Gas Prices Remain Elevated

(Undated) — Gas prices remain elevated as oil prices rebound. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, average gasoline prices climbed back above $4 per gallon over the last week, with prices rising in slightly more states than they fell, as rebounding oil prices driven by the continued closure of the Strait of Hormuz and ongoing Ukrainian attacks on Russian oil refineries kept upward pressure on the market. He says diesel felt the pressure even more acutely, rising in all but a few states, as Ukraine’s attacks on Russian refining infrastructure continue to impact refined product prices more than crude oil itself. De Haan says while the seasonal transition to cheaper winter-blend gasoline in the coming month could bring some relief, the two dominant challenges facing motorists, the closed Strait and the ongoing refinery strike, show no signs of resolving anytime soon. He says until they do, the path for gas and diesel prices remains tilted to the upside.