The national average price inched up again this week
of ConsumerAffairs-
The nations average price of gasoline has risen 1.2 cents over the last week and stands at $2.88 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.
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The national average is up 2.8 cents from a month ago and is 19.5 cents per gallon lower than a year ago.
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The national average price of diesel rose 6.2 cents in the last week and stands at $3.686 per gallon.
Motorists are seeing gas prices edge higher as rising oil prices and geopolitical tensions add pressure to fuel markets heading into late winter.
According to GasBuddy, the national average price of gasoline climbed 1.2 cents over the past week to $2.88 per gallon. While prices are modestly higher than a month ago, they remain nearly 20 cents below where they stood at this time last year. Diesel prices posted a sharper increase, jumping 6.2 cents to $3.686 per gallon.
Average gasoline prices continue to drift higher as crude oil trades near its highest level since last summer, driven by mounting geopolitical risk premiums tied to escalating tensions between the United States and Iran, Patrick De Haan, head of petroleum analysis at GasBuddy, said in the companys weekly blog.
While there has been no direct disruption to energy infrastructure, markets are increasingly pricing in the possibility of a broader exchange that could threaten supply flows.
Other issues
De Haan noted that beyond geopolitical concerns, domestic supply issues are also contributing to upward price pressure. Refinery outages and disruptions along the Olympic Pipeline have tightened supply in parts of the Pacific Northwest, pushing prices higher in that region. With refinery maintenance season approaching, he warned that the national average could soon test the $3-per-gallon mark as seasonal supply constraints intensify.
Oil markets have been driven largely by renewed tensions in the Middle East, particularly concerns involving Iran and the potential for supply disruptions near the Strait of Hormuz a critical chokepoint for global crude shipments. That risk premium helped lift crude prices over the past week.
In early Monday trading, West Texas Intermediate crude rose 37 cents to $66.85 per barrel, up nearly $4 from the previous Mondays $62.98 settlement. Brent crude also climbed 32 cents to $72.08 per barrel, compared with $67.84 a week earlier.
Giovanni Staunovo, a commodities analyst at UBS, said oil is trading at a multi-month high, supported primarily by geopolitical tensions. New talks between the U.S. and Iran are scheduled later this week. Historically, he noted, risk premiums tend to fade if supply disruptions fail to materialize. Traders are also watching next Sundays OPEC+ Group of Eight meeting for potential policy signals.
Inventories tighten despite balanced supply picture
The latest data from the U.S. Energy Information Administration showed a mixed supply backdrop.
For the week ending February 13, U.S. crude oil inventories fell by 9.0 million barrels and now sit about 5% below the seasonal average. The Strategic Petroleum Reserve rose slightly, increasing by 200,000 barrels to 415.4 million barrels.
Gasoline inventories declined by 3.2 million barrels but remain roughly 3% above the five-year seasonal average. Distillate inventories, which include diesel, fell by 4.6 million barrels and are about 5% below the five-year average.
Refinery utilization increased 1.6 percentage points to 91.0%, while implied gasoline demand a proxy for retail demand rose by 448,000 barrels per day to 8.749 million barrels per day.
Despite relatively balanced global supply fundamentals, the drawdowns in crude and distillate stocks, combined with rising refinery maintenance, could limit near-term relief at the pump.
Regional price gaps persist
While the national average stands at $2.88 per gallon, prices vary widely across the country.
The most common price motorists encounter is $2.69 per gallon, down 10 cents from last week.
The median U.S. gas price is $2.75 per gallon, about 13 cents lower than the national average.
The top 10% of stations are charging an average of $4.36 per gallon, while the bottom 10% average just $2.29 per gallon.
Oklahoma ($2.29), Arkansas ($2.40), and Louisiana ($2.42) currently boast the lowest statewide averages. At the other end of the spectrum, California ($4.55), Hawaii ($4.31), and Washington ($4.23) have the highest prices.
Among weekly movers, Oregon saw the largest increase, with prices rising 17.2 cents, followed by Washington (+14.6 cents) and Minnesota (+13.3 cents). Michigan posted a notable decline of 12.4 cents, while Ohio rose 10.7 cents.
With oil hovering at multi-month highs and refinery maintenance season approaching, analysts say drivers should be prepared for the possibility of further incremental increases in the weeks ahead.
Posted: 2026-02-24 12:26:50
