Gas prices expected to peak in June, analyst says

Gasoline prices could peak in the next week or so in much of the United States before dropping in June to match last summer’s prices, said Patrick DeHaan, head of petroleum analysis at GasBuddy.

“It appears that large increases in gas prices have begun to fade to distant memory, lending credibility to the notion that gas prices may be close to peaking for the time being,” DeHaan said.

“Oil prices have plummeted, and with President Trump’s shocking warning Sunday about raising tariffs on China, oil prices may see another weekly loss along with wholesale gasoline prices on the worry that perhaps a trade deal is not as close as anticipated, risking the recent growth in the U.S. economy and potentially leading to lower oil demand.”

In the Pittsburgh region, gas prices are up 4 cents in the past week to an average of $3.14 per gallon, according to GasBuddy’s survey of 731 stations. That’s 25.1 cents per gallon higher than a month ago, and 7.3 cents per gallon higher than a year ago.

The national average is up 1.3 cents per gallon in the last week to $2.89. That’s 14.3 cents per gallon more than a month ago, and 9.1 cents per gallon higher than a year ago, according to GasBuddy.

According to GasBuddy price reports, the cheapest station in the Pittsburgh region is $2.88, while the most expensive is $3.29.

Statewide, the lowest price is $2.50, while the highest is $3.49.