The average price of gasoline in the United States has hit a six-month high due to rising seasonal demand and higher oil prices.
Rising seasonal demand and higher crude oil prices have resulted in the highest average U.S. gasoline prices in nearly six months, with the national average at $3.58 per gallon as of April 4. The national average hit a new multi-month high on Thursday morning, rising to $3.58 per gallon, the highest since October 14, Patrick De Haan, head of petroleum analysis at GasBuddy, noted. The national average is now 7.2 cents per gallon higher than at this time last year, De Haan added.
“While we seem to be nearing a short-term peak, one word of caution for those in the Mid-Atlantic and Northeast you haven’t yet finished the transition to summer gasoline, so you may experience some sticker shock in a few weeks,” the analyst said. This week, WTI Crude prices topped $85 per barrel amid signs of tightening global crude supply. Moreover, demand continued to rise with the warmer weather and the Easter weekend.
Gasoline Prices United States Demand Supply EIA Crude Oil WTI
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