Gasoline prices have surged in the Black Hills region, with several stations raising their prices by more than 20 cents per gallon in recent weeks.
The increase in gas prices can be attributed to several factors, each contributing to the uptick at the pump. One of the primary drivers is the heightened summer travel season, which escalates demand for fuel across the region. As more people hit the road, the demand for gasoline rises, subsequently pushing up prices.
Moreover, during hotter months, gas stations are required by law to switch to a more fuel-efficient “summer blend” of fuel. This blend, although environmentally beneficial, comes at a higher cost compared to the traditional fuel used in cooler months.
Another significant factor impacting pump prices is the cost of crude oil per barrel. When crude oil prices rise, as they have recently, consumers typically experience higher costs per gallon.
Shawn Steward, Public Affairs Manager for AAA South Dakota, commented on the current trend, noting that while gas prices are indeed climbing, the situation is less dire compared to the record highs seen in June 2022. He emphasized the difficulty in predicting gas price trends but suggested that prices could potentially start to decrease as August or September approaches.
The fluctuating nature of gas prices underscores the volatility of the market, influenced by seasonal demands and global oil prices.
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