Gas and Diesel Prices Up, Oil Down

Gas prices were up again last week, representing the seventh straight week of increases. 

The national average price of gas increased 4.7 cents per gallon to $2.09, while the national average price of diesel rose 1.4 cents to $2.42 a gallon. 

Patrick De Haan of Gas Buddy expects “the upward trend to continue across most of the country ahead of July 4, with prices perhaps rising another 10-20 cents by then.” 

Prices are increasing on improved demand from drivers. 

However, he says, a possible second wave of coronavirus lockdowns could hamper demand if it was to occur. 

Over the last week, the price of oil has struggled under the weight of Saudi Arabia’s comments that it would not extend production cuts beyond July. 

De Haan says a delicate balancing act is underway by crude oil producers who don’t want oil prices to surge too quickly to avoid eager U.S. producers from getting back online too quickly.