Increases in crude oil prices have led to a rise in the national fuel price average.
This past weekend, the national average price for gasoline reached a new high for 2016.
According to a report from AAA, the current national fuel price average of $2.38, which is up two cents on the week and 16 cents on the month, is the most expensive average since September 2015. However, despite the fact that pump prices have increased 28 cents in the past 33 days, drivers are still saving 42 cents per gallon compared to last year. Additionally, the national average is still at its lowest point for this date since 2005.
The rise in gasoline prices is being partially attributed to the rising cost of crude oil. AAA reported that, over the past few weeks, crude oil prices have increased because of recent unexpected disruptions in Canada and Nigeria, while questions continue to rise over future production in Venezuela. Crude oil prices have risen more than $13 per barrel since early April, and they are now at their highest point since 2015. Recent news related to global oil supply and the U.S. dollar suggest that fuel prices may continue to fluctuate.
Currently, drivers in California and Michigan are now paying the highest prices per gallon, with averages of $2.86 and $2.74, respectively, while South Carolina and Mississippi are recording the nation’s lowest averages of $2.08 and $2.10 per gallon, respectively.