SPRINGFIELD, Mass. (WWLP) – Gas prices continue to inch higher up nearly four cents in the past two weeks.
Diesel fuel prices are up a little more rising nearly six cents during that time. According to industry analysts, the increase reflects a rise in crude oil prices in October and November.
Prices at the pump are just now catching up. Gas prices are up nearly eight cents in the past four weeks. Experts predict it could go up another two to five cents.
“The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we’ve seen since March, when prices collapsed due to COVID-19. While last week’s gas price surge isn’t likely to repeat this week, it could be a sign of things to come in the year ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets. While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we’re seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar which makes oil cheaper to anyone holding non-dollar currencies, putting upward pressure on demand.”
Historical gasoline prices in Springfield and the national average going back ten years:
- December 21, 2019: $2.46/g (U.S. Average: $2.55/g)
- December 21, 2018: $2.35/g (U.S. Average: $2.34/g)
- December 21, 2017: $2.45/g (U.S. Average: $2.44/g)
- December 21, 2016: $2.20/g (U.S. Average: $2.26/g)
- December 21, 2015: $2.02/g (U.S. Average: $1.99/g)
- December 21, 2014: $2.54/g (U.S. Average: $2.39/g)
- December 21, 2013: $3.42/g (U.S. Average: $3.23/g)
- December 21, 2012: $3.41/g (U.S. Average: $3.23/g)
- December 21, 2011: $3.26/g (U.S. Average: $3.20/g)
- December 21, 2010: $3.00/g (U.S. Average: $2.97/g)
Neighboring areas and their current gas prices:
- Worcester- $2.14/g, up 10.3 cents per gallon from last week’s $2.04/g.
- Connecticut- $2.23/g, up 6.4 cents per gallon from last week’s $2.17/g.
- Hartford- $2.15/g, up 2.8 cents per gallon from last week’s $2.13/g.