Tuesday, May 21, 2024
HomeAg NewsRefinery Outages Increase Fuel Prices

Refinery Outages Increase Fuel Prices

For the second straight week, the nation’s average price of gasoline increased, climbing 4.6 cents from a week ago to $3.83 per gallon. The national average is down one cent from a month ago but 19.9 cents per gallon higher than a year ago. The national average diesel price increased 9.9 cents last week and stands at $4.53 per gallon, 42.1 cents lower than one year ago.

GasBuddy’s Patrick De Haan says, “With the transition back to cheaper winter gasoline now upon us in nearly every state, we should see prices eventually cooling back off, but if refinery issues continue to develop or linger, especially now that we’re entering maintenance season with less available capacity online, the expected decline could certainly be offset.”

U.S. retail gasoline demand saw a decline of 1.5 percent last week, as demand continues to weaken seasonally while rising prices could also be playing a role.

RELATED ARTICLES
- Advertisment -