West U Gas Prices Increase Slightly, Average Now at $3.20 per Gallon
Average retail gasoline prices in West U have risen 0.9 cents per gallon in the past week, averaging $3.20 yesterday.
This compares with the national average that has dropped 1.1 cents in the last week to $3.43 per gallon, according to gasoline price website HoustonGasPrices.com.
Analyst Patrick DeHaan said retail gas prices have remained relatively steady despite an increase in the price of oil.
“Even as crude oil comes close to $100 per barrel, retail gasoline prices have held their ground and spot prices for gasoline have given up gains,” DeHaan said. “We certainly have some shifts going on in the market as diesel production is favored over gasoline, meaning refiners will boost production of distillate at the cost of gasoline production. Diesel and middle distillate demand remains strong while gasoline demand is somewhat weak, causing gasoline to seemingly disconnect from the upward trend of the crude oil and distillate market.”
Including the change in gas prices in West U during the past week, prices yesterday were 52.6 cents per gallon higher than the same day one year ago and 0.4 cents per gallon lower than a month ago.
The national average has decreased 4.4 cents per gallon during the last month and stands 54.4 cents per gallon higher than this day one year ago.