Analyst: Expect gas price volatility

FORT WAYNE, Ind. (WANE) Average retail gasoline prices in Fort Wayne have fallen 15.7 cents per gallon in the past week, averaging $2.11 a gallon on Sunday, March 15, 2015 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has fallen 2.4 cents per gallon in the last week to $2.43 a gallon according to gasoline price website GasBuddy.com which supplies the data for wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 159.9 cents per gallon lower than the same day one year ago and are 17.6 cents per gallon lower than a month ago. The national average has increased 18.0 cents per gallon during the last month and stands 109.3 cents per gallon lower than this day one year ago.

“After March came in like a lion at the pump, things are beginning to cool down, especially in hardest hit areas in the West,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While the West Coast will continue to see relief in the week ahead, motorists in the Great Lakes should be on high alert after refinery issues have developed, and as they see gasoline specifications improve ahead of the getting to the final “summer gasoline” product that we often talk about. I would expect some volatility in gas prices in Michigan, Indiana, Ohio, Illinois, Kentucky, and Wisconsin in the next two weeks due to this issues. Around the rest of the country, prices in some areas may drift higher with improved gasoline blends showing up as well, but its important to note that even with increases factored in, motorists are still seeing considerable savings versus gas prices last year,” DeHaan noted.

“Crude oil prices closed last week nearing their January lows on news of plentiful crude oil inventories, which maybe begin to weigh on gasoline prices, once refineries conclude maintenance and throttle up utilization rates. In the end, it could mean even lower gasoline prices for motorists during the summer than GasBuddy previously expected, barring other refinery issues or unpredictable issues,” DeHaan said.

States seeing the largest drop in gas prices versus one year ago:

  • Indiana, down $1.52/gallon
  • Michigan, down $1.47/gallon
  • Ohio, down $1.47/gallon
  • Illinois, down $1.38/gallon
  • Colorado, down $1.37/gallon

States with the smallest drop in gas prices versus last year:

  • California, down 57c/gallon
  • Nevada, down 65c/gallon
  • Oregon, down 69c/gallon
  • Washington, down 74c/gallon
  • Alaska, down 93c/gallon

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