Gasoline prices rise for sixth straight week
The national average could sure into 'record territory' by the start of summer
U.S. gasoline prices are up 8 cents from last week as oil continues to surge on tensions between Russia and Ukraine.
The nationwide average price for a gallon of gas increased to $3.42 on Monday, according to GasBuddy's latest data. The national average is already up 12.3 cents compared to a month ago and 97.5 cents per gallon higher than a year ago, according to GasBuddy.
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For more than a month, prices have increased each week at the pump, hitting a 7-year high last week, putting more stress on motorists across the country.
Gas pumps at the Redners Quick Shoppe gas station on 222 at the intersection with 73 in Blandon Tuesday afternoon April 27, 2021. (Ben Hasty/MediaNews Group/Reading Eagle via Getty Images / Getty Images)
Patrick De Haan, head of petroleum analysis for GasBuddy, told FOX Business that the national average last week had the "largest weekly jump" since Feb 22. 2021, when prices jumped 10.4 cents per gallon in a week.
De Haan said that continued concerns over Russia invading Ukraine have driven up costs.
"Tensions overseas are in the driver's seat at present," De Haan said in a statement to FOX Business. "Until there's some change in the situation, I'd look for additional upward pressure on oil to continue as the situation escalates."
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De Haan said that talks with Iran could eventually lead to more oil being added to the market, but 'there's a lot of work to do there." If Iran and world powers can come to an agreement, though, it would "certainly would help alleviate pressure on oil," he added.
The price of West Texas Intermediate crude oil was trading at $91.63 a barrel Monday morning after closing out last week hitting nearly $93 per barrel.
Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. (REUTERS/Mike Blake/File Photo / Reuters Photos)
In a blog post Monday, De Haan stressed that "motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare up in geopolitical tensions."
De Haan predicted that the national average could surge into "record territory by the start of the summer driving season."