Saturday, June 3, 2023
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Gas Prices Inch Higher, Diesel Lower

For the second straight week, the nation’s average price of gasoline has increased, up 8.8 cents from a week ago to $3.57 per gallon. The national average is up 13.0 cents from a month ago but 52.6 cents per gallon lower than a year ago. The national average diesel price fell 1.6 cents last week and stands at $4.15 per gallon, 88.9 cents lower than one year ago. GasBuddy’s Patrick De Haan says, “Expect the upward trend to continue through much of the rest of spring.” However, once the transition to summer gasoline is complete, prices may slump in June. Over the last few weeks, the price of West Texas Intermediate crude rallied by over 20 percent from a low of $65 per barrel to back over $80 last week after OPEC+’s surprise decision to piece together a 1.15 million barrel per day production cut, and as the banking crisis has eased.

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