The national average price for a gallon of regular gasoline has increased by nine cents over the past week, reaching $3.64. The primary factor driving this surge is the high cost of oil, gasoline’s main component, which currently hovers around the low $80s per barrel. The national average has been rising daily since March 29.
AAA spokesperson Andrew Gross explained that when crude oil prices surpass $80 a barrel, it exerts significant upward pressure on gasoline prices at the pump. He added that if oil costs remain at their current level, drivers can expect incremental price increases for the time being.
The Energy Information Administration (EIA) reported that gas demand dropped from 9.3 to 8.94 million b/d last week, while total domestic gasoline stocks fell by 400,000 bbl to 222.2 million bbl. Although decreased demand would typically result in lower pump prices, elevated oil prices have instead pushed them higher. Pump prices will continue to climb if oil prices keep rising.
The current national average of $3.64 is 17 cents higher than a month ago but 44 cents lower than a year ago.
Over the past week, the following ten states experienced the largest increases in their average gasoline prices: Arizona (+18 cents), North Dakota (+17 cents), South Dakota (+17 cents), Nebraska (+16 cents), Indiana (+16 cents), Kansas (+15 cents), New Mexico (+15 cents), Iowa (+14 cents), Illinois (+14 cents), and Oklahoma (+14 cents).
The top ten most expensive markets in the nation are California ($4.89), Hawaii ($4.78), Arizona ($4.52), Washington ($4.43), Nevada ($4.25), Illinois ($4.06), Oregon ($4.01), Alaska ($3.86), Pennsylvania ($3.74), and Indiana ($3.72).
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