Local Gas Prices Still Edging Up
The national average jumped 5.5 cents last week.
Nationally, we’ve seen an 11 cent gradual increase during the last month.
But the latest price rise surprised industry watchers.
"Thanks to a large surprise decline in both crude oil and gasoline inventories last week, gasoline prices unexpectedly regained upward momentum," said Patrick DeHaan, GasBuddy senior petroleum analyst.
"The government’s weekly report on petroleum supplies was a major departure from what we’ve seen this far in 2015: major jumps in crude inventories, so the market reacted significantly to the year’s first big decline in supply. Meanwhile, continued and new glitches in the Great Lakes region has led to a big spike in prices throughout Michigan, Indiana, Ohio, Illinois, Kentucky, West Virginia and Wisconsin. It’s been a rough week at the pump as unexpected malfunctions and summer maintenance have led to very tight supply in the region."
"The rest of the country saw modest increases in the last week with the primary catalyst being the lousy EIA report. Should we see another big surprise this week, I don’t want to see the market’s reaction- I see oil currently overvalued and believe the market will eventually come to its senses," DeHaan said.