Fuel Prices Inch Their Way Up to Over $2 Per Gallon At the Pump

By Jesse Sokolow on 30 March 2016
  • Share

DSC_0931If you thought your last trip to the pump cost you more, you are probably right. The price of a gallon of fuel in the United States, both gasoline and diesel, has reversed course and started to climb.

The average price for a gallon of regular gasoline was $2.066 on Tuesday, according to data from the U.S. Energy Information Administration. That represents an almost six cent increase over last week although the price is still almost 40 cents per gallon less than the same period last year. Drivers were paying $2.78 in California – the highest in the nation – while drivers in Gulf Coast states were paying the least, with an average of $1.86.

Diesel fuel was incrementally up $0.002, to a nationwide average price of $2.121. The price of diesel is still significantly lower per gallon in California, where it is $2.42, or 36 cents less than gasoline.

A major reason for the increase is an almost 50% rise in the American oil benchmark from a 13-year low of $26 per barrel on February 11 to over $40 on March 22, although prices have fallen for five consecutive days since then.

Another reason for the increase is that oil refineries are conducting seasonal maintenance now, which causes a decline in production. They are also preparing to produce the more environmentally-friendly summer blend of gasoline, which should be at filling stations by the start of June and adds to the price.

(Photo: Accura Media Group)

Accura News

Read previous post:
Airbus Forecasts Doubling of Latin American Jetliner Market

Airbus Group said Wednesday it sees the number of commercial jets operated in Latin America doubling over the next two...