Diesel prices have declined slightly, while the national gas price has increased for the fifth straight week according to GasBuddy.com.
The average national gas price increased 11 cents last week to $4.57 per gallon, while diesel fell 1.7 cents to an average of $5.53 per gallon.
“Gasoline prices surged over the last week to new record highs, but have finally started to slow their rise with diesel also finally cooling off,” according to Patrick DeHaan, Head of Petroleum Analysis with GasBuddy.com.
Still, with more Americans planning to hit the road for Memorial Day this year compared to last, prices will be over $1.50 per gallon higher than last year. Oil has seen slight upward moves as China lockdowns have eased, boosting demand for petroleum, while the start of the U.S. summer driving season is just days away, and could prevent oil from seeing any significant downturns.
U.S. crude oil inventories fell 3.4 million barrels last week. U.S. retail gasoline demand saw a slight fall last week, down 0.6 percent from the prior week.
Sources: NAFB, Gasbuddy.com.