Gas Prices Surge to $4.09 Amid Crude Oil Price Volatility
The national average price for a gallon of regular gasoline has increased by 15 cents to $4.09, according to AAA. This surge is largely due to rising crude oil prices, which have been driven up by volatility along the Strait of Hormuz and instability in the region.
The Energy Information Administration (EIA) reported that crude oil inventories increased by 2 million barrels from the previous week, with U.S. supplies now about 6% below the five-year average for this time of year.
Rising gasoline demand, which increased from 8.84 million to 8.94 million last week, has also contributed to the price hike. The top 10 most expensive gasoline markets in the country are California ($5.57), Hawaii ($5.42), and Washington ($5.07), while Indiana ($3.53) is the least expensive.