Business, Sci-Tech

Gas prices creep higher after oil’s week-ago bounce

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NOTTINGHAM, MD—The nation’s average gas price crept higher last week, climbing 4.4 cents from a week ago to $4.11 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 down 13.3 cents from a month ago and $1.24 per gallon higher than a year ago. The national average price of diesel has risen 4.6 cents in the last week and stands at $5.07 per gallon.

“For the first time in over a month, the national average price of gasoline has risen. Primarily, this was due to oil prices that had jumped the prior week, pushing up the price that stations pay for fuel and thus causing them to raise prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The rise has been quite tame in most areas, while others have continued to gently decline. But, with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia’s energy, which could cause oil prices to rise if it happens – something motorists should be on the watch for. In addition, U.S. oil inventories continue to decline, putting additional pressure on prices as the nation’s SPR continues to drain and Russia’s war on Ukraine remains ongoing. The global imbalance between supply and demand that led to these higher prices continues for the time being.”

The most common U.S. gas price encountered by motorists stood at $3.89 per gallon, up 10 cents from last week, followed by $3.79, $3.99, $3.69, and $4.09 rounding out the five most common prices.  The median U.S. price is $3.89 per gallon, up 2 cents from last week and about 18 cents lower than the national average.  The top 10% of stations in the country average $4.56/gal, while the bottom 10% average $3.58/gal.  The states with the lowest average prices: Georgia ($3.70), Arkansas ($3.73), and Oklahoma ($3.73).  The states with the highest prices: California ($5.67), Hawaii ($5.19), and Nevada ($5.07).

See previous gas price reports here

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

$3.75 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$3.75 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

Carroll Motor Fuels
910 Philadelphia Road
Joppa, MD 21085

Photo by Ingo Joseph from Pexels

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