Gasoline National Average pushed up due to West Coast Price Surge

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The nation’s average price of gasoline has risen for the second straight week, climbing 2.2 cents compared to a week ago, and stands at $3.11 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is unchanged from a month ago but is 16.5 cents per gallon lower than a year ago. The national average price of diesel has increased 0.8 cents in the last week and stands at $3.632 per gallon.

“The national average has inched higher, driven primarily by sharp gas price increases on the West Coast, where refinery maintenance and outages have created a ripple effect in neighboring states, pushing prices higher in many communities,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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Although the surge remains isolated to the West for now, refinery maintenance will soon begin in other regions, and with the transition to summer gasoline blends underway, prices in most areas are likely to start rising in the weeks ahead. Meanwhile, oil prices remain subdued in the low $70s as President Trump works on a potential peace deal between Russia and Ukraine — an event that, if realized, could have significant implications for oil markets in the months ahead.”

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Bank of America in a research note suggested that Brent crude prices could drop between $5 and $10 per barrel if sanctions were eased, as well as global refining margins, which would aid President Trump’s desire to reduce energy prices in the United States.

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The states with the lowest average prices: Mississippi ($2.65), Oklahoma ($2.65), Louisiana ($2.67).

The states with the highest average prices: California ($4.75), Hawaii ($4.47), and Washington ($4.08).

Biggest weekly changes: California (+17.6¢), Florida (-12.6¢), Nevada (+10.9¢), Arizona (+10.8¢), Maryland (-8.9¢)

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I’m sure a press conference is being teed up for California’s Governor to accuse the big bad evil oil companies of ripping off the state’s drivers.