Gas prices expected to climb “aggressively”

Gas prices

CHICAGO (Feb. 25, 2015) – Gas prices are expected to surge over the next two to three weeks across the nation, according to a GasBuddy.com release.

According to the release, the transition from ‘winter blend’ to ‘summer blend’ gasoline always brings increases in retail gasoline prices, but the current increase has to do with the overall increase in wholesale gasoline prices as well.

Thursday, the average price of gas in Ohio was $2.308, according to GasBuddy, including an average of $2.255 in Mahoning County and $2.289 in Trumbull County.

“Wednesday brought a big price rally in gasoline markets and gasoline wholesalers are seeing huge increases,” GasBuddy Senior Petroleum Analyst Patrick DeHaan said. “Wholesale prices today alone have increased
coast to coast from 10 to 27 cents per gallon; and when you add that on top of the increases that occurred earlier this month, it’s inevitable that retail prices will climb aggressively in weeks ahead.”

While some of the rally is attributed to the seasonal decline in gasoline inventory; reduced refinery output and the shift to summer grades of gasoline, there have also been significant operational issues at refineries in fivestates.

In addition, the United Steelworkers Union strike that began Feb. 1 exacerbates operations at 12 refineries where they’ve imposed ‘work stoppages’ in California, Texas, Louisiana, Indiana, Kentucky and Ohio.

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