Folks, I’m back, and I’ve got some terrible news. You’re all familiar with gas prices, right? They’re worse now. Much worse. In fact, gasoline and diesel prices have set records every single day since last Monday. Not great! In fact, there isn’t a single state in the country where the average price of a gallon of regular gas is below $4.00, according to AAA. This is a big oof moment for the whole country.
Across the U.S., the average price for a gallon of regular gas now sits at $4.57. That is up four cents from yesterday alone and 47 cents from just one month ago.
Diesel prices look even nastier. The average price of a gallon of diesel is now $5.58. That’s 53 cents more than just a month ago. Another interesting little tidbit: One year ago, gas and diesel prices were separated by just 13 cents. That delta has ballooned to $1.01 today.
California has traditionally had the highest gas prices – right now average prices in that state are over $6 per gallon. Luckily, that number hasn’t hit anywhere else in the U.S. just yet, but CNN Business reports some analysts warn that it may not be too far off:
“There is a real risk the price could reach $6+ a gallon by August,” Natasha Kaneva, head of global oil and commodities research at JPMorgan, told CNN in an email on Tuesday.
With US gasoline inventories sitting at their lowest seasonal levels since 2019, JPMorgan is concerned it will be difficult to satisfy intense demand during this summer’s driving season.
“With expectations of strong driving demand...US retail price could surge another 37% by August,” JPMorgan wrote in its report, fittingly titled “Cruel Summer.”
I’ve always been more of a “Cruel Summer” guy (Bananarama for life), but I guess this is the miserable world we live in now. The Taylor Swift song really cannot hold a candle, but that’s neither here nor there.
Let’s take a look at who’s got the highest and lowest fuel prices in the country.
Here are the highest average gasoline prices in the country:
- California - $6.05 Regular | $6.23 Mid | $6.37 Premium | $6.57 Diesel
- Hawaii - $5.34 Regular | $5.55 Mid | $5.79 Premium | $5.91 Diesel
- Nevada - $5.22 Regular | $5.43 Mid | $5.63 Premium | $5.51 Diesel
- Washington - $5.14 Regular | $5.31 Mid | $5.50 Premium | $5.77 Diesel
- Alaska - $5.12 Regular | $5.21 Mid | $5.43 Premium | $5.32 Diesel
Here are the lowest average gasoline prices in the country:
- Kansas - $4.03 Regular | $4.27 Mid | $4.55 Premium | $5.25 Diesel
- Oklahoma - $4.03 Regular | $4.32 Mid | $4.54 Premium | $5.23 Diesel
- Missouri - $4.10 Regular | $4.38 Mid | $4.65 Premium | $5.19 Diesel
- Arkansas - $4.11 Regular | $4.40 Mid | $4.71 Premium | $5.27 Diesel
- Georgia - $4.12 Regular | $4.44 Mid | $4.80 Premium | $5.25 Diesel
See everyone tomorrow as long as we don’t wake up from this nightmare.