Gasoline costs are going up, however that does not appear to be deterring drivers. Although fuel now prices $1.22 per gallon greater than it did a yr in the past, in keeping with business specialists, the American public remains to be filling its tank.
“With the U.S. economic system slowly recovering from the depths of the pandemic, demand for fuel is strong, however the provide is tight,” AAA spokesperson Andrew Gross mentioned in a information launch. “We have not seen costs this excessive since September of 2014.”
U.S. drivers paid a median of $3.367 per gallon on Monday, in keeping with Gasbuddy, a value tracker. Final yr, fuel within the U.S. value a median $2.148.
North Carolina and Florida noticed the largest jumps in fuel costs within the final week, up 14 cents per gallon, adopted by Arizona at 12 cents and Rhode Island and New York at 11 cents, in keeping with AAA, which calculated the nationwide common at $3.38 per gallon. Drivers in California and Hawaii paid essentially the most, at $4.54 per gallon and $4.26 per gallon.
Nonetheless, drivers are hitting the highway. Sturdy demand is hitting U.S. stockpiles exhausting, whereas manufacturing remains to be sluggish due to the pandemic, sending the value of crude oil up, in keeping with AAA.
Business analyst Trilby Lundberg of the Lundberg Survey informed the Related Press on Sunday that the rise comes as the price of crude oil surges.
Lundberg’s survey discovered the common U.S. value of regular-grade gasoline spiked 13 cents over the previous two weeks and the common value of diesel jumped 14 cents to $3.59 a gallon, the AP reported.
Crude oil futures reached $83.76 for West Texas Intermediate and $85.53 for Brent at shut Friday, hitting a seven-year excessive.
Whereas the value of a gallon of fuel usually dips after Labor Day, this yr’s persistent climb prompted.
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