Respite from gas price increases will be brief as summer driving season nears, analyst says

The national average price of gasoline could be closer to $5 per gallon than $4 later this week as demand increases and inventories decline with the Memorial Day weekend and the start of the summer driving season approaching, an industry analyst said.

“New records continued to be set on a near daily basis as the national average edges even closer to $4.50 per gallon,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn’t much reason to be optimistic that we’ll see a plunge any time soon.”

According to AAA, the national average on Monday was about $4.48 per gallon. That’s about 16 cents more than a week ago, about 41 cents more than a month ago, and about $1.44 more than a year ago.

Nearly every state except three — Georgia, Kansas and Oklahoma — are over $4 per gallon, according to AAA, which said the increase in the national average is primarily caused by the high cost of crude oil, which was hovering near $110 a barrel.

In the Pittsburgh area, GasBuddy was reporting the average was unchanged in the past week, remaining at $4.52 per gallon. That’s 34 cents more than a month ago and $1.36 more than a year ago.

Prices in Pittsburgh ranged from $4.26 up to $4.79, a difference of 53 cents per gallon, GasBuddy reported. Statewide, prices ranged from $4.09 up to $5.35, a difference of $1.26 per gallon.

De Haan said it may be a year or two, or potentially longer, until supply and demand are better balanced and prices fall back below $4 per gallon.

Nationally, the average price of diesel was about $5.57, AAA reported. That’s about 3 cents more than a week ago, 55 cents more than a month ago and about $2.40 more than a year ago.