OHIO – After a week of stability, gas prices across the United States have once again begun to rise, marking a 6.5-cent increase compared to the previous week, according to data compiled by GasBuddy®. The current national average stands at $3.57 per gallon as of today. This data is derived from over 12 million individual price reports spanning more than 150,000 gas stations nationwide.
Compared to a month ago, gas prices have surged by 17.1 cents, although they remain 0.8 cents per gallon lower than they were at this time last year. Meanwhile, the national average price of diesel has also seen an uptick, increasing by 3.1 cents over the last week to reach $4.02 per gallon. Despite this increase, diesel prices are still 15 cents lower than they were one year ago.
Patrick De Haan, head of petroleum analysis at GasBuddy, commented on the recent surge in gas prices, attributing it to extensive refinery maintenance on the West Coast. He noted that while some states have experienced declines in prices, the West Coast has seen notable increases. De Haan also highlighted the impact of rising oil prices, which climbed to nearly $87 per barrel last week, the highest level since October.
De Haan emphasized that aside from seasonal factors like refinery maintenance and the switch to summer gasoline, escalating crude oil prices due to OPEC’s production cuts are also contributing to the rise in gas prices. Additionally, tensions between Iran and Israel have added to concerns about further destabilization in the region.
Looking ahead, De Haan predicted that the West Coast is likely to see continued increases in gas prices, with the mid-Atlantic and Northeast states expected to follow suit as they transition to summer gasoline.
Oil Prices and Refined Products
Oil prices have continued to climb as OPEC maintains strict output cuts, bolstered by geopolitical escalations in the Middle East. However, ceasefire talks over the weekend have provided a glimmer of hope, although profit-taking has led to a slight dip in prices. In early Monday trade, West Texas Intermediate crude oil dropped to $86.36 per barrel, while Brent crude oil fell to $90.56 per barrel. Nevertheless, both benchmarks remain significantly higher than they were last week.
Fuel Demand and Gas Price Trends
Data from GasBuddy’s Pay with GasBuddy™ fuel card indicates a 2.12% drop in U.S. retail gasoline demand for the week ending April 6. Despite this decline, GasBuddy models U.S. gasoline demand at 8.740 million barrels per day for the same period.
The most common U.S. gas price reported by motorists is $3.29 per gallon, while the median price stands at $3.39 per gallon, up 4 cents from last week. On the diesel front, the most common price is $3.99 per gallon, with the median price at $3.95 per gallon, up 6 cents from the previous week.
State-by-State Gas and Diesel Price Trends
Colorado, Mississippi, and Oklahoma boast the lowest average gas prices, with California, Hawaii, and Washington topping the list of states with the highest average gas prices. For diesel, Oklahoma, Texas, and Colorado have the lowest average prices, while Hawaii, California, and Washington have the highest.
As gas prices continue to fluctuate, motorists across the country remain vigilant, monitoring trends and seeking the best deals at the pump.
Cheapest gas in Pickaway County is Sunoco in Leistville at 3.29 per gallon, followed by BP on US-23 in Circleville at 3.39, the average around Circleville and Pickaway County is closer to the lower 3.40s.
