Have gas prices peaked?
From mid-January to the end of February, the national average diesel fuel prices increased about 27 cents and regular unleaded gas price jumped 49 cents. When prices rise this rapidly, it makes it hard for carriers to keep up since fuel surcharges are passed on based on the previous week’s prices.
Diesel gas prices peaked Feb. 25 at a national average of $4.159 a gallon. Since then, prices have started to drop- slowly. As of the last report issued March 11, the price is down to $4.088.
But, as the American Automobile Association (AAA) pointed out in a February release, gas prices have increased in March for the past nine years.
According to AAA, higher gas prices in January and February were due to refinery maintenance, which results in a smaller supply. Future prices can be affected by the switch to summer-blend gasoline.
While prices are finally lower than they were a year ago, it is still best to be cautious. Expert planning is the key to keeping costs as low as possible.