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Today’s fuel prices are showing us that with increasing demand, the price for refined products will continue to rise, even with a somewhat stalling crude oil price. Today’s EIA posting for On-Highway Retail Gasoline price was $4.107 per gallon. Remember, in 18 states, beginning this Saturday; the US EPA has mandated the more expensive “Summer Blend” of gasoline. This gasoline blend will stay in place until Mid-September, as demand remains strong and the temperatures are warmer this time of year.
Diesel prices look to be outpacing gasoline and the changes in crude oil prices as well. Monday’s EIA posting for On-Highway Retail Diesel price was $5.16 per gallon. These prices will soon eclipse the records we saw in March of this year. We were trading at $5.25 per gallon on March 14, 2022, and with diesel fuels' current supply issues, we will top this by Mid-May. This will push food prices higher and make planting time in the Agriculture space as expensive as it ever has been!
We’re still on an upward track on fuel prices! Continue reading "Retail Fuel Prices Skyrocket"
