BOSTON & WASHINGTON -- The seasonal rise in gasoline prices appears to have begun.
According to GasBuddy, almost two-thirds of states saw their averages increase over the past week. The national average hit $1.749 per gallon, which is the highest point in more than three weeks.
The biggest weekly increases happened in Oklahoma, up 18.3 cents per gallon (CPG), Minnesota (17.5 CPG), Iowa (17.2 CPG), Kansas (16.9 CPG) and Nebraska (16.8 CPG), according to GasBuddy. Arizona enjoyed the biggest decline—5 CPG—followed by Utah (4.3 CPG), Vermont (4.2 CPG) and Idaho (3 CPG).
On a monthly basis, 14 states saw an increase in their average regular gas price. Minnesota had the biggest jump—up 15 CPG—followed by Oklahoma (14 CPG) and Iowa (13 CPG).
"The recent uptick at the gas pump comes as crude oil prices have rallied, and so far, maintained that upward movement," said Patrick DeHaan, senior petroleum analyst for Boston-based GasBuddy. "A barrel of West Texas Intermediate crude oil this morning fetched $33.20 per barrel, up 42 cents this morning on growing consensus that oil prices have bottomed out and optimism about the upcoming driving season in the United States, bolstering demand.”
DeHaan also pointed to Southern California’s transition to summer formulation gasoline, making it the first market in the country to switch over to a seasonal blend. Meanwhile, refinery production cuts and the ensuing inventory declines over the past two weeks have pressured prices in the Midwest and Great Lakes states.
Despite the increases, March still started out with a retail national average 65 CPG lower than it was a year ago, according to GasBuddy. On a state basis, California had the biggest yearly discount—down 92 CPG—followed by Arizona (87 CPG), Oregon (81 CPG), Nevada (74 CPG) and Delaware (72 CPG). Idaho had the smallest discount, or 19 CPG.
AAA, Washington, D.C., reported that Hawaii had the highest state average at the start of this week, or $2.56 per gallon, followed by West Coast states California ($2.39), Alaska ($2.20) and Washington ($2.03). Retail averages in 31 states remained at or below $1.75 per gallon, with Arizona ($1.52), Tennessee ($1.53) and South Carolina ($1.53) having the lowest.
Diesel prices, meanwhile, continued to hover around their multiyear low, with a national average at $1.975 per gallon, according to GasBuddy. Oklahoma had the lowest average at $1.72 per gallon, with Montana ($1.74) and Missouri ($1.74) close behind.
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