By Kevin Haas
Rock River Current
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ROCKFORD — Gas prices across the country reached a new all-time high Tuesday and could continue to climb through Memorial Day, according to GasBuddy.
The average cost of a gallon of gasoline in the U.S. reached $4.36 on Tuesday, topping the previous high by one cent. The cost of diesel fuel also reached an all-time high Tuesday of $5.53.
In Rockford, the average cost of gas was $4.47 per gallon on Monday, an increase of 9 cents from the previous week.
“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the (European Union) 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.
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Diesel prices are not only at a record high, but they are at their largest difference to gasoline on record, surpassing the 98-cent gap in 2008. The rising cost of diesel threatens to further increase other prices.
“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,” De Haan said.
Fuel prices had declined last month after spiking in March, but prices started increasing again over the last few weeks as the European Union signaled its desire to sanction Russian oil. In the last seven days, the national average rose 15 cents per gallon.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day,” De Haan said. “Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season.”
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Volatile prices and the start of summer roadtrip season may only drive up costs more, De Haan said.
“There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet,” he said.
March 9 gas prices | 10-year history
Year | Rockford average | U.S. average
2021: $3.11/g | $2.95/g
2020: $1.94/g | $1.84/g
2019: $2.78/g | $2.87/g
2018: $2.77/g | $2.84/g
2017: $2.28 | $2.33/g
2016: $2.20/g | $2.21/g
2015: $2.63/g | $2.66/g
2014: $3.61/g | $3.67/g
2013: $3.77/g | $3.55/g
2012: $3.76/g | $3.74/g
Source: GasBuddy
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas or Instagram at @thekevinhaas.