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Tuesday, February 25, 2014
Local gas prices rose almost six cents this week to $3.67, according to AAA East Central.

The average price during the week of Feb 18 was $3.61, while the average price a year ago this week was $3.98.

Nationwide, the average price at the pump is $3.43 per gallon, up six cents from one week ago and 14 cents more than one month ago; however national prices remain 35 cents per gallon less than the same date last year.

National pump prices have started to exhibit the seasonal increase motorists are familiar with as we approach spring. While international conflicts or domestic refinery issues exacerbated this run up each of the last three years, the absence of such catalysts has resulted in a less dramatic increase thus far in 2014.

Cold weather and limited demand across the country have helped to keep a lid on gasoline prices so far this year. As the weather warms and refineries begin the switchover to produce more expensive summer-blend gasoline though, pump prices are likely to continue higher, especially if crude oil prices remain elevated. Crude oil prices may be affected in coming weeks by ongoing geopolitical tensions in South Sudan and Venezuela.

At the close of Monday’s formal trading on the NYMEX West Texas Intermediate (WTI) crude oil prices settled up 62 cents at $102.82 per barrel, which began the third consecutive week above the $100 threshold.

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