For the first time in the last month, the nation’s average gas price increased, rising 6.2 cents from a week ago to $3.78 per gallon.
The national average is down 11.5 cents from a month ago but stands 37.8 cents per gallon higher than a year ago. The national average price of diesel increased 3.4 cents in the last week and stands at $5.32 per gallon.
National diesel supply remains tight, but supplies of diesel did see a slight rise last week. GasBuddy’s Patrick De Haan says, “Brief outages at a limited number of stations are possible, but with refineries continuing to churn out product and maintenance wrapping up, I’m optimistic the situation will improve.”
Oil saw a strong rally last week as inventories continued to decline and Strategic Petroleum Reserve releases slowed down. Last week’s report from the Energy Information Administration showed a notable drop in oil inventories of 3.1 million barrels, while the Strategic Petroleum Reserve saw a drop of 1.9 million barrels.