Akron weekly gas update for Feb. 17

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Akron - Average retail gasoline prices in Akron have risen 3.6 cents per gallon in the past week, averaging $3.44/g yesterday, according to GasBuddy's daily survey of 372 gas outlets in Akron. This compares with the national average that has increased 5.0 cents per gallon in the last week to $3.34/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Akron during the past week, prices yesterday were 37.4 cents per gallon lower than the same day one year ago and are 23.2 cents per gallon higher than a month ago. The national average has increased 6.1 cents per gallon during the last month and stands 34.3 cents per gallon lower than this day one year ago.

"After weeks of relative stability with little change in gas price nationally, we've seen a new trend develop that has sent the national average to its highest level since mid-October," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Oil prices have recently surpassed $100/bbl, a $6/bbl jump since we began 2014, and unfortunately this new trend may signal the beginning of "March Madness", the time of year that brings large spikes in gas prices. Very few stations have gasoline under $3/gal, and I expect those few stations will all but dry up over the next couple weeks. The national average will likely rise 35-50 cents per gallon by the time gasoline prices peak in April or May, ahead of the start of the summer driving season that brings the switch to more expensive, cleaner burning summer gasoline," DeHaan said.

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