Fuel Prices Continue Rise, Demand Down Slightly

The national average gas price increased for the fifth consecutive week, rising 3.7 cents per gallon over the last week to $2.45. The national average price of diesel was up 3.8 cents in the last week and stands at $2.68 per gallon. However, U.S. gasoline demand fell slightly for the week ending Saturday, the second straight week of decline. Patrick DeHaan of Gas Buddy says many factors are behind the increase, but “at the foundation of the rise is the fact that the coronavirus situation continues to improve, pushing global oil demand higher as production continues to lag, pushing U.S. gas prices higher.” Until OPEC raises oil production in the months ahead, DeHaan expects the trend to continue. Crude oil prices carried their rally into the new week, as it continues to push higher as rebounding global demand brings concerns that oil production isn’t returning fast enough. Since November, crude oil prices have skyrocketed over 60 percent.