Gas and diesel prices fell again last week. The nation’s average gas price declined three cents to $3.40 per gallon, which is 7.8 cents high than a month ago, but 83 cents lower than a year ago. The national average diesel price dropped 5.9 cents to $4.19 per gallon, 92.7 cents lower than a year ago. However, GasBuddy’s Patrick De Haan warns prices should start moving higher again. De Haan says, “any downward trends are still likely to be temporary and not necessarily long lasting.” GasBuddy cites the start of the upcoming summer driving season as a potential to increase demand and prices, along with the ongoing switch to more expensive summer blends of gasoline. Meanwhile, concerns over the recent banking collapse are fading and oil prices are seeing some strength as Chinese consumption rebounds. However, U.S. retail gasoline demand saw a rise of 0.14 percent last week, which on the surface was much more tame than expected.
NAFB News Service