Next Gas Price Spike May Come Just Before Memorial Day
by Andreas Exarheas | Rigzone Staff
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
In a blog posted on its website on Monday, GasBuddy warned that the next U.S. gasoline price spike “could arrive just before Memorial Day”.
“The national average price of gasoline spent much of last week drifting lower after jumping early in the week as oil prices softened on hopes that diplomatic progress between the U.S. and Iran could help ease supply concerns,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the blog.
“However, that optimism faded after President Trump’s meeting with China’s Xi Jinping failed to produce a breakthrough on Iran, while renewed warnings toward Tehran have helped push oil prices higher again,” he added.
“With global oil inventories continuing to trend toward historically tight levels, markets remain extremely sensitive to geopolitical developments and potential supply disruptions,” he warned.
“As a result, gasoline and diesel prices are likely to remain volatile, and with Memorial Day approaching, any sustained increase in oil prices could begin pushing retail fuel prices higher again in the weeks ahead,” De Haan went on to state.
GasBuddy warned that the next U.S. gasoline price spike ‘could arrive just before Memorial Day’.
GasBuddy highlighted in the blog that the average U.S. price of gasoline had fallen one cent over the last week and stood at $4.47 per gallon, according to its data. It pointed out, however, that the national average was up 45.2 cents from a month ago and that it was $1.33 per gallon higher than a year ago.
The most common U.S. gasoline price encountered by motorists was $4.19 per gallon, according to the blog, which noted that this was up 20 cents from a week ago. The next most common U.S. gasoline price was $3.99 per gallon, then $4.09 per gallon, $4.29 per gallon, and $4.49 per gallon, the blog showed.
The median U.S. gas price was $4.29 per gallon, according to the blog, which noted that this was down five cents from last week and about 18 cents lower than the national average. The top 10 percent of stations in the country averaged $5.85 per gallon and the bottom 10 percent averaged $3.77 per gallon, the blog revealed.
The states with the lowest average prices comprised Texas, at $3.92 per gallon, Louisiana, at $3.96 per gallon, and Oklahoma, at $3.96 per gallon, according to the blog, which pointed out that the states with the highest average prices comprised California, at $6.11 per gallon, Washington, at $5.71 per gallon, and Hawaii, at $5.62 per gallon.
In its latest short term energy outlook (STEO), which was released on May 12, the U.S. Energy Information Administration (EIA) projected that the U.S. regular gasoline retail price will average $3.88 per gallon in 2026 and $3.62 per gallon in 2027. In its previous STEO, which was released in April, the EIA projected that the U.S. regular gasoline retail price would come in at $3.70 per gallon this year and $3.46 per gallon next year.
Both STEOs showed that the 2025 U.S. regular gasoline retail price averaged $3.10 per gallon.
The EIA’s latest fuel update at the time of writing, which was released on May 12, showed an increasing trend for the U.S. regular gasoline price. This price averaged $4.123 per gallon on April 27, $4.452 per gallon on May 4, and $4.500 per gallon on May 11, the update showed. The May 11 price was up $0.892 from the price two years ago, up $1.380 from the year ago price, and up $0.048 from the week ago price, the update outlined.
According to the AAA Fuel Prices website, the average U.S. regular gasoline price is $4.533 per gallon, as of May 19. Yesterday’s average was $4.515 per gallon, the week ago average was $4.504 per gallon, the month ago average was $4.048 per gallon, and the year ago average was $3.180 per gallon, the site showed.
The highest recorded average price of regular gasoline in the U.S. was seen on June 14, 2022, at $5.016 per gallon, the site outlined.
In a maternal healthcare event hosted in the White House Oval Office on May 12, which was streamed live on the White House YouTube page, U.S. President Donald Trump said, “as soon as this is over with Iran … you’re going to see gasoline and oil drop like a rock”.
The U.S. Department of Veterans Affairs website describes Memorial Day as the nation’s “foremost annual day to mourn and honor its deceased service men and women”. Memorial Day is a federal holiday held the last Monday in May, the site highlights.
by Andreas Exarheas | Rigzone Staff
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas