Business, Sci-Tech

Gas prices tick higher for sixth straight week, storm on horizon as EU bans Russian oil

NOTTINGHAM, MD—For the sixth consecutive week, the nation’s average gas price has rallied, rising 0.9 cents from a week ago to $4.60 per gallon on Tuesday 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 42.8 cents from a month ago and $1.56 per gallon higher than a year ago. The national average price of diesel has fallen 4.0 cents in the last week and stands at $5.50 per gallon.

“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won’t be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order. Motorists in the Great Lakes could see prices jump early in the week to new record highs, and the rest of the nation will follow. Odds are rising that we’ll eventually see the national average reach that dreaded $5 per gallon.”

The most common U.S. gas price encountered by motorists stood at $4.29 per gallon, down 20 cents from last week, followed by $4.19, $4.59, $4.39, and $4.49 rounding out the five unchanged from last week and about 21 cents lower than the national average. The top 10% of stations in the country average $4.88/gal, while the bottom 10% average $4.01/gal. The states with the lowest average prices: Georgia ($4.12), Arkansas ($4.13), and Kansas ($4.14). The states with the highest prices: California ($6.14), Hawaii ($5.42), and Nevada ($5.27).

See previous gas price reports here

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

$4.37 per gallon
High’s Dairy Store
9414 Scott Moore Way
Perry Hall, MD 21128

$4.39 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$4.39 per gallon
9809 Belair Road
Perry Hall, MD 21128

$4.39 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$4.41 per gallon
BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

Photo by Ingo Joseph from Pexels

Photo via Pixabay

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