Gas prices down again, but relief may be short-lived

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Ferre Dollar/CNN

The average price for a gallon of unleaded gas fell more than a nickel last week, before rising again to $2.55 on Tuesday.

Most of the nation saw the average price drop last week, with only Hawaii, Indiana and Nevada seeing higher prices.

Last week’s prices, the second straight week in which they dropped, coincided with declining oil prices, which reached $58 a barrel at one point. They rallied to close the week at $61.68 per barrel.

Patrick DeHaan, chief petroleum ecnomist at GasBuddy, said retail prices have largely caught up to the cost to wholesellers, which translated into relative stability at the pump. But, he added, some states will see minor price increases this week followed by increases across much of the rest of the country.

“The trend may not be over just yet, but oil prices have rebounded from their lows and are again strengthening, which may cut the party at the pump short in the weeks ahead,” he said.

Mississippi had the lowest average per-gallon price last week at $2.25, followed by $2.27 in South Carolina Alabama and Ohio. Motorists in Hawaii ($3.42), California ($3.30) paid the most.