Rising Gas Prices: Gas prices are expected to increase soon, prompting budget-conscious drivers to consider filling up their tanks promptly.
Current Price Trends: The national average price of unleaded gas has reached $3.63, with drivers paying approximately six cents more per gallon compared to last week and 23 cents more than last month.
Factors Driving Price Increases: Various factors contribute to the rise in gas prices, including the transition to more expensive summer gasolines, increased demand during peak driving season, routine refinery maintenance, and geopolitical tensions such as conflicts in regions like Ukraine and the Middle East.
Drivers on a tight budget might want to fill up as soon as possible because gas prices are probably going to rise in the near future.
Drivers on a tight budget might want to fill up as soon as possible because gas prices are probably going to rise in the near future. (Photo : by Justin Sullivan/Getty Images)
The approaching peak driving season combined with refineries' yearly transition to more expensive summer gasolines has caused the national average price of unleaded to rise to $3.63, as reported by AAA.
Drivers are paying, on average, six cents more per gallon than they did a week ago and 23 cents more this time last month due to price increases. However, according to AAA data, the price of filling up is comparable to where drivers and their wallets were a year ago, when a gallon of unleaded was $3.61.
According to analysts, the unexpected spike in inflation last month was mostly caused by the price of petrol. This pattern is probably going to continue in April. The cost of maintaining a roof over one's head and a car was responsible for almost half of the 3.5% increase in the consumer price index in March compared to the same month last year. March gas prices rose 1.7% over February, according to official statistics that was made public on Wednesday.
Gas prices rise due to routine reasons like refinery maintenance, the switchover to summer gasoline, and increased demand. Geopolitical variables have also been included, such as the conflict between Russia and Ukraine and Israel and Hamas in the Gaza Strip, which has caused the price of oil to reach six-month highs.
One of the things that is keeping the whole commodities market on edge is U.S. information that Iran is getting ready to react for the Israeli strike on an Iranian embassy in Syria early last week.
Citing the danger to international energy markets, Defense Secretary Lloyd Austin has asked Ukraine to refrain from more strikes on Russian oil facilities, the Biden administration official said Congress on Wednesday.
According to AAA, the average price of gas in California is $5.41, while in six other states Alaska, Hawaii, Illinois, Nevada, Oregon, and Washington, it has surpassed $4 a gallon. The states with the lowest average petrol prices include Arkansas, Colorado, and Mississippi, where a gallon costs less than $3.20.
