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U.S. Gasoline Prices Jump $0.30 In A Week To Fresh Record Of $4.92

U.S. gasoline prices continue to surge, jumping by $0.30 a gallon in just one week to a new national average all-time high of $4.919 on Tuesday.

Diesel prices also set a new record on Tuesday, at $5.684 per gallon.

The weekly spike in gasoline prices, estimated at $0.32, is the second sharpest weekly rise since the Russian war on Ukraine began, Patrick De Haan, head of petroleum analysis at fuel-savings app GasBuddy, said late on Monday.

Per AAA data, Tuesday’s national average of $4.919 per gallon compares with $4.622 just a week ago, $4.301 a month ago, and with $3.053 per gallon at this time last year.

There are now 13 states with average gasoline prices exceeding $5 per gallon, according to GasBuddy estimates.

GasBuddy’s De Haan expects average gasoline prices nationwide to hit the $5 a gallon mark as early as this week, on June 10, a week earlier than previously forecast.

Still robust demand despite record-high prices, the lowest fuel inventory levels in years, and reduced refinery capacity post-COVID have been putting upward pressure on U.S. gasoline prices, along with the biggest factor of all—international crude oil prices at $120 per barrel.

U.S. gasoline prices have been setting new records every day in the past few weeks, adding a lot of pressure on the Biden Administration, which has been seeking—to no avail—to bring prices down via various measures, including massive releases of crude from the Strategic Petroleum Reserve (SPR) or increased ethanol blending requirements.

“People are still fueling up, despite these high prices,” AAA spokesperson Andrew Gross said on Monday. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”  

“Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight,” AAA noted.

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By Tsvetana Paraskova for Oilprice.com

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