The national average price for unleaded gasoline bumped higher for the week ending Aug. 22, driven by higher crude prices resulting from a weaker dollar and possible supply cuts from imported oil.
by Staff
August 22, 2016
Photo via Wikimedia.
2 min to read
Photo via Wikimedia.
The national average price for unleaded gasoline bumped higher for the week ending Aug. 22, driven by higher crude prices resulting from a weaker dollar and possible supply cuts from imported oil.
The average price increased 4.4 cents to $2.193, according to federal data. Gasoline is now 44.4 cents lower than a year ago. Retail prices as tracked by AAA showed an average price of $2.16 for regular unleaded, which is four cents higher than a week ago.
Ad Loading...
The Organization of Petroleum Exporting Countries (OPEC) is considering production cuts to boost prices, and a weakening U.S. dollar is making crude oil cheaper for those holding foreign currencies, according to AAA.
Refinery issues have exacerbated price increases, including a number of refineries in the Gulf Coast that are undergoing unplanned maintenance as a result of flooding in Louisiana and a refinery fire in Texas. Drivers in the Midwest and Central U.S. continue to see the most dramatic recent price movement as the impact of outages, including the BP refinery in Whiting, Ind., has pushed prices higher. The facility is reported to be slowly coming back online, which could allow regional prices to drop back down, reports AAA.
Among the regions tracked by the U.S. Energy Information Administration, the East Coast's 5.1-cent increase ($2.126) was the sharpest among the five regions. In the East Coast's sub-regions, New England's 6.2-cent increase ($2.166) and the Lower Atlantic's 5.2-cent increase ($2.068) were the highest.
Meanwhile, the average price of diesel fuel increased 6 cents to $2.37 per gallon. Diesel is 19.1 cents higher than a year ago.
National average jumps to $4.04 per gallon, up sharply from last year, with West Coast prices topping $5 and further increases expected amid rising oil tensions.
With oil prices rising again, AWP Safety’s fleet manager shares how to respond to rising fuel costs and how the right strategy can turn fuel spikes into cost-saving opportunities.
Rapid swings in crude oil prices driven by the conflict in the Middle East could create longer-term cost pressures for fleets, affecting fuel prices, supply chains, and vehicle strategy, says NTEA’s Andrew Wrobel.
48% of field service leaders are investing in AI to manage customer communication and self-service. Get the latest on how fleets are using AI and thinking about the future.
Fleet managers can use the DOE’s 2026 Fuel Economy Guide to benchmark MPG across powertrain types using side-by-side vehicle ratings and compare new model-year options.