Gas prices have risen for 12 straight weeks

gas pump
File Photo. (MGN/WikiCommons)

FORT WAYNE, Ind. (WANE) – Average retail gasoline prices in Fort Wayne have risen 9.7 cents per gallon in the past week, averaging $3.76 a gallon on Sunday, April 27, 2014 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has increased 2.5 cents per gallon in the last week to $3.65 a gallon according to gasoline price website GasBuddy.com which powers wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 24.9 cents per gallon higher than the same day one year ago and are 18.7 cents per gallon higher than a month ago. The national average has increased 12.9 cents per gallon during the last month and stands 16.5 cents per gallon higher than this day one year ago.

“While the national average has risen for the 12th straight week, it is likely nearing a peak,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Gas price increases have continued since early February but are likely nearing an end as oil refineries conclude seasonal maintenance, and the switchover to summer gasoline is nearing completion. Meanwhile, oil inventories are at their highest ever level as reported by the Energy Information Administration, which cited crude oil stocks at a record high of 397.7 million barrels, which should help propel oil prices lower in coming weeks as some storage facilities near capacity. For motorists, the peak to retail gasoline prices is likely very near, with some relief to follow in coming weeks as pressure eases on factors that drive gasoline prices, ” DeHaan said.

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