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Prices at the pump hit a fresh high this week with no signs of slowing down, according to an industry analyst.
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U.S. gas prices are now sitting at about $3.21 per gallon across the nation, which is the highest its been in the last seven years, Patrick De Haan, head of petroleum analysis for GasBuddy, tweeted.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GAS | n.a. | n.a. | n.a. | n.a. |
De Haan further projected that gas prices will “continue climbing and potentially eclipse $3.30/gal by the end of the month.”
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De Haan said prices will likely rise in “most areas of the country” over the next two weeks with the Great Lakes region “likely to notice more pain before other areas.”
Drivers in some parts of Michigan, Chicago and Indiana are feeling the pinch, according to the analyst.
He also projected that prices in Ohio are also “likely to soon rise, following Indiana as wholesale #gasprices have shot up now nearly 30c/gal in the last week.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 54.16 | -1.47 | -2.64% |
Drivers across the country are already seeing a surge. The average price for gas in Los Angeles has already notched its highest, $4.42 per gallon, since 2012.
Oil prices jumped Monday after OPEC and other oil-producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. West Texas Intermediate crude oil hit a seven-year high of $79.07 a barrel on Tuesday.
The Associated Press contributed to this report.
