Gas prices continue to fall

0

Gasoline prices in Tacoma have fallen 2.7 cents per gallon in the past week, averaging $2.90 per gallon, according to GasBuddy’s daily survey of 271 stations in Tacoma. This compares with the national average that has increased 3.0 cents per gallon versus last week to $2.31 per gallon.

Including the change locally during the past week, prices yesterday were 8.9 cents per gallon lower than a year ago and are 10.0 cents per gallon lower than a month ago. The national average has increased 6.8 cents per gallon during the last month and stands 19.6 cents per gallon lower than a year ago.

“Gas prices have advanced to their highest level in nearly two months mainly following as oil prices move higher. Gasoline demand remains seasonally weak, but last week’s report from the Energy Information Administration showed refinery utilization plunging, meaning less gasoline is flowing out of refiners,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “In addition, bullish data and optimism on a U.S.-China trade deal helped propel markets last week, as well as turmoil in Venezuela making a strong case for an larger absence of heavy crudes the market depends on. But while gas prices are nearly guaranteed to be higher in May than today, it is looking more likely that the rise in prices this year may be more muted than we’ve seen in years past when prices launched 35-75 cents during the spring.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here