Business, Sci-Tech

Gas prices rise for fourth straight week, diesel hits highest price since 2014

NOTTINGHAM, MD—For the fourth consecutive week, the nation’s average gas price has risen, climbing 1.8 cents from a week ago and stands at $3.32 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 3.3 cents from a month ago and 92.0 cents per gallon higher than a year ago. The national average price of diesel has risen 5.4 cents in the last week and stands at $3.66 per gallon – the highest level since October, 2014.

“With oil prices remaining elevated, average gas prices inched up in most states over the last week even as gasoline demand weakened, a testament to how concerned oil markets are with unrest in oil producing nations. With all eyes on the Russia/Ukraine situation, oil will likely remain north of $80 per barrel, with additional volatility. Prices could rise even more significantly if there is any further deterioration in the situation,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, I don’t expect any immediate fireworks at the pump, but the trend of rising gas prices will likely persist as worries continue to overpower weak global consumption.”

The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, up 20 cents from last week, followed by $3.09, $2.99, $3.29, and $2.89 rounding out the five most common prices. The average cost at the priciest 10% of stations stands at $4.36 per gallon, down 3 cents from a week ago, while the lowest 10% average $2.85 per gallon, up 3 cents from a week ago. The median U.S. price is $3.19 per gallon, an increase of 2 cents from last week and about 13 cents lower than the national average. The states with the lowest average prices: Mississippi ($2.95), Arkansas ($2.97), and Kentucky ($2.97). The states with the highest prices: California ($4.63), Hawaii ($4.31), and Washington ($3.94).

See previous gas price reports here

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

$2.97 per gallon
8809 Belair Road
Nottingham, MD 21236

$3.06 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$3.06 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$3.06 per gallon
BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

Photo by Ingo Joseph from Pexels

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