{"id":164030,"date":"2021-04-02T11:52:54","date_gmt":"2021-04-02T15:52:54","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=164030"},"modified":"2021-04-02T11:52:54","modified_gmt":"2021-04-02T15:52:54","slug":"gas-prices-fall-after-lengthy-run-up","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2021\/04\/gas-prices-fall-after-lengthy-run-up\/","title":{"rendered":"Gas Prices Fall After Lengthy Run Up"},"content":{"rendered":"
\"Gas<\/a>
Gas prices dropped this week as demand and supply began to find some equilibrium.<\/figcaption><\/figure>\n

After a lengthy run up<\/strong><\/span><\/a>, gas prices dipped \u2014 slightly \u2014 this week. The national average fell 2 cents per gallon compared with the week prior to $2.86 per gallon.<\/p>\n

The change hit most parts of the country as 45 states saw prices decline or stay flat compared to a week ago, according to AAA. GasBuddy.com, a website that tracks gas prices, had the national average a bit lower at $2.84 per gallon and the decline a bit steeper at 2.7 cents per gallon.<\/p>\n

A few trends are in play to help drive prices down, including increased production and a lessening of demand.<\/p>\n

\u201cGrowing stock levels and cheaper crude oil prices are putting downward pressure on pump prices for the majority of motorists,\u201d said Jeanette McGee, AAA spokesperson. \u201cThese are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet.\u201d<\/p>\n

Prices could rise<\/h3>\n
\"Getting<\/a>
The drop in price could be short lived as refineries begin the switch to summer blends.<\/figcaption><\/figure>\n

Patrick De Haan, GasBuddy\u2019s head of petroleum analysis, said the trend could be short lived as the impact of the Ever Given running aground and blocking traffic through the Suez Canal<\/strong><\/span><\/a> is difficult to determine at this point.<\/p>\n

The lengthy shut down reportedly cost $9 billion a day in international trade, which adds volatility to the markets. He also noted that refineries are coming back to life in the wake of the winter storms<\/strong><\/span><\/a> that shut down much of the refining capability in Texas for two weeks.<\/p>\n

\u201cAfter the feverish rise in gas prices to start the year, increases have largely tapered off and we\u2019re now seeing decreasing prices in most areas of the country, thanks to oil prices that have moderated for the time being,\u201d said Patrick De Haan, head of petroleum analysis for GasBuddy.<\/p>\n

\u201cAs the Suez Canal has remained blocked for nearly a week, we could see some volatility in the price of oil this week as the market digests any updates as hundreds of ships remain in limbo. Back stateside, refiners have made the switch to summer gasoline and price impacts have been limited thus far, but demand for gasoline remains strong.\u201d<\/p>\n

Pricing trends<\/h3>\n

\"\"<\/a>While a few cents cheaper on the week, the national gas price average is 15 cents more expensive on the month and 84 cents more expensive on the year, according to AAA. Despite the current set of unknowns, some trends related to prices emerged this week, including:<\/p>\n