National Average Moves Higher By Two Cents
The national average price of a gallon of gas went up another two cents during the past week, as detailed in the latest pricing survey released by the U.S. Energy Information Administration. The E.I.A. report shows the average gas price in the U.S. is now $2.49 per gallon, which is 45¢ higher than just five weeks ago. However, the price is still down well over $1.00 from this period a year ago.
The price of gas surged across the West Coast last week, and while price increases were not as substantial this week, they dragged the national averages higher. The Rocky Mountain states also experienced a surge in pricing, as the region gave up its tenuous slot as the cheapest region for gas.
Gas prices in Round Rock, Texas, near Austin, adjacent to the TX-45 toll road. Prices there have jumped nearly 30¢ in the past month. Photo: Eric Scallion.
The Gulf Coast states, typically the place to find the least-expensive gas, reclaimed their slot as the cheapest place in the nation to buy fuel. Prices across the West Coast went up 5¢ per gallon, but when California is removed from the equation, the price increases were closer to 11¢ per gallon. That trend also held in the Rocky Mountains, where prices jumped 11¢ week on week.
In the Midwestern states, where prices are typically volatile, the price of gas actually went down, the only region to show a pricing retreat in the past week. The cost of fuel dipped by 4¢ to settle at $2.34 per gallon, which is also well below the national average.
Diesel Fuel Costs Rise, But Slowly Compared To Unleaded
The price of diesel fuel continues to creep upward, and it is only creeping, indeed. The price of a gallon of diesel, nationwide, is now averaging about $2.94, up about one penny on the week. Diesel prices have been rising slowly, compared with their unleaded fuel counterparts, but that also follows a much slower decline in prices, too. Retail diesel costs did not decline as quickly as unleaded gasoline during the last six months of 2014.
Crude Oil, Summer Gas And Strong Dollar Influencing Prices
The price of crude oil continues to influence retail gas prices, but the wholesale gasoline prices are also playing a substantial role. Despite a glut of oil domestically and around the world, U.S. prices are rising, in part, because of a switch to summer fuel blends, which are more expensive to produce. Gas prices typically increase in the first few months of the year, ahead of the summer driving season.
The stronger U.S. dollar is also creating problems, because it makes U.S. oil more expensive on the open markets, driving global prices higher, and that can reverberate on the U.S. retail gasoline market. The timing of that influence, however, remains to be seen.
DOWNLOAD THE WEEKLY GAS PRICE SURVEY