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Rochester gas prices remain above national average

Rochester Business Journal
July 7, 2014

Gasoline prices in Rochester remained stubbornly high heading into the Fourth of July holiday weekend and for the second consecutive week remained above the $3.80 a gallon mark, a weekly survey by GasBuddy shows.

Locally, gas prices rose 1 cent to $3.82 per gallon from June 23 to 30 and were up some 17 cents a gallon from the same week a year ago. Rochester’s gas prices remain significantly higher than the national average of $3.68 per gallon.

“Just in time for the July 4 weekend, it appears the national average has hit a new 2014 high in the last week,” GasBuddy.com senior petroleum analyst Patrick DeHaan said. “The good news is that we’re seeing signs that the peak price we hit last week is starting to unwind.”

According to the U.S. Energy Information Administration, Texas’ monthly oil production reached 3 million barrels per day for the first time since the last 1970s and North Dakota’s monthly oil production hit a record 1 million barrels per day.

EIA reports the national average retail gasoline price was $3.70 per gallon on June 30.

“Although this is the highest average heading into the Fourth of July holiday since 2008, gasoline prices in 2014 have remained well below the spring peaks reached in each of the previous three years,” EIA analyst Tim Hess said in a statement.

GasBuddy operates more than 250 websites tracking gas prices at more than 140,000 stations nationwide, including RochesterGasPrices.com. In Rochester, GasBuddy tracks price changes at more than 300 retail outlets.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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