US Fuel Prices Hit Record Levels Amid Crude Oil Concerns
Fuel prices in the US have reached record levels for this time of year, with national averages reaching $5.404 per gallon according to ProMiles.com and $5.279 per gallon according to AAA.
The Energy Information Administration's weekly fuel report showed a national average price per gallon of $5.257.
The EIA forecasts that the national average per gallon of diesel will remain above $5 through the third quarter of 2026, before dipping to $4.86 by the end of the year and averaging below $4 per gallon by the third quarter of 2027.
Analysts are expressing concern about fuel availability, with Francisco Blanch, commodities and derivatives research head for Bank of America, stating 'We do not think the world has a crude oil problem right now, but are very worried about fuel availability.'