Signs of Spring

Increase in gas prices is typically an indicator that spring is in the air.

March 09, 2015

AURORA, Ill. – For those who have been waiting for signs of spring, the steady climb of gas prices is one of the first indicators, according to AAA.

AAA says that while gas price averages have been low for several months due to high supply and low demand, over the past month, drivers across Illinois and northern Indiana have seen that trend reversed. Illinois and Indiana drivers are currently paying on average $2.45 and $2.41 respectively for a gallon of regular unleaded. These prices reflect a rise of more than 20 cents and 15 cents from just a month ago.

In February in Illinois, gas prices averaged $2.34, which was up 27 cents from January 2015 but still $1.15 less than a year ago. In northern Indiana, gas prices averaged $2.26 in February, which was up 31 cents from January 2015 and down $1.12 from February 2014.

“We are entering the time of year when refineries start their seasonal maintenance to prepare for the summer driving season,” said Beth Mosher, director of public affairs for AAA Chicago. “Yet even with the rise of gas prices, drivers are still faring much better than they did a year ago.”

The recently released NACS Retail Fuels Report explains that as 2015 began, oil and gas prices were at six-year lows, and while consumers were delighted with lower prices, that could change as supply and demand shift, whether from world events or from the annual spring transition to summer-blend fuel.

The first week of February traditionally marks the beginning of the spring transition to summer-blend fuels for the petroleum industry. Since 2000, gasoline prices have increased, on average, more than 50 cents between the first week in February and the time of the seasonal high price, typically in late May. While the circumstances may be different year-to-year, the overall pattern in the petroleum markets is surprisingly familiar.

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