Fuel prices have been hovering around historically low prices, but price increases may be on the horizon.
The current national average for regular unleaded gasoline remains at the lowest level since the 2009 recession, but fuel prices are expected to rise as the spring season approaches.
A new report from AAA has revealed that the current national average of $1.71 is the lowest since 2004, and prices at the pump have fallen for 41 of the last 47 days. The current average is down 13 cents per gallon on the month and 58 cents per gallon on the year, but they are up one cent on the week.
The AAA report stated that, due to the maintenance that will be conducted in the coming season, refineries will be producing less oil, which may cause prices to spike. Certain regional markets are already experiencing the effects of refinery production cuts, as prices have climbed on the week. However, the current excess supply of gasoline may limit the seasonal price spike.
AAA has reported that, currently, 45 states are paying retail averages below $2 per gallon, with Missouri and Oklahoma paying only $1.46 per gallon, the lowest averages in the country. The highest average fuel prices are being paid in Hawaii, where the average is $2.57.
Research from AAA has revealed that fuel prices are moving in different directions throughout the country, with prices down on the week in 30 states and Washington D.C., while 20 states are paying higher prices on the week. The largest savings are being experienced west of the Rocky Mountains, and the Midwest is experiencing the largest price jumps, and they are expected to continue rising.
Currently, 47 states and Washington, D.C. are experiencing monthly savings on fuel, and year-over-year retail averages are down in every state.