Saturday, July 20, 2024
HomeAg NewsFuel Price Increase Pauses

Fuel Price Increase Pauses

The national average gas price declined last week for the first time in more than a month. The average gas price stands at $3.24 per gallon, down 1.9 cents from a week ago.

The national average is up 13.3 cents from a month ago but 9.2 cents per gallon lower than a year ago. Meanwhile, the national average diesel price fell 2.6 cents last week and stands at $4.06 per gallon—33 cents lower than one year ago. However, GasBuddy’s Patrick De Haan cautions, “While the pause has certainly been nice, this is more like a rain delay than it is a 7th-inning stretch.”

De Haan says all eyes are on refiners as utilization remained seasonally weak, around 80 percent of capacity, meaning there’s less gasoline and diesel being produced. U.S. retail gasoline demand increased 2.2 percent for the week, as oil prices hovered around $80 per barrel.

- Advertisment -

Latest Stories