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AAA: Gas prices hold steady after recent spike

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BALTIMORE, MD—After a sudden rise of more than $1 a gallon in two weeks, the national average price for gas has remained relatively flat this week, AAA reports. The price as of last week was $3.27, which is 20 cents more than last month but 12 cents less than a year ago.

The drop in price is being attributed to several factors, including the reopening of a BP-Whiting refinery in Indiana. The refinery has been offline since early February due to power issues. The refinery processes nearly 440,000 barrels of crude oil daily, and its shutdown caused gas prices in the Midwest to skyrocket.

“Old man winter is shuffling toward the exit, and with milder weather and longer days looming, the seasonal rise in gas prices is primed to begin,” said Andrew Gross, AAA spokesperson. “But it will probably be a slow, wobbly start to rising prices.”

According to data from the Energy Information Administration, gas demand remained flat last week. Total domestic gasoline stocks declined slightly by 300,000 barrels to 247 million barrels. The drop in demand, amid falling supply, helped to stabilize the national average this week.

This article was written with the assistance of AI and reviewed by a human editor.

Photo via Pixabay

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