US Gasoline Prices Rise To 5-Month High
Seasonal impacts continue to put pressure on gas prices, even though the rising price of oil is the largest factor.
GasBuddy's latest data shows that U.S. gas prices have risen for the third consecutive week. They rose $.076 a gallon over a week earlier to $3.65 a gallon yesterday.
The highest level reached since November 2022.
GasBuddy data shows that the national average price for a gallon is now $.221 more than a month earlier.
The national average gasoline price has continued to rise, as 45 out of 50 states have seen their prices increase over the past week.
Seasonal factors continue to exert pressure on gas prices. While oil prices are likely the biggest factor, they are not the only one.
GasBuddy’s head of petroleum analyses at GasBuddy wrote in a Monday note.
States in the Northeast should be prepared for a steep rise in gas prices in the coming weeks. The final transition step has been completed in every other region, so the Northeast will likely see a big jump in gasoline prices of 15-40 cents a gallon.
The oil price is still a wild card, but the average national price will likely peak in a few more weeks. It's still a 50/50 shot that it will reach $4 per gallon.
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Crude oil prices reached their highest level of the year last week, above $80. This was due to OPEC+ agreeing to reduce its production by an additional 1,66 million bpd starting in May.
The U.S. gas demand rose 1.4% in the last week.