US Gas and Diesel Prices Surge as Crude Hits $100

The national average price for regular gasoline rose 16 cents over the past week to $4.31 per gallon. This increase occurs during a season when prices typically decline due to lower demand. AAA - The Auto Club Group reports that the surge is driven by crude oil prices climbing back into the $100 per barrel range for the first time since July, with West Texas Intermediate trading at $100.75 a barrel on Monday.

Regional impacts vary across the United States. In Tennessee, prices rose 11 cents to a state average of $3.92 per gallon, while Northeast Ohio saw a 28-cent jump to $4.228 per gallon. In Texas, diesel fuel prices hit a record high of $5.83 per gallon on September 14, an increase of 33 cents from the previous week.

Market volatility is linked to intensified tensions in the Middle East and the closure of the Strait of Hormuz, alongside a Russian ban on diesel exports. The Transportation Energy Institute warned that these rising diesel costs increase shipping expenses for producers and retailers, which could drive food inflation higher. Data from the Energy Information Administration shows that while total gas supply increased to 206.9 million barrels, gasoline production decreased to 9.3 million barrels per day and demand dropped to 8.55 million barrels per day.