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Gas prices creep higher as Great Lakes states spike

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BALTIMORE, MD—After weeks of steady decline, gas prices have begun to rise again. This trend is particularly evident in Great Lakes states, where prices have spiked in recent weeks.

According to data from GasBuddy, the national average price of gasoline rose by 1.0 cents in the last week to $3.41 per gallon. The price of diesel, meanwhile, has fallen by 1.6 cents in the last week and remains at $3.73 per gallon.

“Since the national average price of gasoline fell to its lowest June level since 2021 last week, we’ve seen the drop in prices take a break, with some states seeing a small rise over the last week. Thankfully, I expect this to be more like a short timeout, with an eventual return to falling gasoline prices in most states,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The decline in diesel prices continues, with the national average price of diesel now at its lowest level since January 2022. Both gasoline and diesel prices remain below their year-ago levels, which is music to the ears of the Federal Reserve, as fuel prices are a significant component of the Consumer Price Index. Also factoring in gasoline demand that has been running a bit weaker than expected, market fundamentals look pretty good right now if you’re a motorist.” GasBuddy notes that in some Great Lakes states exhibiting price cycling, prices shot up significantly as retailers restored prices after deep cuts over the last 1-2 weeks.

Mississippi has the lowest average price of gasoline in the country at $2.88 per gallon, while California has the highest average price at $4.78 per gallon. Hawaii and Washington state also have high average prices for gasoline.

The recent rise in gas prices is a number of factors, including higher demand for fuel due to the summer travel season and rising inflation. However, the disruption of supply due to severe weather conditions and chip shortages is also playing a role. Overall, the rising cost of gas is a significant burden on travelers and a concern for consumers.

See previous gas price reports here

In the Baltimore metro area, the cheapest gas this week could be found at the following locations:

Lowest Baltimore Gas Prices 20240617

This article was written with the assistance of AI and reviewed by a human editor.

Photo via Pixabay

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