Gas prices stable this week, large increases since January
NANCE BESTON | Hagadone News Network | UPDATED 1 month, 2 weeks AGO
MOSES LAKE — Gas prices across Washington were largely unchanged this week, but drivers are still paying significantly more than they did in early January as global tensions continue to pressure oil markets.
The relative stability follows several weeks of volatility tied to escalating conflict near the Strait of Hormuz, a key global shipping route for crude oil. Patrick De Haan, head of petroleum analysis at GasBuddy, said drivers should be prepared for more price swings.
“Average gasoline prices surged for many Americans through the first half of last week before easing in some areas after oil prices slipped following President Trump’s announcement of a ceasefire,” De Haan said in a statement.
As of April 13, Washington’s average gasoline price remained $5.39 per gallon, the same as the previous week, according to AAA. In the beginning of January, prices were sitting at $3.84, which marks a 40.4% increase in fuel prices from the start of the year.
National prices inched up from $4.12 to $4.13 to this week from last, a 0.2% increase, according to AAA. Since the start of the year, Jan. 5, prices have seen a 46.9% increase from $2.81.
Grant County saw a slight decline from $5.11 to $5.10, a 0.2% decrease this week, according to AAA. Despite the decrease this week, the county has seen a 34.6% increase since January when prices were sitting at $3.79.
Adams County held steady at $5.07 for the third week in a row, according to AAA. Prices were sitting at $3.85 on Jan. 5, meaning there has been a 31.7% increase in the county since the start of the year.
De Haan said although this week was relatively calm for prices, there were breakdowns in talks and renewed escalation over the weekend which could result in another round of price increases.
“The move toward a full blockade of the Strait of Hormuz is compounding global supply concerns and risks further disrupting flows, which pushed oil prices sharply higher in Sunday night trading,” De Haan said. “As a result, gasoline prices are likely to jump again this week, with diesel expected to follow, until there is a meaningful restoration of shipping through the Strait.”
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