The national average for a gallon of gas has climbed by four cents in the past week to $3.10, driven by rising oil prices that are now hovering around $80 a barrel. According to AAA, the price surge comes despite low domestic gasoline demand and increased production.

US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up output from record levels, the EIA said.

U.S. crude oil stocks excluding the Strategic Petroleum Reserve (SPR) fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday.