The national average for regular gas jumped to $3.51 a gallon on Friday, according to AAA. Although that’s a far cry from the record of $5.02 a gallon last June, gas prices have increased by 12 cents in the past week and 41 cents in the past month. All told, the national average has climbed by more than 9% since the end of last year – the biggest increase to start a year since 2009, according to Bespoke Investment Group.
US refineries are operating at just 86% of capacity, down from the mid-90% range at the start of December, according to Bespoke. Oil prices bounce off lows Beyond the refinery problems, oil prices have crept higher, helping to drive prices at the pump northward. Since tumbling to $71.02 a barrel on December 9, US oil prices have jumped about 16%, to around $82.30 on Friday. That increase has been driven in part by expectations of higher worldwide demand as China relaxes its Covid-19 policies.
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