by Brian Bushard
TOPLINE
The national average price for a gallon of gasoline hit a four-month high on Wednesday, and analysts expect it to keep rising as oil prices trend upward, refineries struggle with capacity and states transition to a more expensive summer fuel blend, though prices are far from where they were at their mid-2022 peak.
CONTRA
Despite the rise in prices, drivers are still seeing a slight improvement from this time last year, when a gallon of gas cost just under $3.35, or two years ago, when it averaged $3.63, according to GasBuddy. Prices hit an all-time high in June 2022, surpassing the dreaded $5 milestone, a major hike made worse by high demand, historically low gas inventories and uncertainty in the international energy market fueled partly by the Russia-Ukraine war.
TANGENT
Turmoil in the Middle East and in Ukraine has also played a role in fluctuating gas prices over the past two years, with recent conflict in the Middle East and the Red Sea threatening to push oil prices further upwards. Oil prices have taken a roller coaster trajectory over the last two years in the wake of Russia’s invasion of Ukraine and as western countries hit Russia with major sanctions. Oil prices skyrocketed last year after Russia and Saudi Arabia, two major oil producers, cut their daily oil outflow, with Saudi Arabia reducing it by 1 million barrels and Russia cutting it by 300,000 barrels (Russia later increased those cuts to 500,000 barrels).
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