Gas Prices Spike on Tighter Supplies
With your Southeast Regional Ag News, I’m Haylie Shipp. This is the Ag Information Network.
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.
