midwestern gas prices are typically the most volatile and can often influence the national average, as was the case during the past week.

Meanwhile, prices were mixed across the country, with prices across New England dropping by about a penny. However, prices across the Central Atlantic and Lower Atlantic states rose slightly, putting the broader East Coast prices slightly higher. For drivers in the Rocky Mountains, prices went up about three cents per gallon.

Truckers Get A Break With Diesel Prices Down

Meanwhile, the price of diesel dropped in every region last week, a good sign for truckers. The average price for a gallon of diesel fuel dropped an even 3¢ during the past week to $2.75 per gallon. Prices were down between two and four cents per gallon in every region except the West Coast, where a one-penny per gallon increase in California prevented the regional average from moving significantly. The West Coast averages, sans the Golden State, were down two cents per gallon.

Crude Oil Prices Are Up, But So Is Crude Supply

Pipeline Crossroads Monument

Crude oil supplies in Cushing, Oklahoma are high, the result of crude production in the U.S. Photo: Ben Cochran via Wikipedia.org.

Meanwhile, crude oil prices have been climbing slowly but steadily for the past month, for both domestic and overseas crude. The price of West Texas Intermediate was set to open early Tuesday at just over $52 per barrel after climbing about a half-dollar in overnight trading. Brent Crude was poised to open at just over $58 per barrel. That could signal a potential rise in fuel prices in the short term, but the longer-term forecast is that prices will continue to drop through the year.

The E.I.A. reported last week the price of Brent crude is likely to fall as much as 40 percent this year, and U.S. crude oil stocks at Cushing, Oklahoma, are enough to supply the country for the next 30 days, keeping downward pressure on retail prices.

DOWNLOAD THE WEEKLY GAS PRICE SURVEY