Gasoline prices have soared this week, surpassing last year's average, due to a combination of increasing oil prices, declining inventories, and the introduction of a more expensive summer blend of gas. According to data from AAA, the national gas average on Friday stood at $3.53 per gallon, approximately $0.10 higher than the same period last year.

Andrew Gross, a spokesperson for AAA, drew parallels between gas prices and seasonal temperatures, noting that they tend to rise with the arrival of spring. This rise marks the first time since late December that the national average has surpassed the previous year's levels. Notably, California, known for having the highest gas prices in the country, witnessed costs creeping towards $4.97 per gallon, an increase of $0.14 compared to the same day last year.

Elevated gasoline prices at this time of the year can be attributed to increased travel as more motorists hit the roads during the spring season. Additionally, the transition to a more expensive summer driving fuel blend by refineries has contributed to the upward movement in retail prices. However, this year, the surge in crude oil futures has additionally impacted the cost of gasoline. Contracts for West Texas Intermediate (CL=F) were hovering around $81 per barrel on Friday, while Brent (BZ=F), the international benchmark price, traded near the $85 level. Since the beginning of the year, both Brent and WTI have seen an increase of approximately $10 per barrel.

Recent weeks have witnessed a boost in crude prices due to ongoing output cuts by the oil alliance OPEC+ and refinery disruptions in Russia caused by Ukrainian drone attacks. Dennis Kissler, senior vice president at BOK Financial, cautioned that while inventories were shrinking, some traders believed that the rally in prices had occurred too quickly and were anticipating a corrective phase. Nonetheless, the decline in Russia's global exports, resulting from the Ukrainian attacks, is expected to further impact supply as the driving season begins.

Drivers in the Midwest region may experience a slight reprieve in price increases at the pump as the largest refinery in the area, BP's Whiting facility in Indiana, has confirmed that it has resumed full operations after a power outage in February. Meanwhile, in Illinois, where gas prices soared by about $0.22 per gallon over the last week, the state average hovered around $3.92 on Friday.

The surge in gasoline prices in February played a significant role in the unexpected increase in inflation reported last week. Higher gas prices have become a cause for concern, particularly among consumers who now face increased costs for their daily commute or road trips.

In conclusion, gasoline prices have climbed above last year's average due to the combined effects of rising oil prices, dwindling inventories, and the introduction of a pricier summer blend. As spring unfolds and more people hit the roads, experts anticipate continued upward pressure on prices at the pump.