NOTTINGHAM, MD—For the first time in two months, the nation’s average gas price has increased, rising 12.3 cents from a week ago to $3.17 per gallon this week, 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 22.5 cents from a month ago and 9.5 cents per gallon lower than a year ago. The national average price of diesel has fallen 1.4 cents in the last week and stands at $4.67 per gallon.
“For the first time in two months, the nation’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three year COVID-zero policies appear to be coming to an end,” De Haan added. “While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023. Most areas have seen the bulk of the rise already hit, but should oil continue to rally, more increases could be on the way.”
The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $3.29, $2.89, $3.09 and $3.19 rounding out the top five most common prices. The median U.S. gas price is $3.09 per gallon, up 17 cents from last week and about 10 cents lower than the national average. The top 10% of stations in the country average $4.22 per gallon, while the bottom 10% average $2.66 per gallon. The states with the lowest average prices: Georgia ($2.74), Oklahoma ($2.81), and Mississippi ($2.81). The states with the highest average prices: Hawaii ($4.93), California ($4.34), and Nevada ($3.90).
See previous gas price reports here
In the NottinghamMD.com coverage area, the cheapest gas this week could be found at the following locations:
$2.99 per gallon
BJ’s
4201 Wholesale Club Drive
Nottingham, MD 21236
$2.99 per gallon
Costco
9919 Pulaski Highway
Middle River, MD 21220
$2.99 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237
Photo via Pixabay
