The nationwide average price of gasoline in the United States has risen for three consecutive weeks, gaining 4.3 cents over the past week, to hit $3.62 per gallon on Monday, according to Gasbuddy data.
Compared to a month ago, average gasoline prices are up 10.8 cents, but still 1.1 cents per gallon lower than they were this same time a year ago.
The average national diesel price declined this week to $4.01 per gallon, some 15 cents below the price level at this same time last year.
“As the nationwide changeover to summer gasoline is now behind us, at least one of the three factors that had been actively causing prices to rise in the last couple of months is behind us,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
However, De Haan cautioned, the pain at the pump isn’t over. More is to come with refinery maintenance schedules.
“The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon,” De Haan said.
In terms of geopolitical developments, De Haan said that while GasBuddy had been taken somewhat by surprise with Israel’s decision to retaliate with a missile attack inside Iran, “it was also measured, with Iran virtually not even mentioning it publicly.”
This is now considered to be in a de-escalatory mode, and De Haan is “hopeful with reduced concern in the Middle East and an end to the seasonal factors pushing prices up that Americans will soon see relief”.
Iran has essentially shrugged off Iran’s attack on an air base in the Isfahan province, which followed an Iranian missile barrage directed at Israel during which Israeli defense systems intercepted almost all of the missiles.
Both sides appear to be attempting to avoid an all-out regional war.
By Charles Kennedy for Oilprice.com
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