Prices up as crude oil costs increase, demand grows

Prices up as crude oil costs increase, demand grows

Kelly Tyko
USA TODAYPublished 6:33 PM EDT Jun 14, 2020As the nation reopens, gas prices rise.According to fuel-savings app GasBuddy, the national average price of gasoline has risen for the sixth consecutive week from the low of $1.74 per gallon in April, and increases are expected throughout the summer.“It’s no surprise that gasoline prices have increased for the sixth straight week as gasoline demand has hit its highest level since early March as Americans are returning to the roads,” said Patrick DeHaan, head of petroleum analysis for GasBuddy, in a blog post June 8.The national average was $2.10 as of Sunday, which is 70 cents less than a year ago,  according to AAA.Save better, spend better:  Money tips and advice delivered right to your inbox. Sign up hereIndustry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the jump came as crude oil costs increased.In late March, when most of the nation was under stay-at-home orders, the national average fell below $1.99 a gallon. Several states had gas for less than $1 in April.Ground beef recall 2020: Ground beef sold at Walmart, other stores recalled for possible E. coli contaminationLooking to buy a car? Hertz is selling thousands of used cars in its fleet in bankruptcyThe highest average price in the nation for regular-grade gas is $3.11 per gallon in Honolulu. The lowest average is $1.69 in Baton Rouge, Louisiana. The average price of diesel is $2.55, the same as two weeks ago.Gas prices vary based on a number of factors, including local competition, fuel demand, refineries, oil and gasoline inventories and transportation costs. More increases are expected, DeHaan said in the blog post.”While I don’t see oil’s strength holding too long given that oil demand remains 20-25% below a year ago, I believe the anxiety pushing oil prices up is coming from the fact that the economy may be recovering quicker than most anticipated,” DeHaan said. “For now, motorists will likely continue to see gas prices rising for the weeks ahead.”States with biggest gas price increasesAccording to GasBuddy, these 10 states had the biggest price increases since May as of June 11.MichiganGas price May 1: $1.50Gas price June 7: $2.06Difference: 56-cent increase per gallonWisconsinGas price May 1: $1.44Gas price June 7: $1.95Difference: 51-cent increase per gallonIndianaGas price May 1: $1.61Gas price June 7: $2.08Difference: 47-cent increase per gallonIllinoisGas price May 1: $1.78Gas price June 7: $2.23Difference: 45-cent increase per gallonOhioGas price May 1: $1.56Gas price June 7: $2.01Difference: 45-cent increase per gallonColoradoGas price May 1: $1.77Gas price June 7: $2.22Difference: 45-cent increase per gallonKentuckyGas price May 1: $1.46Gas price June 7: $1.88Difference: 42-cent increase per gallonMinnesotaGas price May 1: $1.52Gas price June 7: $1.94Difference: 42-cent increase per gallonIdahoGas price May 1: $1.80Gas price June 7: $2.22Difference: 42-cent increase per gallonIowaGas price May 1: $1.54Gas price June 7: $1.95Difference: 41-cent increase per gallonContributing: The Associated PressFollow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko


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