Gasoline Prices Teetering at Peak
Retailers recovering from weeks of single-digit margins, says Lundberg
CAMARILLO, Calif. -- The April 6 national average retail price of regular grade is $3.9671 per gallon, up 3.74 cents from two weeks ago, according to the most recent Lundberg Survey of approximately 2,500 U.S. gas stations.
This is a very small hike compared with what has been occurring so far this year. It's the smallest price increase since early January. In addition to continued flush supplies of gasoline, now West Texas Intermediate (WTI) has slipped $3.56 per barrel since March 23. If crude oil prices do not bounce back up--they were above $107 per barrel during parts of March--then the pump price run-up is done.
While there were some big retail price jumps around the country since March 23, there were big price crashes too, especially in the Midwest and West. Chicago's average is down 11 cents. The average in Los Angeles is down seven cents. The California average retail price has been dropping for a month.
Retailers' margin on regular grade improved again, this time by 3.42 cents per gallon to 16.24 cents per gallon average on April 6, bringing the year-to-date margin up to a modest 10.53 cents. Retailers are recovering from weeks of single-digit margins.
Camarillo, Calif.-based Lundberg Survey Inc. is an independent market research company specializing in the U.S. petroleum marketing and related industries.
Click here for previous Lundberg Survey reports in CSP Daily News.