(WBEN) - The national average for a gallon of regular gas is approaching $4.00 a gallon, the highest level since 2022.
In the Buffalo area that price averages $3.92, nearly $1.00 more per gallon than last month. And there are no real signs of things going the other way.
"It's hard to know when this would potentially stop," said Oil Price Analyst Patrick DeHaan. "A lot of it would be associated with any potential deal in the Middle East to get the Strait of Hormuz reopened. Until then I think we will continue climbing."
But why is the impact so great here if the US is producing so much of our own oil?
"It comes down to the fact that it's a global economy," DeHaan said. "Supply and demand is impacted everywhere. It is a very connected global economy. The US wouldn't be the world's largest oil producer if we suddenly shut ourselves off from the global economy."
"Millions of barrels of US oil are now exported. The US would not be the world's largest oil producer if we were cut off from the rest of the world."
Diesel prices rising at an even higher pace. DeHaan said that has a lot to do with the use of heating oil during the winter, combined with less Diesel being produced. The average price for a gallon of Diesel is well over $5.00 a gallon.
