US gas prices have once again broken the $2 per gallon barrier after remaining below the mark for an extraordinary five straight weeks. According to AAA Michigan, self-serve regular has over the past seven days in price to $2.11 per gallon, after a series of dramatic slides made motoring in the US the cheapest it’s been in years.
Even with the 15 cent increase, a gallon of regular is still $1.22 cheaper than is was in January 2014.
As far as the future outlook goes for the US, things aren’t expected to change a great deal until the end of the current quarter at least. The report published by the AAA does however suggest that further hikes of a relatively minor nature could be on the cards as of the spring, with things staying pretty steady in the meantime.
On the whole, AAA expects gas to remain below $3 per gallon for regular throughout 2015
The report comes shortly after news of a strong rally for oil market during trading on Monday, as US crude temporarily shot beyond the $50 per barrel mark. An 8% jump of Friday was spurred by reports confirming a three-year low in American oil rigs actively drilling, with Monday’s spike having been labeled a predictable technical move by analysts.
For the immediate future, analysts remain confident that stability will hold out due to global oil stockpiles remaining extremely plentiful and demand wavering.