Pump Prices Are Up for the First Time in Months -- It Won’t Last
(Bloomberg) -- American pump prices are on the rise for the first time since the coronavirus pandemic spurred widespread lockdowns and took drivers off the road. But the bump probably won't last into next week.
The national average reached $1.772 per gallon Thursday, marking the first increase since Feb. 22, according to data from AAA and GasBuddy. Refiners curbing production to avoid a supply glut briefly put a floor on prices, sparking the rebound, according to Patrick DeHaan, a GasBuddy analyst.
While gains in the cash gasoline market, particularly in Chicago and California, may end the days of sub-$1 gasoline seen in some parts of the country, prices at the pump won't stay up for long.
“I think we'll see it go up one or two days, and then continue the downward trend. We've still got 40 of the 50 states that are moving down,” DeHaan said.
©2020 Bloomberg L.P.
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