FARGO — Gas prices have risen about 4 cents in the past week in North Dakota following a jump in oil and wholesale gasoline prices, according to AAA.
The statewide average for regular gasoline today is $2.20, up 4 cents from one week ago. The North Dakota average remains 41 cents lower than one year ago and 13 cents lower than the national average.
The rise in crude oil price is a result of a growing belief that global supply is tightening, even as gasoline demand remains soft during this period of frigid and severe winter weather across much of the country, according to AAA.
As crude prices increase, pump prices follow suit because about 50 percent of the cost consumers pay at the pump is due to the cost per barrel of crude oil, according to AAA.
Refineries are also entering spring maintenance season in preparation for the busy summer driving season and the production of summer fuel blends. As they cut back or halt production to address critical maintenance issues, gasoline supplies tighten, which ultimately results in higher prices for consumers.
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Pump prices often continue a gradual climb through Memorial Day before leveling off.
