The nation’s average gas price increased 3.8 cents from a week ago to $3.36 per gallon, according to GasBuddy. The national average is up 17.1 cents from a month ago and $1.21 per gallon higher than a year ago. The national average price of diesel increased 5.9 cents in the last week and stands at $3.58 per gallon. However, “there may be some light at the end of the tunnel,” according to GasBuddy’s Patrick De Haan, who says, “The sharp rise we’ve seen over the last three weeks should begin slowing down soon, barring another jump in the price of oil.” The price of crude oil remained under pressure as global fundamentals continue to point out falling oil inventories and not enough supply amidst an energy crunch overseas. OPEC waived off any increases during their October meeting, but will meet again on November 4 and could revisit the decision to hold back production.
Fuel Price Increases Should Slow Soon