Weekly Gas Prices Reverse, Diesel Higher

The nation’s average gas price declined for the first time in four weeks, falling 5.4 cents from a week ago to $3.86 per gallon. The national average is up 20.6 cents from a month ago and 56.6 cents per gallon higher than a year ago. The national average diesel price increased 18.7 cents in the last week and stands at $5.26 per gallon. GasBuddy’s Patrick De Haan says, “We’ve seen an abrupt, yet expected decline as refinery issues have eased in the West and Great Lakes, overpowering some increases elsewhere.” In addition, oil prices have cooled off slightly after OPEC+’s decision to cut production, and that should slow increases elsewhere. Diesel and heating oil prices will likely continue to rise as extremely low inventories of middle of the barrel products like these two push prices higher. According to data from the Energy Information Administration, oil supplies last week surged nearly 10 million barrels.

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