NOTTINGHAM, Md. — Gasoline and diesel prices surged nationwide over the past week as oil prices climbed above $100 a barrel amid escalating geopolitical tensions and disruptions to global energy supplies, according to GasBuddy.
The national average price for regular gasoline rose 17.2 cents over the past week to $4.25 per gallon, GasBuddy said Monday. The average is 19 cents higher than a month ago and $1.14 above its level a year ago.
Diesel prices increased even more sharply, climbing 31.6 cents in a week to an average of $6.183 per gallon.
Gas prices rose in every state, according to GasBuddy, with the largest weekly increases reported in Michigan, Utah, Wisconsin, New Mexico and Minnesota.
“Average gasoline and diesel prices rose in every state over the last week as geopolitical tensions escalated on multiple fronts,” Patrick De Haan, GasBuddy’s head of petroleum analysis, said in a statement.
De Haan cited tensions involving the United States and Iran, renewed hostilities in the Red Sea and the shutdown of Saudi Arabia’s East-West crude oil pipeline as factors pushing prices higher. Weekend attacks that knocked two additional Russian refineries offline have added pressure to global supplies, he said.
Oil prices surged Monday after Oman announced that planned talks involving the Gulf Cooperation Council and Iran on shipping through the Strait of Hormuz had been postponed. Saudi Arabia also kept its East-West crude pipeline shut following drone strikes last week.
In early Monday trading, West Texas Intermediate crude was up $3.18 at $103.23 a barrel, compared with $93.65 a week earlier. Brent crude rose $3.68 to $108.29 a barrel, up from $98.52 a week ago, according to GasBuddy.
Both benchmarks were at four-month highs and approaching a March peak of $114 a barrel.
Giovanni Staunovo, a UBS commodities analyst, said the disruptions through the Strait of Hormuz and the Saudi pipeline shutdown were tightening global oil supplies.
“Markets will now closely watch how long the shutdown lasts,” Staunovo said in an email, according to GasBuddy.
U.S. fuel inventories offered little indication of immediate relief. Data from the Energy Information Administration for the week ending Sept. 4 showed commercial crude inventories fell by 400,000 barrels to roughly the five-year average for the time of year.
Gasoline inventories increased by 1.3 million barrels but remained about 5% below the five-year seasonal average. Distillate inventories, which include diesel, rose by 2.1 million barrels but were about 13% below the five-year seasonal average.
U.S. refinery utilization edged down to 97.8%, while the EIA’s measure of implied gasoline demand fell by 372,000 barrels a day to 8.551 million barrels a day.
GasBuddy said most of the country is transitioning this week to cheaper winter-blend gasoline, a seasonal change that normally can provide some relief at the pump. But De Haan said the ongoing supply disruptions could overwhelm that effect.
“While most of the country transitions to cheaper winter-blend gasoline this week, the scale of ongoing geopolitical escalations makes meaningful price relief unlikely in the near term,” De Haan said.
Among states, Indiana had the lowest average gasoline price at $3.58 a gallon, followed by Texas at $3.84 and Oklahoma at $3.85. California had the highest average at $5.95, followed by Washington at $5.50 and Hawaii at $5.33.
Michigan recorded the largest weekly increase in gasoline prices, at 32.1 cents a gallon. Utah rose 29.2 cents, Wisconsin 29.1 cents, New Mexico 27.8 cents and Minnesota 27.4 cents.
The median U.S. gasoline price was $4.11 a gallon, up 22 cents from a week earlier.
Diesel prices showed even greater regional disparities. Wyoming had the lowest average diesel price at $5.79 a gallon, followed by Louisiana at $5.82 and Mississippi at $5.85. California had the highest average diesel price at $8.11, followed by Washington at $7.15 and Hawaii at $6.84.
Georgia posted the largest weekly increase in diesel prices, at 66.8 cents a gallon. Florida rose 64.8 cents, Kansas 41.3 cents, Oklahoma 40.3 cents and Colorado 39 cents.
The median U.S. diesel price was $6.09 a gallon, up 30 cents from the previous week.
GasBuddy’s figures are based on more than 12 million individual price reports covering more than 150,000 gas stations nationwide.
In and around northeastern Baltimore County, the cheapest gas this week could be found at these locations…