For the fifth straight week, the nation’s average price of gasoline increased, rising 2.5 cents from a week ago to $3.82 per gallon.
The national average is up 29.1 cents from a month ago but 9.6 cents per gallon lower than a year ago. The national average diesel price rose 12.3 cents last week and stands at $4.270 per gallon, 77.3 cents lower than one year ago. GasBuddy’s Patrick De Haan says prices “could climb slightly higher as we get closer to Labor Day, as oil prices remain under pressure from recent OPEC+ production cuts.”
Gasoline prices stand just over a dime away from rising back above their year-ago level—something that is possible by the closing summer holiday. In addition, the largest refinery in the Midwest moved up its seasonal maintenance to several weeks earlier than expected, causing a somewhat unexpected jump at the pump in the Great Lakes.