Washington fuel prices spike over holiday weekend
Over the holiday weekend, fuel prices in Washington experienced a significant surge. According to AAA data, the average price for a gallon of regular unleaded reached $4.68 statewide on Monday, showing an increase from $4.60 the previous week.
This price hike during the holiday weekend marks the 17th consecutive week of rising fuel prices for residents of Washington. The escalation can be attributed to the implementation of the new carbon tax earlier this year.
The eight cent per gallon rise in fuel prices in Washington correlates with the national average, although it accelerated at a quicker pace. Nationally, the average price per gallon increased from $3.54 to $3.58 during the same period.
While the spike in demand for gasoline is currently contributing to the upward trend in pump prices, the relatively low cost of oil is tempering the increase. Oil prices have been fluctuating around the low $70s per barrel. It is possible that pump prices could stabilize or even decline once the holiday weekend concludes.
AAA spokesperson Andrew Gross commented on the situation, stating, "The rise in demand for gasoline is helping to push pump prices higher for now, but the increase is mitigated by the low cost of oil, which is wobbling around in the low $70s per barrel. Pump prices could stabilize or fall once this long weekend is in the rearview mirror