US Gas Prices Rising Slowly

The price of a gallon of gasoline has been bouncing higher in some markets recently, but across the United States, the price has remained generally low. That is now changing as the majority of gasoline stations show higher prices, with last week’s average of $1.749 for a gallon of regular gasoline, the highest in more than three weeks.

The states with the largest price increases last week were Oklahoma (18.3 cents), Minnesota (17.5 cents), Iowa (17.2 cents) Kansas (16.9 cents) and Nebraska (16.8 cents), according to a report from GasBuddy. Just three weeks ago, a gallon of gas cost $1.365 in Oklahoma, compared with Monday’s price of $1.628 a gallon.

The states posting the largest decreases were Arizona (5.0 cents), Utah (4.3 cents), Vermont (4.2 cents) and Idaho (3.0 cents).

Gasoline prices are higher than they were a month ago in just 14 states, led by Minnesota (up 15 cents) Oklahoma (14 cents) and Iowa (13 cents).
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Year over year, the biggest drops are led by California’s 92-cent savings per gallon versus a year ago, Arizona’s total of 87 cents, Oregon’s 81 cents, Nevada’s 74 cents and Delaware with savings of 72 cents. Even the smallest yearly savings, 19 cents in Idaho, add up. Utah follows with a 33 cent savings, and Montana comes in third to last with gas prices 37 cents lower than a year ago.

Crude oil traded lower overnight in the electronic market, but West Texas Intermediate had added about 2.6% shortly before noon on Monday to trade at $33.67 a barrel. At least some of that is the lower dollar versus yen trade Monday morning, and the rest is, in our opinion, at best a short-term play that prices will rise as refineries go into the maintenance and turnaround season. At worst the higher crude price is wishful thinking.