US national gas price average rose by five cents to US$3.15 in week ended Feb. 1 and was 4 cents higher month-over-month; gas demand rose to 8.14 million b/d from 7.89 million b/d last week, total domestic gasoline stocks increased by 1.1 million bbl: AAA

WASHINGTON , February 1, 2024 (press release) –

The national average for a gallon of gas rose by a nickel since last week to $3.15. The upward trend is likely a combination of oil costs edging into the upper $70s per barrel and normal seasonal increases as winter eases and demand for gas creeps higher.

“We are in that time of year where pump prices begin to heat up, usually peaking around July,” said Andrew Gross, AAA spokesperson. “But unless something shocks the global oil market and causes prices to spike, the national average for a gallon of gas will probably stagger higher, with some flat days or even small price dips along the way.”

For the complete report, including the latest EIA data and oil market dynamics, please visit https://gasprices.aaa.com/like-a-reliable-old-stove-gas-prices-slowly-heat-up/

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