The average gas price in the United States has climbed for the third straight week, rising 13.8 cents from a week ago to $3.92 per gallon.
The national average is up 22.5 cents from a month ago and 67.0 cents per gallon higher than a year ago. The national average price of diesel increased 18.0 cents in the last week to $5.04 per gallon.
OPEC+ decided to cut oil production by two million barrels a day recently, causing an oil price surge of 20 percent, largely the reason for the increase in fuel prices. However, some refinery issues that increased prices appear to be improving in the West and Great Lakes.
GasBuddy’s Patrick De Haan says, “prices in those two regions are likely to inch down, even with OPEC’s decision, as the drop in wholesale prices has offset the rise due to the production cut.” According to GasBuddy, U.S. retail gasoline demand fell last week by 0.3 percent.
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