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Thanks to increasing demand and supply shortages caused by problems at several refineries, the national average gas price for a gallon of regular unleaded fuel jumped a little over 7 cents during the past week and now stands at $2.88 per gallon.
To add insult to injury, current gas prices are roughly 10 cents higher than at the same time last year. Keeping in mind we have yet to hit peak driving and hurricane seasons – not to mention any possible geopolitical flair ups – it certainly seems like gas prices will continue to climb.
This latest weekly gas price data seems to debunk earlier news released by the Department of Energy, which stated the department’s belief that this summer’s average gas price would be around $2.80 – which is slightly less than what we experienced last summer.
Obviously, with gas prices roughly 3.6% higher than where they were at the same time last year, the DOE’s scenario is beginning to look less and less likely. However, if the refinery problems are fixed relatively soon, we may see a slight dip in gas prices leading into the summer.
Currently, gas prices in the United States range from $2.65 per gallon (New Jersey) to $3.31 per gallon (California), with a total of six states with average gas prices above $3.
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The DOE estimates still may still be realized. The DOE is counting on the a surge in demand leading to a reversal of recent OPEC supply cuts. Unfortunately, OPEC should have upped production sooner; recent demand has cut into what would ordinarily be a strong build in preparation for the driving season.