The average retail price of a gallon of regular gasoline in the U.S. continued to rise overnight while the price in California dropped by such a small amount that virtually no one will notice. Three more states joined the $4 a gallon club, bringing the total to six, and U.S. fuel experts continued at a record high pace.
Across the U.S., the average price of a gallon of regular gasoline rose another 4.1 cents since last week and 0.4 cents overnight to $3.842 a gallon. That's according to the AAA Fuel Gauge Report. The price looked painfully high a year ago on this date, but it was $3.548 a gallon then.
Some analysts didn't think prices had peaked. Patrick DeHaan, senior petroleum analyst for GasBuddy.com, said: "I still maintain that prices will likely not peak until we get closer to the month of May as a majority of localities are still switching to summer gasoline."
Summer or warm weather blends of gasoline require more expensive components than cheaper winter or cold weather blends. As Tom Kloza, chief oil analysts for Oil Price Information Services, said: "In the summertime, gasoline can't have the same volatility and evaporative qualities" of winter blend fuel, unless, he added, "one wants to see ozone inversion layers like those that exist in Chinese urban areas."