Fuel Prices Increase Again Last Week

The nation’s average gas price increased for the fourth straight week, climbing 1.8 cents from a week ago to $3.32 per gallon. The national average is up 3.3 cents from a month ago and 92.0 cents per gallon higher than a year ago. The national average price of diesel increased 5.4 cents in the last week and stands at $3.66 per gallon, the highest level since October 2014. Gas Buddy’s Patrick De Haan says, “With all eyes on the Russia/Ukraine situation, oil will likely remain north of $80 per barrel, with additional volatility.” De Haan says rising gas prices will likely persist as worries continue to overpower weak global consumption. Continued attention is focusing on Russia and the possibility of the world’s second-largest oil producer making a move into Ukraine. U.S. retail gasoline demand fell last week as weather, rising unemployment figures and omicron may have all played some role in a big drop in gasoline demand.

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