Gasoline prices increase after weeks of decline
Gasoline prices have falling steadily over the past few weeks, but this week, fuel prices are on the rise again. Data from AAA shows that the current average price of a gallon of gasoline today is $4.11, up from last week’s recent low of $4.06. So, why the small increase in price? Even with all the external pressure on oil prices, the market is still influenced by seasonal demand.
“As the days get longer, the weather gets warmer and pump prices drop from record highs, consumers feel more confident going out,” said Andrew Gross. AAA spokesman. “But this lower pump price may only be temporary if global oil prices rise due to limited supply.”
Gasoline prices increase every year as the weather changes and more people start to travel. So basically, the experts are saying that it’s not surprising to see the same thing happening right now, even outside of the phenomenal prices we’ve seen in 2022.
Oil prices rose broadly this week compared with last week. A barrel of WTI crude oil today is $102.54 and it fell to $93.79 last week. Similarly, Brent crude is at $105.49 today, but was at $98.46 more than a week ago.
“We’ve seen average nationwide gas prices fall every week over the last month, a feat we probably wouldn’t have expected before the summer and when Russia continue the war with Ukraine,” Patrick De Haan, head. oil analysis at GasBuddy. “However, the downturn could slow or even reverse in the coming days if oil prices continue to rise.”
The threat of more EU sanctions Russiaand China reopens previously closed cities (due to Covid) also played a role in this price disturbance. Total U.S. oil inventories are down about 11 percent from a year ago, and GasBuddy says inventories are down about 15 percent from the five-year average.
The average price for a gallon of gas has fallen below $4 in most countries, says AAA’s Gross. “And these lower prices could be a boon for drivers on the road even more when warmer weather returns.”
Of course, the small price increase over the past few days can cause those drops to be wiped out completely quickly. California continues to show the highest average gas price domestically, for $5.69 today. Meanwhile, Georgia is the lowest with 3.71 USD.
If you want a nice discount on gas, Krispy Kreme just announced a program that sets the price of a dozen glazed donuts to the average national gas price. You’ll be able to take advantage of the offer every Wednesday until May 4. This week, the price of a dozen donuts is set at $4.11. Regular prices vary by location, but no matter where you live, this is an incredible deal for a dozen donuts.