The national average for a gallon of gasoline rose to $3.684, up nearly 7 percent from the same time a year ago, according to the latest data from the American Automobile Association (AAA).
Since March 29, the national average has risen every day. While gas prices are close to $0.42 lower than they were a year ago, they have surged $0.24 over the past month amid higher crude oil prices.
West Texas Intermediate (WTI) and Brent crude oil futures are trading at around $80 and $83 a barrel, respectively. Oil is gasoline’s main ingredient, and it accounts for more than half of gasoline’s price.
“When the cost of crude oil crosses the $80 a barrel mark, that puts a lot of upward pressure on what we pay at the pump, and as long as oil costs remain at the current level, drivers will likely see incremental price increases for now,” said Andrew Gross, AAA spokesperson, in a report….