The nation’s average gas price declined 0.7 cents per gallon from two weeks ago to $3.17 per gallon last week, according to GasBuddy. The national average is up 3.8 cents from a month ago and $1.00 per gallon higher than a year ago. The national average price of diesel has risen 1.4 cents in the last week and stands at $3.31 per gallon.
Relief in average prices has mostly shown up west of the Rockies thus far and may continue to be delayed by an active hurricane season. GasBuddy’s Patrick De Haan states, “While I am optimistic that we eventually will see a decline in price, the drop is not likely to be as noticeable as I had anticipated due to the above average hurricane season and as demand remains seasonally strong.”
Crude oil prices are increasing on renewed concerns that oil supply is not keeping up with demand as the global economy continues to improve as the pandemic eases.