by: Stacker
Posted:
Updated:
Gasoline prices continued to climb this week, up about an average of 7 cents across the United States. Prices are at their highest point since October 2023.
Oil markets have been hit with a number of disruptions this year. Earlier this month, nations within the Organization of the Petroleum Exporting Countries—including Saudi Arabia, the United Arab Emirates, Kuwait, and Russia—announced they would cut oil production to prop up prices.
Recent attacks on Russian refineries by Ukrainian forces have hurt oil production. In a recent blog post, GasBuddy analyst Patrick De Haan noted that these attacks could force Russia to buy oil from the market, putting further pressure on prices.
Gasoline prices often follow a seasonal pattern, with demand picking up in the spring. This, combined with the recent supply disruptions, mean that prices could …