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Expect Price Increases to Slow Down

09 March 2015   Patrick DeHaan, Greg Laskoski, and Allison Mac
 Sharp rise in prices expected to slow down. 

March 9- Average retail gasoline prices in Arizona have risen 6.7 cents per gallon in the past week, averaging $2.45/g yesterday, according to GasBuddy's daily survey of 2,269 gas outlets in Arizona. This compares with the national average that has increased 2.5 cents per gallon in the last week to $2.46/g, according to gasoline price websiteGasBuddy.com.

Including the change in gas prices in Arizona during the past week, prices yesterday were 88.1 cents per gallon lower than the same day one year ago and are 44.4 cents per gallon higher than a month ago. The national average has increased 28.4 cents per gallon during the last month and stands 103.4 cents per gallon lower than this day one year ago.

“Drivers are finally getting a break from the big rise in gasoline prices," said Patrick DeHaan, senior petroleum analyst with GasBuddy. “Gas prices have finally starting to cool off after coming into March like a lion- we can only hope they go out like a lamb. The temporary respite comes after the West Coast pulled the national average up by 8 cents between just five states: California, Washington, Oregon, Nevada, and Arizona. Calculated without them, the national average would not have risen as sharply and would be under $2.40/gal. With some breathing room in those states and prices starting to drop, its no surprise that the national average is now moving lower. And while the West Coast may have seen the peak of the pump drama, it's possible that such volatility could resurface in the upcoming weeks as the peak of refinery maintenance hits all across the country," DeHaan said.

According to GasBuddy statistics, California's gas price increase in the last week was almost smack dab in the middle of the pack. Meanwhile, Utah, Idaho, and Iowa led prices higher, with prices rising over 15c/gal in those states. Great Lakes states bucked the upward trend, with Michigan's prices falling over a dime in the last week. Also lower were Ohio, Indiana, Illinois, and Kentucky.

According to DeHaan, expect that the national average will continue to cool off in the week ahead, led lower by relief hitting pumps in the West.

AboutGasBuddy.com

GasBuddy is the premiere source for real-time local gas prices. Founded in 2000,GasBuddy.comdeveloped as an initiative to provide consumers access to local, current gas prices. Through theGasBuddy.comwebsite and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers, saving big money at the pump.