Business, Sci-Tech

Gas price surge takes national average beyond $5/gallon, shows no signs of slowing

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NOTTINGHAM, MD—For the eighth straight week, the nation’s average gas price has climbed, jumping 15.7 cents from a week ago to $5.01 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 57.1 cents from a month ago and $1.94 per gallon higher than a year ago. The national average price of diesel has risen 13.8 cents in the last week and stands at $5.77 per gallon.

“For the first time ever, last week saw the national average reaching the $5 per gallon mark as nearly every one of the nation’s 50 states saw prices jump. For now, the upward momentum may slow down, but we are still just one potential jolt to supply away from heading even higher,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Gasoline demand, while rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels. Should the rise in price finally start to slow demand’s rise, we could see some breathing room, but for now, it seems like Americans are proving resilient to record highs.”

The most common U.S. gas price encountered by motorists stood at $4.99 per gallon, up 50 cents from last week, followed by $4.89, $4.69, $4.59, and $4.79 rounding out the top five most common prices. The median U.S. price is $4.89 per gallon, about 12 cents lower than the national average. The top 10% of stations in the country average $6.19/gal, while the bottom 10% average $4.43/gal. The states with the lowest average prices: Georgia ($4.47), Mississippi ($4.52), and Arkansas ($4.53). The states with the highest prices: California ($6.42), Nevada ($5.65), and Illinois ($5.63).

See previous gas price reports here

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

$4.78 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$4.78 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$4.80 per gallon
BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

Photo via Pixabay

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