AAA reports that the national average price of gas increased Wednesday for the first time in 20 days, but average prices are still at levels not seen since January 2009. The national average has fallen for 42 out of 47 days this year, for a total savings of 30 cents per gallon.
As is typical for this time of year, refinery production is beginning to drop as many refineries prepare for seasonal maintenance in advance of the summer driving season, according to AAA.
In addition, some refineries reportedly have cut production because of abundant supplies and low prices. This decline in production has led to higher prices throughout the Midwest and slowed recent declines in the national average price of gas.
Industry analysts expect this year’s spring maintenance season to peak in April, and pump prices are likely to rise in the coming months due to fluctuations in supply and demand associated with this process, AAA reports.
However, unlike previous years, gasoline inventories are reportedly at higher-than-normal levels and the price of crude oil remains low.
AAA says the combination of these two factors should help keep gas prices relatively low compared to recent years, though prices are likely to be a good deal higher by Memorial Day than they are today.
You can track gas prices in your community by downloading the WHIO app and clicking on Pump Patrol.
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