Gas and Diesel Prices Move Higher Again

The nation’s average price of gasoline rose 7.8 cents last week to $3.79 per gallon, and diesel jumped 14.9 cents to $4.14 per gallon. The increases follow the rise in oil prices and pressure from hot weather that impacted refineries. However, the pace of increases has started to slow and appears to have peaked over the weekend and is beginning to gently fall, according to GasBuddy’s Patrick De Haan. The fuel market expert says, “Diesel will likely continue to see upward momentum while gasoline price increases should become more limited.” The price of crude oil has rallied for six straight weeks. In recent days, fundamentals have remained solidly in control behind the upward move, as Saudi Arabia continues its severe one million barrel per day production cut, driving prices higher. In addition, government data last week showed the largest weekly decline in U.S. crude oil inventories on record.