• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 1 day e-truck insanity
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 7 days China deletes leaked stats showing plunging birth rate for 2023
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming

U.S. Gasoline Prices Set To Ease

After hitting a peak of $3.45 per gallon last week, the national average U.S. gasoline prices are expected to calm down significantly this week due to price cycling, Patrick De Haan, head of petroleum analysis for fuel-savings app GasBuddy, said on Monday.

The national average saw over the past week one of its largest weekly jumps in the last year or so, De Haan tweeted on Monday, but added that average gasoline prices should calm down significantly this week. According to GasBuddy, prices are actually down by $0.03 per gallon from the $3.45/gal peak due to price cycling, which now leads to some states stations lowering prices.

“Prices surge, then stations start undercutting, leading to a big spike then ebb,” De Haan said, commenting on the price cycling in the retail gasoline market.

Price cycling is common in Michigan, Indiana, Ohio, Illinois, West Virginia, Kentucky, Florida, and some metro markets like St. Louis, Kansas City, and Atlanta, among others, he added.

Last week, gasoline prices surged due to the rally in crude oil prices, which sent WTI Crude above $92 and Brent over $93 a barrel.

The median U.S. gasoline price jumped by 10c/gal from a week ago and stands at $3.29/gal. The bottom 10% average $2.98, the top 10% average $4.39, De Haan noted on Monday.

Per AAA data, the national average was $3.441 a gallon on February 7, and the average price in every state in the United States was above $3 per gallon, including in Texas, Mississippi, Arkansas, and Alabama, which traditionally have the lowest statewide average price of gasoline.

At the start of this week, $2.99 is no longer one of the most common prices in the U.S., De Haan said on Monday. The current most common prices, in order: $3.19, $3.29, $3.39, $3.09, $3.49, according to GasBuddy.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News