In the United States, where gasoline prices have gone down tremendously over the latter half of last year, the trend is reversing today, with average prices of gasoline growing to their highest mark since November.
The situation has been triggered by a recent rally across the global oil market in a bid to reach higher valuations ahead of the upcoming summer driving season. According to research made by Lundberg Survey Inc., the average price of regular gasoline across US pumps has gone up by 21.75 cents to $2.7973 per gallon during the three weeks that ended May 15. The Camarillo, California-based research firm has made the survey across 2,500 filling stations and also added the fuel is still 92.52 cents cheaper than during the same period a year ago. US oil futures have gained recently more than $15 a barrel, due to crude oil price increases while especially in California a series of refineries were unable to fulfill demand. “Stronger U.S. and California demand” also boosted prices, said Trilby Lundberg, president of Lundberg Survey.
The most expensive price for gasoline across the lower 48 states was found in Los Angeles, at $3.95 a gallon, while the cheapest could be found in Baton Rouge, Louisiana, with an average of just $2.32. Meanwhile, in Long Island, New York, the average price was of $2.86. prices are currently buoyed by unexpected fuel supply shortages due to refinery outages across the western and central part of the country – after the US Energy Information Administration said the year’s peak was coming in May with an average of $2.679.