Carol Thorp
Carol Thorp
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Motorists have not seen the end of price increases. Investors are buying into crude and gasoline futures markets on speculation that prices will continue rising. Retail prices still have not caught up with wholesale price increases. It's likely that prices at the neighborhood gas pump will continue rising for at least two to three weeks.
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Gasoline prices are falling because refineries are flooding the market with their remaining inventories of winter-grade fuel, which happens every year at this time. The slight downward trend should continue for a couple of weeks. Refineries begin shipping summer-grade fuel on March 1st. After then, motorists can expect to see prices turn upward again.
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The relationship between supply and demand is relatively balanced in California, so normally we should see stable prices. However, speculators in oil and gasoline markets have kept prices high, and that has filtered down to local gas pumps. The trend for higher gas prices is expected to continue for the next several weeks.
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It's likely that increases will continue for at least the next few weeks.
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Prices went up throughout Southern California this past week, but not at as rapid a pace as we've seen during other gas price spikes. It's likely that increases will continue for at least the next few weeks.
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Prices are rising primarily on speculation of investors who believe that prices will continue rising over the next few weeks. It's likely that prices could increase another 7-10 cents per gallon in the next week before they begin to level off, but even that plateau likely will be temporary.
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Motorists might see prices stabilize over the next week or two, but that could only be a temporary pause.
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Motorists might seen prices stabilize over the next week or two, but that could only be a temporary pause. Upward pressure on gas prices will increase in February due to reduced production as refineries rush to finish the changeover from producing winter grade to summer grade fuel before the March 1 deadline.
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Motorists can expect two to three weeks more of price increases that could send the average price of regular as high as $3.10 to $3.20 per gallon.
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Since then we have seen a gradual increase until prices are now equal to a month ago.
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Refiners are selling off all supplies of winter grade fuel in advance of next Tuesday's deadline. That has put extra supply on the market, sending prices lower. Motorists can expect to see prices stay near current levels for a couple of weeks. After that, with the extra winter grade supply used up, motorists should expect more upward pressure on retail gas prices.
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Nationally, production is down and demand is up compared to last year. In addition, many regions of the country are having trouble getting sufficient supplies of ethanol, which is used in new formulas for gas. Uncertainty about supply has lifted gasoline to near-record prices on the spot market and that filters down to the neighborhood gas pump.
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Over the next few weeks we'll be up to where we were before Hurricane Katrina, and that's going to put more gasoline on the market. We think that will cause gas prices to start coming down over the Memorial Day weekend.