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.