For the first time in two months, the nation’s average gas price increased, rising 12.3 cents from a week ago to $3.17 per gallon. The national average is down 22.5 cents from a month ago and 9.5 cents per gallon lower than a year ago. The national average diesel price fell 1.4 cents in the last week and stands at $4.67 per gallon.
GasBuddy’s Patrick De Haan says, “Extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up.”
While the jump at the pump will likely be temporary as most refiners get back online after cold-weather-related issues, some regions, like the Rockies, may see more price increases than others.
Additionally, China’s reopening plans inspired markets that global oil demand will start to recover, as China’s nearly three-year Covid-zero policies appear to be coming to an end.