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Runup in U.S. Fuel Prices Slows
Gasoline prices in the U.S. rose only one cent last week, the smallest weekly gain since mid-February, says auto insurer AAA.
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Gasoline prices in the U.S. rose only one cent last week, the smallest weekly gain since mid-February, says auto insurer AAA.
The price average has climbed about 34 cents per gallon to $2.84 since early February, although it is only 8 cents higher than it was at this time last year. Current per-gallon averages range between $2.50 in Alabama and $4.03 in California.
Experts blame this year’s runup in part on refinery maintenance and the seasonal switch to less volatile blends for the warmer weather ahead. Worries about how U.S. sanctions on Iran will affect global petroleum supplies also have been factors.
U.S. gasoline supplies remain tighter than they were at this time last year. Inventories of crude oil also are smaller, AAA notes. It cautions that fuel prices will continue to increase this summer until stocks of oil and refined products expand again.
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