Gas Prices Rose Nearly 7 Cents Last Week

March 17, 2010

Average retail gasoline prices in the Houston area have risen another 6.8 cents per gallon over the past week, now averaging $2.62 per gallon.

This compares with the national average that has increased 3.8 cents per gallon in the last week to $2.78 per gallon, according to gasoline price website HoustonGasPrices.com.

Including the increases during the past week, prices today are 88.1 cents per gallon higher than the same day one year ago and are 23.2 cents per gallon higher than a month ago.

The national average has increased 16.9 cents per gallon during the last month and stands 88.4 cents per gallon higher than this day a year ago.

Patrick DeHaan, senior petroleum analyst for GasBuddy.com said the trend is likely to continue, and gas prices may hit the $3 mark before summer officially arrives.

“We’re starting off March like a lion with little hope of it going out like a lamb,” DeHaan said. “While conventional wisdom tells us demand will increase as we move towards warmer weather, it appears that gasoline price increases have easily outpaced any potential increases in demand thus far. On that note, I expect most of the country to flirt with prices near or over $3 per gallon come Memorial Day, with the exception of California, where prices will average near $3.35/gallon.”

DeHaan went on to say that the only bright spot for motorists this year is that plenty of spare refining capacity and lower gasoline demand than years prior will keep gasoline prices from rising to record highs.

Last week’s increase was on top of a 5.6-cent rise the week before.

HoustonGasPrices.com is part of a 200-website national gas tracking and analysis organization operated by GasBuddy.com.

InstantNewsWestu Staff

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