U.S. Gas Prices Have Been Up for Fifth Weeks Straight

According to an analysis by GasBuddy, the average price of gas in the United States increased for the fifth week straight as oil prices rebounded and WTI Crude hit $88/barrel.

GasBuddy statistics gathered from more than 11 million individual price reports covering 150,000+ gas stations, the average nationwide gasoline price was $3.34 per gallon as of Monday, January 31. Up 6.8 cents from a month ago and 92.8 cents from this time in 2021.

“The price of oil pushed into territory unseen in over seven years as WTI crude hit $88 per barrel, which continues to drag gasoline prices higher. With continued concerns over geopolitical tensions and crude oil supply, the small yet noticeable increases are likely to continue,” said the head of petroleum analysis at GasBuddy, Patrick De Haan.

A gallon of normal gasoline cost an average of $3.366 in the United States on January 31, according to AAA data. A year ago, the figure was $2.422, and  $3.285 a month ago. 

“The only factor keeping gas prices from rising more substantially is that gasoline demand remains low as winter storms keep motorists closer to home. Once the weather starts to turn and warm gradually, we’ll lose the only restraint to larger price increases,” added De Haan.

Original source material for this article taken from here