Yahoo Finance Gas tops $3.50 per gallon as oil prices rise Read full article 146 Oops! Something went wrong.Please try again later.More content below Oops! Something went wrong.Please try again later.More content below Oops! Something went wrong.Please try again later.
More content below RB=F BZ=F CL=F Ines Ferré · Senior Business Reporter March 22, 2024 at 6:20 PM · 2 min read In this article: Oops! Something went wrong.Please try again later.More content below Oops! Something went wrong.Please try again later.
More content below Oops! Something went wrong.Please try again later.
More content below RB=F BZ=F CL=F
Gasoline prices increased this week to hover above last year’s average amid rising oil prices, falling inventories, and a more expensive summer blend of gas.
The national gas average on Friday sat at $3.53 per gallon, nearly $0.10 higher than a year ago, according to AAA data.
“Gas prices are a lot like seasonal temperatures.They start to rise with the arrival of spring,” said Andrew Gross, a spokesperson for AAA.
The national average on Friday sat at a higher level than a year ago for the first time since late December.
Prices in California, the most expensive state for gasoline, approached $4.97 per gallon, $0.14 more the same day last year.
Gasoline prices typically rise heading into the spring as more motorists get on the road and refineries introduce a more expensive summer driving fuel blend.This year’s retail prices have also been impacted by a steady climb in crude oil futures.
As of Friday, West Texas Intermediate ( CL=F ) contracts were hovering around $81 per barrel while Brent ( BZ=F ), the international benchmark price, traded near the $85 level.
Brent and WTI have gained about $10 per barrel since the start of the year.
Ongoing output cuts from oil alliance OPEC+ along with Russian refinery interruptions stemming from Ukrainian drone attacks have lifted crude prices in recent weeks.
“While inventories are shrinking, most traders feel the latest rally in prices has happened a bit too far too fast and a corrective phase is needed.Still, the decline in Russia’s global exports (due to Ukrainian attacks) will be a supply factor as driving season begins, ” Dennis Kissler, senior vice president at BOK Financial, said in a recent note.
Drivers in the Midwest could see a slight slowdown in price increases at the pump after BP’s Whiting, Ind., refinery, the largest in the region, confirmed it has resumed full operations for the first time since its Feb.1 power outage.
In Illinois, where gas shot up about $0.22 per gallon over the past week, the state average was hovering at $3.92 on Friday.
Story continues Higher gas prices in February were one of the main drivers behind a surprising rise in inflation reported last week.
The national gas average on Friday sat at $3.53 per gallon, nearly $0.10 higher than a year ago.Picture taken March 10, 2022.(REUTERS / Reuters) Ines Ferre is a senior business reporter for Yahoo Finance.Follow her on X at @ines_ferre .
Related Quote: s
Symbol Last Price Change % Change BZ=F Brent Crude Oil Last Day Financ 85.58 -0.20 -0.23% CL=F Crude Oil May 24 80.82 -0.25 -0.31% RB=F RBOB Gasoline Apr 24 2.7344 +0.0073 +0.27% TRENDING 1.
United Airlines says federal regulators will increase oversight of the company following issues 2.UPDATE 1-China coast guard says it took measures against Philippine vessels in South China Sea 3.China Loosens Cross-Border Data Rules on Business Pressure 4.Goldman Revises Dollar-Yen Forecast Upward on Benign Macro Risks 5.Tianqi seeks shareholder voting power in Chile’s SQM-Codelco lithium deal.
