While national oil prices fall, Washington gas prices ratcheted up 40 cents | Eastern North Carolina Now

Nationally, petroeleum prices have been in decline recently, and that has also been the case in the last few days.

https://www.zerohedge.com/energy/wti-extends-losses-despite-largest-weekly-crude-inventory-ever

In fact, here is the chart of the latest activity on the price of the key US oil grade, West Texas Intermediate:

And gasoline demand is also not very strong.  The blue line on this chart is 2023 with the red circled portion the recent movement  The grey broken line is the 2015-2019 average, and 2023 is well below that.

So what has happened with local gas prices?  A couple of days ago, led by the usual suspect, Speedway, most stations jumped 40 cents to $3.69.  As usual, Murphy Express has since been knocking a few pennies off at a time, while a new consumer hero, the Union 76 across from the new police station only raised their price to $3.59, ten cents below the price Speedway led with.  This happened at a time that petroleum prices AND gasoline demand were falling.

Indeed, in travelling elsewhere in eastern North Carolina yesterday, the pattern repeated.  In Jacksonville, many stations were still between $3.40 and $3.49 but Speedway was at $3.69 as often were stations located close to them.  Coming up through New Bern yesterday afternoon, most stations were at $3.29, with some at $3.30 and $3.39.  I bought gas at $3.29.  Then crossing the river at Bridgeton, there was a Speedway, and you guessed it, their price was $3.69 and a station nearby on the other side of the road was $3.59.

Before Speedway bought out another chain in eastern North Carolina, we did not see the 20 and 30 and 40 cent price jumps that we have been seeing since they came here.

Last summer, after a Speedway led major gas price jump in Washington, I drove to the Outer Banks and gas was actually cheaper there than with the new Speedway-led hike in Washington.  Normally, one expects gas to cost more at the beach but not that time.