Gas Price Watch: Back On The Rise

After our daily single-cent decline stalled, prices are now back on the rise

By  Erin Marquis
Illustration: Angelica Alzona (Shutterstock)

We made it through another week and the only thing we have to show for it is a rise in gas prices, by a whole cent. The national average for a gallon of unleaded regular is $4.24 this morning.

Yeah, that hurts. It's a reminder that these astronomical prices aren't going away anytime soon, especially as Russia shows no signs of slowing its invasion of Ukraine. It's so bad that European countries are trying to get off of Russian gas for good, as the Financial Times reports

The US will aim to deliver at least 15bn cubic metres of additional liquefied natural gas to the European market this year as Washington works with the EU to reduce its dependency on Russian energy.

The pledge also included a US commitment to export 50bn cubic metres of LNG to the EU in the future and a promise from Germany to end its dependency on Russian oil and gas by mid-2024."

Russia is gonna love that, and I'm sure gas prices will too. Oil per barrel prices are creeping up as well, erasing all the good not driving has done to keep prices at the pump stable, AAA reports:

The drop in gas demand is contributing to price decreases. However, the steady increase in the price of oil is slowing that decline. If oil prices continue to rise, pump prices will likely follow suit, reversing course from the current downward trend.

At the close of Wednesday's formal trading session, WTI increased by $5.66 to settle at $114.93. Crude prices climbed after EIA's weekly report revealed that total domestic crude stocks declined last week by 2.5 million bbl to 413.4 million bbl, approximately 18 percent lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising prices. Additionally, earlier this week, the Caspian Pipeline Consortium said that it could reduce crude exports by as much as 1 million barrels per day due to storm damage, according to news reports. The pipeline carries oil from Russia and Kazakhstan to buyers in the global market via the Black Sea. While Russian oil is generally being shunned by the global market due to sanctions, loss of barrels from Kazakhstan could further strain already tight markets. News of the potential reduction in supply has contributed to increased crude prices this week.

With no end in sight it's little wonder Google searches for electric vehicles are through the roof:

Seems like a smart investment for energy independence to me. There were some big winners this week. Maryland's gas dropped 41 cents a gallon since last Thursday and remains in the top five cheapest states to fuel up. Gas in Georgia is 25 cents cheaper than a week ago and Florida dropped 16 cents. The losers this week are the usual suspects: Californian girls might be warm and inviting, but its gas is 10 cents higher this week than last. Nevada saw gas shoot up 15 cents this week.

AAA

Anyway, here's the numbers:

Here is where you can find the highest average gas prices in the country in order of highest price for a gallon regular:

  • California – $5.90 Regular | $6.09 Mid | $6.22 Premium | $6.31 Diesel

  • Nevada – $5.20 Regular | $5.41 Mid | $5.60 Premium | $5.28 Diesel

  • Hawaii – $5.10 Regular | $5.30 Mid | $5.55 Premium | $5.47 Diesel

  • Washington – $4.73 Regular | $4.95 Mid | $5.14 Premium | $5.48 Diesel

  • Oregon – $4.72 Regular | $4.91 Mid | $5.11 Premium | $5.40 Diesel

    Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

    • Missouri – $3.78 Regular | $4.05 Mid | $4.32 Premium | $4.70 Diesel

    • Kansas – $3.79 Regular | $4.05 Mid | $4.31 Premium | $4.69 Diesel

    • Oklahoma – $3.80 Regular | $4.08 Mid | $4.30 Premium | $4.69 Diesel

    • Maryland – $3.81 Regular | $4.28 Mid | $4.54 Premium | $4.72 Diesel

    • Arkansas – $3.82 Regular | $4.14 Mid | $4.43 Premium | $4.78 Diesel

      Have a good weekend. Maybe take a walk...to everywhere you'd like to go.

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