Janice R. Andrews
The Midwest has experienced a discernible rise in gas prices within the last week. The average cost of standard fuel as of Monday was $3.37 per gallon, as reported by the U.S. Energy Information Administration (EIA). Compared to last week’s average of $3.32 a gallon, this is an increase.
Monthly and Annual Evaluations
The Midwest’s average fuel price this month is around five cents more than it was last month. The region’s gas costs have changed dramatically in the last year. The price per gallon ranged from $2.77 on January 8, 2024, the lowest recorded price, to $3.77 on August 14, 2023, the highest recorded price.
In the Midwest, the average gas price a year ago was $3.41 a gallon, which was marginally more expensive. This suggests a about 1% decline from the previous year.
National Setting
The Midwest continues to have somewhat cheaper gas prices than the national average. The average gas price throughout the country increased to $3.50 per gallon last week from $3.49 the week before. This indicates that the average for the Midwest is currently 3.6% less than the national average.
Breakdown of States by States
The states of Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin are included in the EIA’s Midwest region. Within this region, there can be large variations in gas prices between states because of things like local taxes, transportation expenses, and dynamics of supply and demand.
Interactive Fuel Price Trend Tool
A more in-depth examination of the patterns in gas prices in a particular area can be found using the interactive tool at data.hillsdale.net. This tool offers a thorough overview of past price movements and trends and lets users understand how gas prices have evolved over time in various Midwest regions.
Elements Affecting Gas Prices
The price of crude oil, the rate of production at refineries, and geopolitical developments are some of the variables that affect gas prices. Seasonal variations may also be important, since demand usually rises in the summer when more people travel.
Prognosis for the Next Few Weeks
Experts anticipate that volatility in gas prices may persist in the future. A number of factors could affect future prices, including the state of the economy, fluctuations in the price of crude oil, and possible disruptions to supply systems.
Effect on Businesses and Consumers
The Midwest’s businesses and customers are directly impacted by the recent increase in gas prices. Elevated fuel expenses have the potential to cause a rise in transportation costs, which could subsequently impact the costs of goods and services. Fuel prices may increase for consumers, while operating expenses may rise for enterprises.
It’s critical to keep up with the most recent trends and changes as gas prices in the Midwest rise. With the average price per gallon being at $3.37, it is critical that both businesses and individuals keep a careful eye on these developments. Decision-making for individuals and businesses can be facilitated by the interactive tool available at data.hillsdale.net, which can offer insightful information on regional trends in gas prices.
