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Fort Wayne’s weekly gas update

(Source: http://bit.ly/1qezN2e License: http://bit.ly/1PpGKT1)

FORT WAYNE, Ind. (WOWO): Gas prices continue to climb in Fort Wayne.

The average price of a gallon of regular unleaded in Fort Wayne went up 16 cents in the past week, averaging $2.35 Sunday, according to GasBuddy.

Prices in Fort Wayne are still 18.5-cents lower than they were a year ago, but are 32 cents higher than they were a month ago. That compares with the national average, which is $2.22 a gallon. That’s 39 cents lower than this day one year ago.

“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating. While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season. Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer with some of the lowest summer prices seen in ten years or so,” said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy.

“Gasoline prices in all fifty states saw a rise over the last week- an average of over 8 cents. While we may not see as such a sharp rise this week, we aren’t out of the woods just yet. Gasoline prices may continue inching up until Memorial Day- a major test if refiners are well-prepared for the summer driving season,” DeHaan added.

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