National Gas Price Spike Continues

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The nation’s average gas price increased for the fourth straight week, rising 15.3 cents from a week ago to $4.46 per gallon. The national average is up 39.1 cents from a month ago and $1.43 per gallon higher than a year ago. The national average price of diesel increased three cents in the last week and stands at $5.55 per gallon. GasBuddy’s Patrick De Haan says, “Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline.” The summer driving season kicks off with Memorial Day, and China announced it would begin to reopen Shanghai, its largest city, after COVID lockdowns and reduced oil demands. De Haan adds, “While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn’t much reason to be optimistic that we’ll see a plunge any time soon.”

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