As international crude oil prices rally to above $92 per barrel, U.S. gasoline prices continue to surge and hit the highest since September 2014 on Friday, when the national average price of a gallon of regular gasoline was $3.423, AAA data showed.
Gasoline prices in America continued to rise for a sixth straight week, after last week the national average was $3.366 a gallon on January 31.
On February 4, the average price in every state in the United States was above $3 per gallon, including in Texas, Mississippi, Arkansas, and Alabama, which traditionally have the lowest state-wide average price of gasoline, according to AAA data. California’s average gasoline price was $4.663 on Friday.
The February 4 national average of $3.423/gal compares to $3.288/gal a month ago and to $2.443/gal at this time last year, per AAA figures.
The national average of $3.42 could break the 2021 high as early as today, Patrick De Haan, head of petroleum analysis for fuel-savings app GasBuddy, said on Friday. The 2021 high of U.S. national average gasoline price was the highest since September 2014, and this record will likely be beaten today, with WTI Crude rallying above $92 per barrel early on Friday.
Between Monday and Thursday, the U.S. national average for a gallon of regular gasoline had increased by five cents, AAA said on Thursday, noting that the surging crude oil prices are pushing gasoline prices higher.
In its latest report for the week to January 28, the EIA reported rising gasoline stocks in the U.S. and a drop in implied gasoline demand.
“An increase in total stocks and a decrease in demand typically put downward pressure on pump prices, but rising crude prices continue to push prices higher instead,” AAA noted.
“If crude prices continue to climb, pump prices will likely follow suit,” it added.
By Tsvetana Paraskova for Oilprice.com
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