x
Breaking News
More () »

Gas prices rise as temperatures drop

By Matt Maisel January’s low gas prices gave way to one of the steepest hikes in recent months, and the rise isn’t expected to stop until the summer. Gas prices...

By Matt Maisel

January’s low gas prices gave way to one of the steepest hikes in recent months, and the rise isn’t expected to stop until the summer.

Gas prices across the Midstate region jumped, on average, $0.36 in February. On February 1, local gas cost approximately $2.14. On March 1, that average has soared to $2.50.

February’s 36 cent gas hike mirrors the national average as well, which jumped from $2.06 to $2.42.
Why such a steep rise?

“The rise in crude oil prices are a contributing factor,” Patrick DeHaan, petroleum analyst for GasBuddy.com told Fox43. “Extremely cold weather can wreak havoc on refineries exposed to elements as well.”

Locally, February’s 20.9 degree average temperature was the coldest February and fourth-coldest month on record.

In Philadelphia, a frozen Delaware River forced an oil refinery to temporarily shut down, as it was not receiving cooling water needed to make gasoline. Other refineries in Ohio and northern Indiana had to close, as well, which contributed towards a 17 cent spike in prices in the past week alone.

“Unfortunately when refineries go offline as a surprise,” DeHaan said, “Its a surprise to the market as well.”

DeHaan said this time of year, gas prices tend to start their climb anyway. Oil refineries across the country have started spring-time maintenance, which according to DeHaan, affects gas as it transitions to a more expensive type of summer blend of gasoline.

“As a result of those refineries doing maintenance, there is less gasoline being produced,” he said.

“When refineries aren’t producing gasoline, that means inventories decline. That’s what we saw last week.”

DeHaan said the cold temperatures mixed with the annual maintenance exacerbated the steep cost.

Prices should continue to rise, albeit not at February’s steep incline, through April, then drop slightly in late May and early June.

“I wouldn’t expect the pain at the pump to be too severe,” DeHaan said. “The prices this summer are still likely to be far under what they were last summer.”

Currently, national gas prices are $1.07 under what they were this time one year ago.

Before You Leave, Check This Out