Business, Sci-Tech

Gas prices spike for 7th straight week as supply tightens

NOTTINGHAM, MD—For the seventh straight week, the nation’s average gas price has risen, surging 26.0 cents from a week ago to $4.85 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 56.0 cents from a month ago and $1.81 per gallon higher than a year ago. The national average price of diesel has risen 11.5 cents in the last week and stands at $5.62 per gallon.

“After a blistering week of gas prices jumping in nearly every town, city, state and area possible, more bad news is on the horizon. It now appears not if, but when, we’ll hit that psychologically critical $5 national average,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Gasoline inventories continue to decline even with demand softening due to high prices, a culmination of less refining capacity than we had prior to Covid and strong consumption, a situation that doesn’t look to improve drastically anytime soon. Nine states have average gas prices that stand beyond the $5 per gallon mark, with more set to join in the days and weeks ahead. In addition, diesel prices also stand at a record high, a second gut-punch to consumers which pushes prices of most goods higher.”

The most common U.S. gas price encountered by motorists stood at $4.49 per gallon, up 20 cents from last week, followed by $4.59, $4.99, $4.79, and $4.39 rounding out the top five most common prices.  The median U.S. price is $4.64 per gallon, about 21 cents lower than the national average.  The top 10% of stations in the country average $4.98/gal, while the bottom 10% average $4.01/gal.  The states with the lowest average prices: Georgia ($4.27), Arkansas ($4.39), and Oklahoma ($4.41).  The states with the highest prices: California ($6.32), Nevada ($5.46), and Hawaii ($5.45).

See previous gas price reports here

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

$4.50 per gallon
Excel Car Care Center
1701 Taylor Avenue
Parkville, MD 21234

$4.54 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$4.59 per gallon
9919 Pulaski Highway
Middle River, MD 21220

Photo via Pixabay

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