Commodities
US Gas Prices Surge Amid High Crude Oil Costs
The national average gas price has increased by 16 cents from last week to $4.43 per gallon, according to AAA Gas Prices. This is more than a dollar higher than it was a year ago and closer to this year's record high of $4.56 set in May.
Crude oil remains high, averaging $100 per barrel amid continued volatility in the Strait of Hormuz. The Energy Information Administration (EIA) reports that gasoline demand increased last week from 8.55 million barrels per day to 8.79 million, while total domestic gasoline supply also increased from 206.9 million to 207.7 million barrels.
The EIA also notes that US crude oil inventories decreased by 0.6 million barrels to 423.4 million barrels, which is 1% above the five-year average.