Gasoline prices rose for the eighth straight week, according to a GasBuddy news bulletin on Monday, warning that the United States is just a supply shock of even higher prices at the pump.
Gasoline prices rose 15.7 cents a week ago to $ 5.01 a gallon today. The national average compared to a month ago is 57.1 cents higher and $ 1.94 more than a year ago. Diesel prices have also risen to $ 5.77 a gallon, up 13.8 cents from last week.
“For the first time, last week the national average reached the $ 5 per gallon mark, as almost every 50 states in the country saw prices jump. At the moment, the upward momentum may slow down, but we’re still just a potential shake-up to offer us far from going up even further, ”said Patrick De Haan, head of oil analysis at GasBuddy. “Gasoline demand, although rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels. In the event that the price increase finally begins to slow the rise of demand, we could see a bit of room for maneuver, but for now, it looks like Americans are proving resilient to all-time highs. “
As gasoline prices rose, crude oil prices fell on Monday as inflation rates worried the market. At 10:30 a.m. ET, the WTI was trading at 1.26% a day at $ 119.20.
U.S. gasoline retail demand rose 2.7% last week from the previous week, and PADD 3 saw the biggest gain with 4.8%, according to GasBuddy.
Americans now spend $ 730 million more on gas every day than a year ago, De Haan tweeted Sunday.
By Julianne Geiger for Oilprice.com
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