National Average Gas Prices Increases

Average gas prices rose for the first time in ten weeks, while diesel fell nationwide in the last week. 

GasBuddy reports the national average price of gasoline has moved higher, rising 1.5 cents over the last week to $1.75 per gallon. 

The average price of diesel, meanwhile, fell 2.5 cents to $2.43 per gallon. 

Patrick DeHaan of GasBuddy says, “a disconnect between low oil prices and rising gasoline prices has emerged at the hands of refineries that have slowed production.” 

Crude oil prices have rallied significantly in the last week as OPEC’s production cut took effect May 1st, and as U.S. demand shows the first signs of a long road to recovery. 

Data from the Energy Information Administration last week printed a gain of nine million barrels in U.S. oil inventories, ten percent above the five-year average for this time of year. 

Gasoline inventories, however, posted a drop of nearly four million barrels, signaling that refinery run cuts have fulfilled their purpose of curbing a glut of gasoline.