Party at the pump over, analyst says
Although retail gasoline prices in Mt. Pleasant rose about seven cents per gallon last week, average retail prices in Iowa fell by 0.8 cents per gallon last week to $3.39 per gallon, according to GasBuddy’s daily survey of 2,036 gas outlets in Iowa.
Including the change in gas prices in Iowa last week, prices April 28 were 22.7 cents per gallon lower than the same day one year ago and 19.8 cents per gallon lower than a month ago.
“The party at the pump with the seasonally lower prices may be temporarily over,” warned GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “We’ve seen situations unfold that have caused a reversal in the downward trend and those situations are multiplying across portions of the U.S. and Canada. Along the West Coast, supply has grown tight and will lead to likely increases.
“In the Great Lakes region prices may spike 10-20-cents per gallon in the next two days in over a half dozen states as a result of a similar situation,” DeHaan continued. “Refineries are finishing what was an extensive maintenance season and with plant restarts commencing, problems may develop, putting pressure on prices.”
The national retail gasoline average fell 1.6 cents per gallon last week to $3.49 per gallon. The national average has decreased 13.3 cents per gallon during the last month and stands 32.2 cents per gallon lower than one year ago.