Business, Sci-Tech

Gas prices continue to creep up as oil struggles

NOTTINGHAM, MD—The nation’s average gas price has increased 1.8 cents from a week ago and stands at $3.41 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 15.1 cents from a month ago and $1.31 per gallon higher than a year ago. The national average price of diesel has risen 1.7 cents in the last week and stands at $3.63 per gallon.

“Last week saw oil prices briefly fall back under $80 for the first time in weeks. While it wasn’t enough to provide much relief last week, we should see small declines this week in a majority of the country, thanks to the corresponding drop in wholesale gasoline prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “At OPEC’s monthly meeting last week, the cartel held firm to the small increases they agreed to in July, raising November production by 400,000 barrels per day. With President Biden still mulling over options to help push gas prices down, we could continue to see some volatility in oil prices. I don’t immediately see a large decline or surge coming in the run up to Thanksgiving, but U.S. gasoline demand does remain strong. Levels are currently rivaling September demand, so we know high prices aren’t significantly curbing consumption.”

The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, unchanged from last week, followed by $3.29, $3.09, $3.49 and $3.39 rounding out the five most common prices. The average cost at the priciest 10% of stations stands at $4.34 per gallon, unchanged from a week ago, while the lowest 10% average $2.95 per gallon, up 2 cents from a week ago. The median U.S. price is $3.29 per gallon, up three cents from last week and about 12 cents lower than the national average.
The states with the lowest average prices: Oklahoma ($3.00), Arkansas ($3.06) and Texas ($3.06). The states with the highest priced states: California ($4.60), Hawaii ($4.27) and Nevada ($3.94).

In the coverage area, the cheapest gas as of Monday was located at BP (8809 Belair Road, 21236), with regular gas selling for $2.97 per gallon, unchanged from last week.  Carroll Motor Fuels (9525 Pulaski Highway, 21220) has regular gasoline at $3.13 per gallon, as of Monday, unchanged from last week.

Photo by Ingo Joseph from Pexels

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