(The Center Square) – The national average gas price fell to $3.02 per gallon, while diesel increased to $3.53 per gallon. Experts say upward pressure on gas prices will likely be felt by American drivers.
Gas prices dropped 1.1 cents, making the national average 3.2 cents per gallon lower than the previous year and offering modest relief to drivers nationwide. However, the national average has increased by 0.9 cents compared with last month.
According to Patrick De Haan, head of petroleum analysis at GasBuddy, the national average price for diesel has increased by 3.7 cents in only the last week, and noted that while the existing average reflects a downward trend, fluctuations are still expected in the coming months.
GasBuddy accumulated data from more than 12 million price reports from American drivers and over 150,000 gas stations nationwide. The top 10 percent of stations across the country averaged $4.13 per gallon, while the lowest 10 percent averaged $2.52 per gallon.
The most significant changes since the previous week were in Ohio, at -13.4 cents, Indiana, at -11.8 cents, Michigan, at -10.3 cents, North Dakota, at +7.7 cents, and Alaska, at -4.6 cents.
The most common U.S. diesel price was down 10 cents from last week at $3.39 per gallon. Delaware saw the most significant change last week, with an increase of 13.3 cents.
“It’s been a relatively quiet week for the national average price of gasoline, with little overall movement. However, colder weather has pushed diesel prices higher and could also impact gasoline prices if refiners face disruptions,” said De Haan, head of petroleum analysis at GasBuddy.
He said that although gas prices haven’t shifted significantly yet, oil prices have climbed to levels matching October, which he says is driven by the president’s new sanctions.
“This could soon lead to more noticeable increases in gas prices. Seasonally weak demand may help soften the impact of any increases for now, but with refinery maintenance season just weeks away – when refiners typically reduce gasoline production – motorists should be prepared for the spring rally to kick off,” De Haan said.
The new sanctions targeted Russian oil producers and blacklisted 183 tankers that deliver crude to both China and India.
Oil prices fluctuated last week due to a “stronger U.S. dollar and an unexpected build in U.S. inventories,” which de Haan said was a signal for potential demand weakness. However, despite this, he says that the “interplay” of geopolitical developments, such as supply dynamics and economic indicators, is continuing to “drive volatility in the oil market.”
