Gasoline prices are going up folks! The national average for gasoline hit a four-week high at the pump this last week, and it’s likely those lows of June will stay in the rearview mirror until later in the year.
Last week was also the four-year anniversary of the highest retail gasoline and diesel prices ever, at $4.11 a gallon.
This summer’s lows were probably seen in late June, and today’s $3.40 per gallon for unleaded is the highest since June 25.
I personally think we’ll tread around here for most of the summer, and then I think the bias is lower after Sept. 15 as the refineries will not have to make the more difficult summer blend, and supply should increase and demand should ease.