The U.S. Energy Information Administration (EIA) reported average national regular gasoline prices falling less than a penny from the previous week. AAA said elevated oil prices are keeping gasoline prices at the pump from taking a traditional decline as fall begins.
Average gasoline prices reached $3.175 last week, EIA reported, $1.01 a gallon higher than the same week a year ago.
Diesel prices rose 2 cents a gallon to $3.41 a gallon. The price is up $1.01 a gallon from the same week a year ago.
The big culprit in keeping pump prices high, AAA said, is the price of crude oil, which is above $73 barrel.
“Consumers should see the usual autumn relief at the pump,” said Andrew Gross, AAA spokesperson. “But factor in that approximately 16% of crude production in the Gulf of Mexico is still shut down because of Hurricanes Ida and Nicholas and the concerns about what higher COVID cases could do to the economy, and this uncertainty is helping to keep oil prices elevated.”
According to new data from EIA, total domestic gasoline stocks increased by 3.5 million barrels to 221.6 million barrels last week. Gasoline demand is low, helping offset some of the upward pressure caused by higher crude oil prices, AAA stated.
With the hurricane recovery and restoration process continuing, pump prices may stabilize. Most Louisiana refineries are running again but high crude prices will contribute to gasoline prices likely remaining elevated this fall, AAA stated.
