But $3.50 a gallon gasoline is already here in 2012, weeks before refineries typically shut down for springtime maintenance, and weeks before the states switch from their less expensive winter blends of gasoline to more complicated and pricier summer blends.
“This definitely sets the stage, potentially, for much higher prices later this year,” said Brian L. Milne, refined fuels editor for Telvent DTN, a commodity information services firm. “There’s a chance that the U.S. average tops $4 a gallon by June, with some parts of the country approaching $5 a gallon.”
Today, for example, the national average stands at $3.511, up from $3.480 a week ago, according to the AAA report, which gets its figures from prices compiled by the Oil Price Information Service.
The average in Pennsylvania is even higher: $3.63. According to GasBuddy.com, the cheapest gas in the Allentown area as of Tuesday was $3.49, at USA Gas on West Tilghman St.
There are plenty of reasons for the high prices, and lots of reasons to fear a big price spike in the spring, said Tom Kloza, chief oil analyst for OPIS.
“Early February crude oil prices are higher than they’ve ever been on similar calendar dates through the years, and the price of crude sets the standard for gasoline prices,” Kloza said, later adding, “We’ve lost a number of refineries in the last six months (to permanent closure). Some of those refineries represented the key to a smooth spring transition from winter-to-spring gasoline.”
Some cities, like Los Angeles and New York, are already closing in on $4 a gallon, said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.