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![]() by Daniel J. Graeber Washington (UPI) Apr 28, 2015
The U.S. national average retail price for a gallon of gas is above $2.50 for the first time in months, but the spike might not last, motor club AAA said. AAA reports a national average price for a gallon of regular unleaded gas Tuesday at $2.55, the first time the national average stayed above the $2.50 mark in more than four months. "Average prices have now increased by 15 cents per gallon in just two weeks," the motor club said in a weekly report, published Monday. "This recent increase has been the product of rising global crude prices, the seasonal switch to summer-blend gasoline and regional refinery issues, particularly on the West Coast." South Carolina had the lowest state average with $2.28 per gallon. California had the highest price for Lower 48 states with $3.43 per gallon. At one point last year, more than half of all U.S. states had an average price below the $2 mark. AAA said an improving crude oil market and preparations by refineries to switch to a summer blend of gasoline, which is more expensive to produce, is in part behind the increase in prices at the pump. The deadline to switch to summer gasoline is May 1 and the shift could make prices could up through spring. "Following the transition to summer-blend gasoline and as refineries complete seasonal maintenance, the national average may return to below $2.50 per gallon, though much of the forecast will depend on what happens with the cost of crude oil," AAA said. The national average price for Tuesday is still more than $1 below this date in 2014. Oil prices last year fell more than 50 percent, though have recovered somewhat during the first quarter of the year.
Related Links All About Oil and Gas News at OilGasDaily.com
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