Steeper gas price increases expected in mid-February, analyst says

While a combination of factors are pushing up the price of oil and the national average price of gasoline, steeper increases are on the horizon, an industry analyst says.

The national average rose 4.5 cents per gallon in the past week to $3.07, according to price-tracking service GasBuddy. Despite that, it’s about 4 cents per gallon less than a month ago and 41 cents less than a year ago.

The national average is rising after cold-weather-related refinery shutdowns pushed up the wholesale price of gasoline, while recent economic data and new attacks in the Red Sea have pushed oil prices up to their highest level since November, said Patrick De Haan, head of petroleum analysis at GasBuddy.

“While prices have inched up and may continue to slowly rise, I believe the larger increases will be witnessed in a few weeks as we enter mid-February, lasting through April or May, during which the national average could rise 35 to 85 cents per gallon,” De Haan said. “Other issues and tensions could complicate how quickly prices rise or how high they go, so while the rise is not completely charted, it could deviate from our expectations.”

AAA reported the national average as rising on Monday, as it reached about $3.11 per gallon. That’s about 3 cents higher than a week ago and 1 cent lower than a month ago, but about 40 cents less than a year ago.

State averages ranged from about $2.63 in Wyoming to $4.67 in Hawaii, according to AAA.

At $3.35, Pennsylvania is among states with the highest average prices, which range from $3.22 in Illinois to Hawaii’s $4.67, AAA reported.

Within Pennsylvania, county averages range from about $3.17 to $3.58 per gallon. Averages in the Pittsburgh area, according to AAA:

• Allegheny: $3.43

• Armstrong: $3.47

• Beaver: $3.39

• Butler: $3.41

• Washington: $3.41

• Westmoreland: $3.45

GasBuddy reported the Pittsburgh-area average at $3.42 per gallon, based on its survey of 731 stations. That’s about 2 cents less than last week and a month ago, and 41 cents less than a year ago.

Pittsburgh-area prices range from $2.96 to $3.89, a difference of 93 cents per gallon. Statewide, prices range from $2.95 to $4.03, a difference of $1.08, according to GasBuddy.

Neighboring areas and their current gas prices, according to GasBuddy:

• Akron: $2.91, down 18 cents from last week.

• Cleveland: $2.97, down 11 cents from last week.

• West Virginia: $2.89, down 2 cents from last week.

The national average price of diesel fell half a cent in the past week to $3.87 per gallon, according to GasBuddy.