Average gasoline prices in Flint have risen 28.8 cents per gallon in the last week, averaging $4.34/g on Monday, May 9, according to GasBuddy’s survey of 212 stations in Flint. Prices in Flint are 41.0 cents per gallon higher than a month ago and stand $1.40/g higher than a year ago. The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon.

 At this same time, gas prices in the Fenton area ranged from $4.18 to $4.59 per gallon.

 The national average price of gasoline has risen 13.6 cents per gallon in the last week, averaging $4.31/g on Monday, May 9. The national average is up 19.6 cents per gallon from a month ago and stands $1.36/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

 “Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium. While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods.”

 GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.

 According to AAA, motorists are paying an average of $64 for a full 15-gallon tank of gasoline; an increase of about $13 from when prices were their highest last November.

 According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 2.2 million barrels (bbl) to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million barrels per day (b/d) to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher.

 At the close of the Wednesday, May 4 formal trading session, WTI increased by $5.40 to settle at $107.81. Crude prices rose after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. It’s not clear if the plan will be approved as some members of the 27-nation block, such as Slovakia, have stated they will seek exemptions because they need more time to find alternatives to Russian oil. However, given that global crude supply remains tight, crude prices will likely remain volatile amid the news that supply could get tighter if the ban is implemented.

 “Tight gasoline stocks in the Midwest, coupled with rising demand and high crude oil prices sent Michigan gas prices soaring to a new record high,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.”

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