Gas Prices Go Parabolic, National Average Jumps to $3.84 as U.S. Oil Jumps Above $115 a Barrel

The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022. - Oil prices soared March 2 above $113 per barrel and natural gas hit a record peak, as investors fretted over key producer Russia's intensifying assault on …
Photo by FREDERIC J. BROWN/AFP via Getty Images

Gasoline prices accelerated at a stunning pace on Friday, jumping more than 11 cents from the day before.

On Friday, the national average gas price jumped to $3.837. That is as much as they rose in the entire week through Thursday, when they rose to $3.72 from $3.62 a week before. A week ago, gas prices were $3.572, so Friday’s gas price is 7.4 percent higher over the week.

Gasoline prices, which move up when oil prices climb, are up 12 percent compared with a month ago and 39.7 percent compared with a year ago.

“An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb,” AAA said in a recent analysis.

The price of WTI crude, the best measure of petroleum produced in the U.S., was at $115.54 a barrel on Friday, up from $92.17 a week ago and $76.08 at the start of this year.

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