May 11, 2020

U.S. gas prices rise for 2nd week as demand returns

U.S. gas prices rise for 2nd week as demand returns

Gasoline prices nationally climbed for the second-straight week as the lifting of stay-at-home orders across the country boosted demand, according to the fuel-tracking website GasBuddy.

In Houston, average gasoline prices were unchanged at $1.51 a gallon over the week. Prices here are 12 cents a gallon lower than a month ago and $1.07 a gallon lower than a year ago.

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Nationally, gasoline averaged $1.83 a gallon, up 6 cents from last week. The national average is down a penny from a month ago and $1.03 from a year ago.

Oil prices, which fell to negative-$37 a barrel last month, have recovered from that all-time low and posted weekly gains for two consecutive weeks. Crude was lower in early morning trading Monday, just above $24 a barrel.

“Gasoline demand continues to rebound across the U.S. as more states reopen,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “The continued recovery of gas prices will nearly completely depend on improvement in the coronavirus situation.”

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