The price of regular gasoline in the United States accumulated three weeks on the rise and touched its highest level since mid-November 2022, driven by the rebound in oil prices.
From April 11 to 17, regular gasoline had an average price of $3,553 per gallon, an increase of 1.86% compared to the previous week, according to data from the United States Energy Information Administration (EIA).
“With oil prices touching their highest level of 2023 at almost $83 per barrel, the average price of gasoline has continued to rise in 45 of the 50 states of the American Union in the last week,” said Patrick De Haan, director Oil Analysis at GasBuddy consultancy.
This is the highest level of fuel in the United States since the week ended November 14 ($3,762 per gallon).
At the close of last Friday, the price of oil accumulated four weeks on the rise, with the Mexican export mix gaining 28% in that period, as a result of a cut in production of 1.66 million barrels per day announced by OPEC+.
“Oil prices are still a wild card, but we are likely to be a few weeks away from seeing the peak. Whether it gets to $4 a gallon or not is still a 50/50 chance,” said Patrick De Haan.
So far this year, the price of regular gasoline accumulates an increase of 19.59% or 0.572 dollars.
The GasBuddy analyst clarified that in addition to the rise in oil, gasoline prices also rose due to the continuation of the transition towards the summer mix in some regions of the United States.
“With the Northeast taking the final step in transitioning to summer gasoline this week, states in that region should expect a sharp increase in gasoline prices over the next week or two. The other regions have already seen the final step in the transition happen,” explained Patrick De Haan.
Despite the rise it has been in the year, the price of gasoline falls 26.83% from the historical maximum that it reached in June of last year, above 5 dollars per gallon.
