US – The US consumer is feeling the costs at the pump again with gas prices going up again.
For the second straight week, the nation’s average price of gasoline has climbed, rising 8.8 cents from a week ago to $3.57 per gallon yesterday according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country.
“The national average price of gasoline has continued its relatively slow climb, with 44 states seeing average gasoline prices climb over the last week. Prices are being pulled up not only due to continued increases in demand as temperatures warm, but also pressure from oil prices, which have risen over 20% in the last month, primarily driven by OPEC’s surprise decision a week ago to cut oil production,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Expect the upward trend to continue through much of the rest of spring, but once the transition to summer gasoline and refinery maintenance are behind us, April and May jumps could bring June slumps. However, for diesel, the news continues to be good, with the national average price of diesel continuing to drop, now at its narrowest difference to gasoline in over 13 months.”