For the first time in two weeks, the nation’s average price of gasoline declined, falling 3.1 cents from a week ago to $3.80 per gallon. The national average is up 1.3 cents from a month ago and 13.6 cents per gallon higher than a year ago. The national average diesel price decreased 1.4 cents last week and stands at $4.53 per gallon, 38.0 cents lower than one year ago.
GasBuddy’s Patrick De Haan says, “It’s been a mostly quiet week for the national average price of gasoline,” but adds, “New and continued refinery issues in some regions have had an oversized effect on gas prices in some states, especially in Southern California, Arizona, and Nevada.”
With some worry over the Fed’s statements last week hinting that more interest rate hikes could be coming, oil prices saw some profit-taking last week, falling after Jerome Powell’s latest statements. Meanwhile, U.S. retail gasoline demand saw an increase of 2.4 percent last week, bouncing back after several poor readings.