GasBuddy: Average price of gasoline jumps for the 8th straight week

GasBuddy: Average price of gasoline jumps for the 8th straight week

BIRMINGHAM, Ala. (WBRC) - According to GasBuddy the national average price of gasoline has risen for the eighth straight week, rising 7.5 cents per gallon over the last week to $2.72.

The national average has increased 17.9 cents per gallon in the last two weeks, following the extreme cold weather in Texas shutting down refining capacity.

According to AAA, the average for Alabama is $2.46 per gallon.

“Gas prices continued to surge last week following cold-weather related shutdowns in Texas, but going forward, the impact from the cold has likely run its course. However, several other factors will rise in their influence on gas prices again, including the fact that gasoline demand continues up steam,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “According to Pay with GasBuddy data, last week’s total gasoline demand soared to the highest level since the pandemic began as COVD-19 cases continue to drop and Americans are filling up more. On the supply side, the number of oil rigs active in the U.S. stands nearly 50% lower than a year ago, which is a large factor driving prices up. To put it simply, demand is recovering much much faster than oil production levels, which is why oil prices have soared. This week, OPEC will be meeting to hopefully increase oil production to temper the rise in prices, but will they increase oil production enough to match the growing appetite of a global economy that’s seen oil demand jump? We’ll have to wait and see.”

GAS PRICE TRENDS

  • The most common U.S. gas price encountered by motorists was unchanged at $2.59 per gallon, followed by $2.49, $2.39 and $2.69.
  • The states with the lowest average prices: Mississippi ($2.35), Louisiana ($2.37) and Texas ($2.39),
  • The states with the highest priced states: California ($3.67), Hawaii ($3.41) and Washington ($3.08).

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