Gas Prices Spike on Tighter Supplies
The nation's average gas price has increased for the seventh straight week, surging 26.0 cents from a week ago to $4.85 per gallon. The national average is up 56.0 cents from a month ago and $1.81 per gallon higher than a year ago. The national average diesel price increased 11.5 cents in the last week and stands at $5.62 per gallon.
GasBuddy's Patrick De Haan says, “It now appears not if, but when, we’ll hit that psychologically critical $5 national average.”
We haven’t gotten there yet here in the Southeast. As of June 7th, AAA reports the average price per gallon on regular gasoline is $4.57 in Alabama, $4.33 in Georgia, and $4.78 in Florida. And that diesel you’re using? Well, you well know it’s above $5. It’s averaging $5.56, $5.44, and $5.63 per gallon respectively for Alabama, Georgia, and Florida.
Gasoline inventories continue to decline even with demand softening due to high prices, a culmination of less refining capacity and strong consumption. Analysts adding that with China’s economy now largely fully reopen, oil demand is likely to rise further.