Weekly Fuel Prices Increase

Fuel prices increased last week for the first time in more than a month. The price of gas climbed 4.4 cents from a week ago to a national average of $4.11 per gallon. 

The national average is down 13.3 cents from a month ago and $1.24 per gallon higher than a year ago. 

Meanwhile, the national average price of diesel increased 4.6 cents in the last week and stands at $5.07 per gallon. 

GasBuddy’s Patrick De Haan warns prices could be headed higher in the short term. 

De Haan says that “with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia’s energy, which could cause oil prices to rise if it happens.” 

In addition, U.S. oil inventories continue to decline, putting additional pressure on prices. U.S. retail gasoline demand saw a slight dip last week. 

Nationally, weekly gasoline demand fell 0.7 percent from the prior week.

(Story Courtesy of the NAFB News Service)