Gas prices are once again going up for the second straight week. The national average retail price for a gallon of gas is now $ 3.799 up from last week’s $3.725 a gallon, according to the American Automobile Association (AAA).
Gas Prices Going Up
The average gas price on Monday, Sept. 26 was up by more than four cents from the previous week’s $3.677. The average gas price on Monday, Oct. 3 is up by more than seven cents from last week’s retail price and has surpassed last month’s $3.796 price tag.
Across the nation, gas prices fluctuated from as high as $ 6.382 to a low of $ 3.057. Over the past week, gas prices have seen prices go up from 58 cents to less than one cent across the nation.
Since last Monday, these 10 states have seen the largest increases in their averages: California (+58 cents), Alaska (+53 cents), Oregon (+42 cents), Washington (+38 cents), Arizona (+38 cents), Nevada (+37 cents), Michigan (+19 cents), Illinois (+18 cents), Wisconsin (+16 cents), and Indiana (+16 cents)
Highest Gas Prices
California continues to experience the highest gas prices in the nation with the average gallon of gas price going $6.382 a gallon at the pump, up by 58 cents from last week. It remains the state with the most expensive gas price eclipsing the national average by $2.58.
Some counties in California continue to see steep gas prices above the state average of $ 6.382 with gas prices in Mono county, showing the most expensive gas price with a whopping $7.137 for a gallon of gas.
The states of Mississippi, Georgia, Louisiana Texas, Tennessee, South Carolina, Alabama, and Arkansas saw their average prices of a gallon of gas reach below the $3.30 mark. The average retail price of gas in Mississippi now sells at 3.065 down from last week’s 3.081 and is 66 cents cheaper than the current national average.
Lowest Gas Prices
Why are Gas Prices Going Up?
The increase in the national average retail price for gas comes following concerns that Hurricane Ian could cause supply disruptions. Some 11 percent of crude oil production in the Gulf of Mexico was shuttered to prevent damage from Hurricane Ian.
Gas Price Trends
|Week Ago Avg.||3.725||4.152||4.471||4.899||3.049|
|Month Ago Avg.||3.796||4.234||4.544||5.074||3.115|
|Year Ago Avg.||3.196||3.549||3.821||3.349||2.748|
Data from the Energy Information Administration (EIA), also indicate that gas demand has increased nationally from 8.32 million barrels a day to 8.83 million barrels a day last week. However, domestic gasoline stocks decreased by 2.4 million barrels to reach 212.2 million barrels. Higher gasoline demand amid tight supply and fluctuating oil prices have increased the national average.
State Gas Prices October 3, 2022
|District of Columbia||3.751||4.368||4.719||4.942|
Follow us for more Small Business News:
Image: Envato Elements