Gas Prices Are up a Little, but Lower Than Last Month
Gas Prices Stay Steady
Average gas prices went up to $3.37 on Wednesday, two cents higher than gas prices on Tuesday but two cents lower than a week before.
This can be attributed to increased demand, in large part — especially since oil prices have remained low.
Last week, supply did not keep up with rising demand, leading to the slight increase in gas prices.
“Another reason is that the seasonal switch to summer blend gasoline is underway, which may account for this bounce in pump prices,” said Andrew Gross, AAA spokesperson, “This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of gasoline.”
Demand jumped by 220,000 barrels last week while totally supply dropped by nearly 1 million barrels.
But even up two cents, the average price for a gallon of gas is cents under last month and nearly 30 cents less than last year.