The nation’s average gas price increased 2.9 cents from a week ago and stands at $3.30 per gallon, according to GasBuddy. The national average is up 7.5 cents from a month ago and $1.08 per gallon higher than a year ago. The national average price of diesel increased 7.8 cents in the last week and stands at $3.53 per gallon. The start of the new week brought oil to yet another fresh seven-year high. GasBuddy’s Patrick De Haan says, “With OPEC holding back oil production and strong global oil demand, the situation will no doubt pave the road with even higher gas prices in the weeks ahead.” Until several bottlenecks ease, including supply chains and low global inventories of oil, natural gas and coal, the U.S. will be stuck feeling the pinch of rising oil and gasoline prices. According to the Energy Information Administration, crude oil inventories saw a surprising jump, thanks largely to refinery utilization, or inputs, dropping a significant amount.
Fuel Prices Continue Increase