Local News

In 24 Hours, Average Gasoline Prices Jumped 5 Cents Per Gallon

CHICAGO, IL. (WOWO): In the past 24 hours, the national average price of gasoline has increased by 5 cents per galllon from $2.06 to $2.11.

According to Gregg Laskoski, Senior Petroleum Analyst with GasBuddy, Wednesday's jump has been brewing since January 7th, as fuel prices climbed 25 to 30 cents per gallon during the last three weeks in January.Since Monday morning wholesale gasoline prices are up an additional 11.5 cents per gallon, on average, nationwide.

What does it mean for retail prices? It’s an indication that the prices at the pump in most areas will be climbing steadily and in some other areas, like the Great Lakes region, we’ll see steeper climbs. For instance, Michigan’s average price on Tuesday was $2.09 and this morning it’s 2.23,” said Laskoski.

To see the U.S. metro markets with the highest price increases click here.

It’s not uncommon for many to look at the headlines and assume that the jump in crude oil or the United Steel Workers strike (at 9 refineries) triggered the price increases, but they’re only peripheral issues,” Laskoski added. “Retail prices are rising as they always do in the first quarter for the same reasons year-in and year-out: Refinery outputs are reduced during a transition process necessitated by EPA mandates. A maintenance period begins between the time that winter fuel is depleted and before the cleaner-burning, more expensive ‘summer-blend’ gasoline production can begin. Much but not all of that maintenance is scheduled in advance.”

And as a result, we’re all seeing gas prices go up whether we’re in Philadelphia, Detroit, Seattle or anywhere in between.


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