Business, Sci-Tech

Gas prices skyrocket, nearing all-time high

UPDATE: A new, all-time high gas price record has been set.

Original story below…


NOTTINGHAM, MD—Americans have seen one of the most profound weeks at the pump with energy prices skyrocketing, marking the 10th straight weekly rise. The nation’s average gas price has risen a staggering 46.5 cents from a week ago and stands at $4.06 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 average price of gasoline will likely set a new all-time record in the next 12 hours, breaching the previous $4.103 per gallon record. With the recent rise, the national average is up 61.1 cents from a month ago and $1.29 per gallon higher than a year ago. The national average price of diesel has risen 61.9 cents in the last week and stands at $4.61 per gallon, the highest since August, 2008 and is just 20 cents from the all-time record high of $4.84/gal.

“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”

The most common U.S. gas price encountered by motorists stood at $3.99 per gallon, up 50 cents from last week, followed by $3.79, $3.89, $3.69, and $4.19 rounding out the five most common prices. The median U.S. price is $3.99 per gallon, up 50 cents from last week and about 10 cents lower than the national average. The states with the lowest average prices: Arkansas ($3.64), Missouri ($3.67), and South Dakota ($3.68). The states with the highest prices: California ($5.32), Hawaii ($4.65), and Nevada ($4.60).

See previous gas price reports here

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

$3.61 per gallon
Excel Car Care Center
1701 Taylor Avenue
Parkville, MD 21234

$3.73 per gallon
6000 Moravia Road
Baltimore, MD 21206

$3.85 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$3.87 per gallon
Carroll Motor Fuels
9525 Pulaski Highway
Middle River, MD 21220

$3.91 per gallon
9919 Pulaski Highway
Middle River, MD 21220

Photo by Ingo Joseph from Pexels

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