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Demand Pushing Gas Prices Higher

After falling last week, the nation’s average price of gasoline rebounded, rising 5.6 cents from a week ago to $3.57 per gallon. GasBuddy’s Patrick De Haan says, “The good news has continued for average diesel prices, which again fell last week to their lowest since early 2022, helping to relieve some pressure on hard-hit consumers of diesel.”

The national average diesel price fell 1.6 cents in the last week and stands at $3.87 per gallon. Diesel prices at the top ten percent of stations in the country average $4.91 per gallon, while the bottom ten percent average $3.17 per gallon. While oil prices had rallied last week on OPEC+’s production cuts announced for 2024 and Saudi Arabia’s July cut of 1 million barrels, markets are still jittery over the potential for more rate hikes amidst stubborn inflation and banking sector challenges.

In addition, Goldman Sachs cut its price forecast for crude by nearly ten percent as it sees Russian supply recovering.

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