Gasoline prices in U.S. continue to grow

On Monday, the latest data from AAA showed that an increase in gasoline prices has been observed for the fourth week in a row. They rose up 32.7 cents in the last month, driven by higher crude oil prices.

Gasoline price grows together with the price of WTI crude. The price of this brand’s crude rose by $3 per barrel compared with last week, and by $2 per barrel compared with last month. 

On Monday, head of petroleum analysis at GasBuddy Patrick DeHaan published a note. He stated in it that gasoline prices were rising along with crude oil prices, as problems with refineries prevented the supply of gasoline from boosting growth.

DeHaan added that macroeconomics continues to put pressure on oil and petrochemicals, and high demand in China hasn’t slowed down due to an increase in new coronavirus cases. Part of the Strategic Petroleum Reserve was also used. There are growing fears that the supply will shrink soon without additional oil. This isn’t good for motorists in the long term, as prices may continue to rise.