Business, Sci-Tech

Gas prices spike as oil prices rise, inventories fall

NOTTINGHAM, MD—For the third consecutive week, the nation’s average gas price has risen, climbing 13.6 cents from a week ago to $4.31 per gallon on Monday according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country.

The national average is up 19.6 cents from a month ago and $1.36 per gallon higher than a year ago. The national average price of diesel has risen 22.6 cents in the last week and stands at $5.52 per gallon.

“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium. While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods.”

The most common U.S. gas price encountered by motorists stood at $3.99 per gallon, unchanged from last week, followed by $4.09, $3.89, $4.19, and $4.39 rounding out the five most common prices. The median U.S. price is $4.10 per gallon, up 11 cents from last week and about 21 cents lower than the national average. The top 10% of stations in the country average $4.68/gal, while the bottom 10% average $3.78/gal. The states with the lowest average prices: Georgia ($3.82), Oklahoma ($3.89), and Arkansas ($3.91). The states with the highest prices: California ($5.80), Hawaii ($5.23), and Nevada ($5.08).

See previous gas price reports here

In the coverage area, the cheapest gas as of Monday could be found at the following locations:

$3.99 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$3.99 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$3.99 per gallon
8235 Perry Hall Boulevard
Nottingham, MD 21236

$4.06 per gallon
BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

Photo by Ingo Joseph from Pexels

Facebook Comments