On April 10th, we had warned the spring price rally along with summer gas specification changes were upon us and soon retail gasoline prices would breach the $3.00 mark. Looking at GasBuddy, retail gas prices today across Pennsylvania $3.00 plus prices are now the norm. Pittsburgh with RFG gasoline leads the state with an average $3.15 per gallon 87 grade pump price.
summer gas prices
On March 1st the front month futures gasoline contract closed at $1.74 a gallon. At the time of this writing the contract trades were at $2.03 per gallon, a 14% increase in five weeks. Further pushing physical prices higher is the price differential (Basis) versus the futures which moved $0.07.