Well folks, the day we all knew was coming has arrived. Both gasoline and diesel hit record prices per gallon today. That’s a bit less than ideal. The average price of a gallon of regular gasoline now sits at $4.37, according to AAA. That beats out the previous record of $4.33 that was set on March 11. However, it should be noted that record was virtually tied as of yesterday. The story is just as bad – maybe worse – when you look at average diesel prices.
The price of diesel stands at $5.50 for a gallon — up one penny from yesterday. If there’s any good news to glean from this, it’s that the increase is smaller than it has been in the past week or so. On that note, average diesel prices have set a new record every single day since last Monday.
The average price of gas is up 17 cents in the past week alone. It’s a similar story with diesel. That’s up 18 cents in the past week.
Here’s one very minor thing we can take some solace in. If we account for inflation, the price of gasoline is still quite low compared to what it should be. Gas prices would have to crest $5.30 to break records set in 2008.
As CNN points out, gas dipped last month to a low of $4.07 in April after President Biden tapped into emergency oil reserves. What happened? Well, they report industry analysts predicted that move would end up with very short-lived results. Here’s what could come next:
Some analysts fear even higher prices are coming. Andy Lipow, president of Lipow Oil Associates, told CNN on Sunday he expects retail prices will jump to $4.50 a gallon in the next week to 10 days.
Gas prices move with a lag to oil, and the good news is that oil prices fell sharply Monday, perhaps taking some pressure off pump prices.
US oil tumbled 6% to $103.09 a barrel on Monday, its worst day since late March.
Beyond concerns about China’s Covid lockdowns, analysts said oil dropped because it got swept up in the gloom-and-doom on Wall Street as stocks dropped. Crude prices were just slightly lower Tuesday morning.
There may be some hope yet.
Let’s take a look at which states are in the best and worst shape when it comes to fuel prices.
Here is the highest average gas prices in the country in order of highest price for a gallon regular:
- California - $5.84 Regular | $6.03 Mid | $6.17 Premium | $6.51 Diesel
- Hawaii - $5.30 Regular | $5.49 Mid | $5.76 Premium | $5.86 Diesel
- Nevada - $5.13 Regular | $5.35 Mid | $5.55 Premium | $5.48 Diesel
- Washington - $4.87 Regular | $5.05 Mid | $5.23 Premium | $5.71 Diesel
- Oregon - $4.86 Regular | $5.00 Mid | $5.20 Premium | $5.60 Diesel
Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:
- Georgia - $3.90 Regular | $4.25 Mid | $4.60 Premium | $5.16 Diesel
- Missouri - $3.93 Regular | $4.18 Mid | $4.46 Premium | $5.21 Diesel
- Oklahoma - $3.95 Regular | $4.23 Mid | $4.47 Premium | $5.30 Diesel
- Kansas - $3.96 Regular | $4.22 Mid | $4.50 Premium | $5.30 Diesel
- Arkansas - $3.96 Regular | $4.25 Mid | $4.56 Premium | $5.30 Diesel
Hopefully this gets better soon. I’m testing the TRX this weekend and cannot afford to put fuel in it. See ya tomorrow.