– Update Gas Prices Climbing

CHICAGO (July 17, 2013) – The national average price of gasoline today- $3.67/g- is up 15 cents from where it stood just one week and nowhere in the country has the price climb been any steeper than the Great Lakes region.

“Indiana’s prices have risen by 29 cents over the past week, nearly double the rate of increase the rest of the country is seeing,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “And the price escalation has been nearly as exasperating for consumers in Michigan (+.27), Illinois (+.26) and Wisconsin (+.23).”

Additionally, the U.S. Dept. of Energy’s weekly report today said crude oil inventories decreased by 6.9 million barrels to a total of 367 million barrels, a level that is 10.4 million barrels below last year’s.

“If there’s a silver lining in the report it’s that gasoline inventory increased and refinery output is healthy,” said Gregg Laskoski, another senior petroleum analyst with GasBuddy. “But with the backdrop of current demand and NYMEX crude at $106 we can only expect retail prices to continue their upward momentum,” Laskoski noted.

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GasBuddy operates NorthDakotaGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 25 million times to help motorists find the lowest gasoline prices in their area.

North Dakota, July 15, 2013 – Average retail gasoline prices in North Dakota have risen 10.0 cents per gallon in the past week, averaging $3.59/g yesterday, according to GasBuddy’s daily survey of 493 gas outlets in North Dakota. This compares with the national average that has increased 11.7 cents per gallon in the last week to $3.62/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in North Dakota during the past week, prices yesterday were 5.9 cents per gallon higher than the same day one year ago and are 21.4 cents per gallon lower than a month ago. The national average has increased 0.4 cents per gallon during the last month and stands 19.5 cents per gallon higher than this day one year ago.

“Nationally, gasoline prices have begun moving upward yet again. I suspect that the unrest in Egypt is playing a significant role in pushing crude values higher, and thus retail gasoline prices higher as well,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “The market is seemingly quite sensitive to the situation in Egypt as the Energy Information Administration has reported two consecutive weeks of large declines in crude oil inventories, drawing concern that a loss in Middle Eastern crude would mean continued declines in inventories stateside,” DeHaan said.

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