The average retail price of gasoline has risen by a few cents for the second week. It now averages around $2.35/gallon, according to a survey conducted in major gas outlets. This is also high considering the yearly average and the prices for the week were 24 cents higher when compared to the price of last year during the same time.
However, the national average gas price is heading lower for the sixth consecutive week, and this is seen as the longest decline over the summer of 2016. It is also important to observe that the national average for gasoline price has clearly remained under $3 per gallon for the last 3 years.
Even as the oil prices continue to hold above $50 per barrel following the recent actions from OPEC, there is no change seen in the gasoline prices in the recent weeks. There is no significant threat of the price reaching $3 per gallon in the near future.
The recent increase in gasoline price is seen due to the drop in oil prices after a significant increase in the crude inventory. However, the gasoline inventory fell by a huge margin and this has increased the price in the recent weeks. Market experts feel that this is likely to continue for the next few weeks.