US Gas Prices Rebound Above $4/Gallon Amid Ongoing Oil Market Turmoil
Gas prices have rebounded, climbing back above $4 per gallon in the US. According to GasBuddy's Head of Petroleum Analysis, Patrick De Haan, this increase is due to ongoing challenges facing motorists. The continued closure of the Strait of Hormuz and Ukrainian attacks on Russian oil refineries are driving up oil prices.
Diesel prices have been particularly affected, rising in all but a few states as Ukraine's attacks on Russian refining infrastructure continue to impact refined product prices more than crude oil itself.
De Haan notes that while the transition to cheaper winter-blend gasoline in the coming month may bring some relief, the two dominant challenges facing motorists show no signs of resolving anytime soon. As a result, the path for gas and diesel prices remains tilted to the upside until these issues are addressed.