After declining for 98 days in a row, the national average price for gasoline has started to pick up again. The national average gas price in the U.S. has increased to $3.725 a gallon after a more than three-month declining streak according to the American Automobile Association (AAA). The average gas price on Monday, Sept. 26 is up by more than four cents from last week’s $3.677.
Gas Prices Go Up After More Than Three Months of Increases
Across the nation, gas prices fluctuated from as high as $ 5.798 to a low of $ 3.074. Over the past week, gas prices have seen prices go up from 36 cents to less than 2 cents across the nation.
After reaching record highs in June gas prices had shown easing back towards more familiar levels. Despite the increase, the average gallon of gas price is currently 14 cents less than one month ago, but still 60 cents shy of the $ 3.187 price tag a year ago.
The states of Oregon, Wisconsin, and California saw the highest spike in prices over the past week with an average tick of 36 cents. Gas prices in Oregon rose from $4.648 last week to $5.009 this week. Wisconsin saw gas prices rise from $3.410 to $3.766 in just one week while California saw gas prices leap from $5.447 to $5.798.
However, it is not all bad news Mississippi, Louisiana, Texas, and Georgia have seen a continued drop in their state’s average gas prices reaching less than last year’s $ 3.187 national prices. A gallon of gas in Mississippi now sells for $3.074 down from last week’s $3.103.
Lowest Gas Prices
California, Hawaii, Nevada, and Oregon continue to experience high prices approaching the record peak of $5.06 in mid-June. A gallon of gas in California now sells on average for $5.798 up from last week’s $5.447. Hawaii fared relatively better with the average price of gas at the pump reaching $5.234 from last week’s $5.267.
Highest Gas Prices
What’s Raising Gas prices
The increase in gas prices is in part due to the market reacting to the Federal Reserve’s announcement that it would raise interest rates again prompting speculation over a possible recession being afoot.
Gas Price Trends
|Week Ago Avg.||3.677||4.118||4.425||4.95||3.012|
|Month Ago Avg.||3.869||4.308||4.608||5.014||3.153|
|Year Ago Avg.||3.187||3.542||3.817||3.312||2.701|
According to new data from the Energy Information Administration (EIA), tight supply and fluctuating oil prices have increased the national average. As of last week, gas demand decreased from 8.49 million barrels to 8.32 million barrels last week. While total domestic gasoline stocks increased by 1.6 million barrels to 214.6 million barrels.
Experts expect that if gas demand remains low and continues to drop, pump price increases will likely be minimized as supply increases.
State Gas Prices September 22, 2022
|District of Columbia||3.774||4.371||4.754||5.017|
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