Gas prices slowly creeping up after falling over the past month

Gas prices have steadily fallen over the past few weeks, but this week, fuel prices are ticking back up. Data from AAA shows the current average price of a gallon of gasoline today is $4.11, which is up from last week’s recent low of $4.06. So, why the small uptick in prices? Even with all the external pressures on oil prices, the market is still influenced by seasonal demand.

“As the days get longer, the weather gets warmer, and pump prices dip from their record highs, consumers feel more confident about hitting the road,” said Andrew Gross, AAA spokesperson. “But these lower pump prices could be temporary if the global price of oil increases due to constrained supply.”

Gas prices go up every year as the weather changes and more folks begin traveling. So basically, experts are saying that it’s no huge surprise to see the same thing happen now, even outside of the extraordinary prices we’ve seen in 2022.

Oil prices are up across the board this week versus the previous week. A barrel of WTI crude is $102.54 today, and it was all the way down to $93.79 last week. Similarly, Brent Crude is $105.49 today, but was at $98.46 a little over a week ago. 

“We’ve now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia’s war on Ukraine,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, the downturn could slow or could even reverse in the days ahead if the rally in oil prices continues.”

The threat of more EU sanctions on Russia, and China reopening previously shut down cities (due to Covid) are also playing a part in this price shuffling. Overall supply of oil stocks in the U.S. are down by about 11% versus one year ago, and GasBuddy says inventories are down by about 15% when compared to the average over the past five years.

“The average price for a gallon of gas has fallen below $4 in much of the country,” said AAA’s Gross. “And these lower prices may be a boon to drivers hitting the road more as warmer weather returns.”

Of course, the small increase in prices seen over the past couple days could see those price decreases completely erased quickly. California continues to show the highest average gas prices in the country, coming in at $5.69 today. Meanwhile, Georgia is the lowest at $3.71.

If you want a tasty break from gas prices, Krispy Kreme just recently announced a program that sets the price for a dozen glazed donuts at the national gas price average. You’ll be able to take advantage of the deal on Wednesdays every week until May 4. This week, the price of a dozen donuts is set at $4.11. The regular price varies by location, but no matter where you live, this is a rocking deal for a dozen donuts.

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Reference-www.autoblog.com

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