Gas prices keep climbing, as companies export more U.S. oil

Gas price relief won't come soon to U.S. consumers as summer travel and South American winter diesel demand square off in an arena already crowded by snarled logistics and ongoing inflation. While gas prices have stopped climbing as rapidly as they did immediately following Russia's invasion of Ukraine, the national average has crept up an additional $0.50 since a month ago.

Travel is expected to rebound significantly this summer as most of the country has made a conscious decision to put the Covid era behind it despite warnings from urban municipalities in particular that exposure and transmission risks remain high in crowded areas and indoor spaces. As of Wednesday, the national average price was $4.59 for a gallon of unleaded regular, and prices in every U.S. state averaged above $4.00/gallon, AAA shows.

As much as 2.09 million barrels a day of gasoline, diesel and jet fuel shipped out from the U.S. Gulf Coast in April, Bloomberg reports. Most went to Latin America, where diesel fuel demand will remain high during the Southern Hemisphere’s winter. Mexico is expected to be a leading customer for American diesel, which is already a dollar more expensive per gallon than regular gasoline.

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