Gas prices flat despite crude slump

Posted March 20, 2017

Gas prices are pretty steady in MI this week with just a one cent increase in the statewide average compared to last week's report. A year ago it was $1.98. Rockford's average is $2.24, down a penny from last week.

Pittsburgh-area drivers are paying about 46 cents more than a year ago at this time, but less than the $3.85 cents per gallon seen on March 20 in 2012.

"A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily", said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. This is the second consecutive week to see highly unusual declines in pump prices.

The price of gasoline is down once cent from last week.

Crude oil prices remained soft last week as traders and analysts entertain doubts about the ability of production cuts from OPEC and other producers to bring the crude market back into balance at the same time that US producers are ramping up production to take advantage of prices in the $50 to $55 range.

After remaining relatively flat, the national average price for regular unleaded gasoline has now fallen to today's average of $2.30 per gallon.

Gas prices typically rise in the spring and summer months as driving increases and refineries switch to the summer-blend of cleaner-burning fuel in major cities.