Gas prices undergoing seasonal increases

Posted on March 27, 2018
gas pumps
Gas prices are as low as $2.40 a gallon in Bloomington-Normal. (Photo courtesy Pixabay)

By RFD Radio Network

SPRINGFIELD – Crude oil futures are still trading well below $100 a barrel, although prices at the pump are rising.

Growmark’s Harry Cooney said the pump price increase is not unusual for this time of year.

“There’s some seasonality in that,” Cooney said. “When you change over in the spring to the vapor pressure in the summer grade of gasoline, usually that puts on 15 cents a gallon or so. We’re in that process of changing over to the summer grade at the refineries.”

Cooney said while some increases are expected, any additional increases will depend on markets.

“We’ll probably have a little bit more to go on the upside, and then we’ll have to just see how far the futures market wants to rally from here,” Cooney said.

May crude oil futures are just over $64 a barrel. Prices at the pump in Illinois are averaging $2.62 a gallon. Some service stations in Bloomington-Normal are as low as $2.40 a gallon.

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