Gas prices inch up, but will later drop

TEXAS – The nation’s average price of gasoline has risen for the first time in nearly a month, climbing 2.0 cents compared to a week ago and stands at $3.12 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 12.0 cents from a month ago and is 49.6 cents per gallon lower than a year ago. The national average price of diesel has increased 0.2 cents in the last week and stands at $3.501 per gallon.

“Last week was another mixed bag at the pump for many Americans, but there may be some promising short-term news from OPEC+, which has agreed to increase oil production starting in June,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Here in the U.S., slightly more than half of the states saw gas prices rise, while many others saw modest declines. We continued to see price cycling in states prone to such movements, including much of the Great Lakes region, as well as in Maryland, Florida, and parts of Texas. However, the most notable development is OPEC+’s decision to raise production next month, as oil prices hover near their lowest levels since the pandemic. While gasoline inventories have been tightening due to ongoing refinery maintenance — which has limited how much gas prices have fallen in response to lower oil — refinery output is expected to rise soon. As maintenance wraps up, we could see an increase in gasoline supply and a national average that may soon dip below $3 per gallon.”