Fuel Prices Stabilize as OPEC Increases May Oil Production

For the third consecutive week, the national average price of gasoline dropped, declining 0.4 cents to $2.86 per gallon, according to GasBuddy. The national average stands 9.9 cents higher than a month ago and nearly 96 cents higher than a year ago. The national average price of diesel fell 0.2 cents in the last week and stands at $3.08 per gallon.

GasBuddy’s Patrick De Haan says, “last week was a mixed bag for consumers at the pump as gas prices in half of states rose, while the other half saw declines.” De Haan says gasoline prices may see a second run to reach a national average of $3 per gallon in the months ahead.

Data from the Energy Information Administration last week printed a decline in U.S. oil inventories, which now stand about six percent above the average range for this time of year. Meanwhile, U.S. gasoline demand continued to rise for the week ending March 27, as Americans continued to get outside amidst better conditions and fewer travel restrictions.