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Gasoline prices rose this week and remained above last year’s average on the back of rising oil prices, falling inventories and more expensive summer blended gas.
The national average gasoline price on Friday was $3.53 per gallon, nearly $0.10 higher than a year ago, according to AAA data.
“Gasoline prices are a lot like seasonal temperatures; they start to rise with the onset of spring,” said AAA spokesman Andrew Gross.
The national average was at a higher level on Friday. It is the first time since late December that it has exceeded a year ago.
In California, the most expensive state for gasoline, prices approached $4.97 per gallon, an increase of $0.14 from the same day last year.
Gasoline prices typically rise in the spring. This is as more motorists take to the roads and refineries introduce more expensive summer blend fuels. Retail prices this year have also been affected by a steady rise in crude oil futures prices.
As of Friday, the West Texas Intermediate (CL=F) contract was hovering around $81 per barrel, while international benchmark Brent (BZ=F) was trading near the $85 level. has been done. Brent and WTI have risen about $10 per barrel since the beginning of the year.
Oil prices have risen in recent weeks due to continued production cuts by oil alliance OPEC+ and the disruption of Russian refineries due to Ukrainian drone attacks.
“Although stocks are falling, most traders feel that the recent price rise was a little too fast and a correction step is necessary. Still, the decline in Russia’s world exports (due to the Ukraine attack) “This will be a supply factor as the season begins,” BOK Financial Senior Vice President Dennis Kistler said in a recent note.
Midwest motorists expect pump price increases to slow slightly after confirmation that BP’s Whiting, Indiana, refinery, the region’s largest, has resumed full operations for the first time since the Feb. 1 power outage. There is a possibility that
In Illinois, gas prices have increased by about $0.22 per gallon over the past week, but the state average was hovering at $3.92 on Friday.
One of the main factors behind the alarming rise in inflation reported last week was the rise in gasoline prices in February.
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on X @ines_ferre.
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