Major gas price hike continues; but peak should arrive soon

From Gasbuddy.com

Average retail gasoline prices in New York have risen 5.5 cents per gallon in the past week, averaging $3.89/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has increased 2.5 cents per gallon in the last week to $3.65/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 20.5 cents per gallon higher than the same day one year ago and are 14.3 cents per gallon higher than a month ago. The national average has increased 12.9 cents per gallon during the last month and stands 16.5 cents per gallon higher than this day one year ago.

“While the national average has risen for the 12th straight week, it is likely nearing a peak,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Gas price increases have continued since early February but are likely nearing an end as oil refineries conclude seasonal maintenance, and the switchover to summer gasoline is nearing completion. Meanwhile, oil inventories are at their highest ever level as reported by the Energy Information Administration, which cited crude oil stocks at a record high of 397.7 million barrels, which should help propel oil prices lower in coming weeks as some storage facilities near capacity. For motorists, the peak to retail gasoline prices is likely very near, with some relief to follow in coming weeks as pressure eases on factors that drive gasoline prices, ” DeHaan said.