Gas price increase in Las Vegas slows, but $5 average still possible

Gas prices in the Las Vegas Valley increased slightly over the weekend, but the rate slowed significantly compared with last week’s pace.

The average price of regular unleaded gasoline in the Las Vegas area spiked just 4 cents between Saturday and Monday, with the price starting the week at a new record high of $4.97, according to AAA data.

Nevada’s statewide average Monday hit $4.95 per gallon, also up 1 cent over the previous day. Further north, Reno’s average gas price continues to be above the rest of the state, at $5.07 per gallon.

The national average for a gallon of regular unleaded gas Monday was $4.32, which was unchanged from Sunday’s average and 1 cent off the record set on March 11.

Wholesale gas prices fell 10 to 15 cents per gallon Monday across the U.S., with the West Coast being a notable exception.

Refinery issues in Southern California resulted in wholesale gas prices increasing by 25 to 30 cents per gallon, according to Tom Kloza, chief global analyst for the Oil Price Information Service.

Retail prices are likely to fall across much of the nation this week, but prices still could increase in multiple Western states due to the refinery issues. That means $5 per gallon this week in Las Vegas is still a possibility.

“So, it’s not Russia nor OPEC, but the refiners in the L.A. Basin that are responsible,” Kloza said in an email Monday afternoon. “You might see increases in the next 24-36 hours in California, Nevada, and Arizona.”

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on Twitter.