Fuel Prices Spike as Oil Surge Continues

For the sixth straight week, the nation’s average gas price is up, rising eight cents from a week ago and stands at $3.42 per gallon. 

The national average is up 12.3 cents from a month ago and 97.5 cents per gallon higher than a year ago. 

The national average price of diesel increased 8.3 cents in the last week and stands at $3.78 per gallon, the highest since September 2014. 

Gas prices saw their sharpest rise in months last week as oil surged to $93 per barrel, on continued concerns over Russia invading Ukraine and that there won’t be enough supply to meet demand come this summer. 

GasBuddy’s Patrick De Haan says, “Motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare up in geopolitical tensions.” 

De Haan adds the national average could be pushed to record territory by the start of the summer driving season.

(Courtesy of the NAFB News Service)