The national gas price average increased three-cents on the week to $2.91. All but seven states are paying more on the week. Today’s national gas price average is six-cents more than a month ago and 41-cents more than a year ago.
“The September switch-over to winter-blend gasoline ushered in cheaper gas prices compared to the summer, but that drop was short lived,” said Tammy Arnette, AAA spokesperson. “Crude oil accounts for half of the retail pump price and crude is selling at some of the highest price points in four years. That means fall and year-end prices are going to be unseasonably expensive.”
Crude oil has priced higher amid concerns of global crude supply and geopolitical tensions, including pending sanctions with Iran and Venezuela’s unstable economy.
As a result, fall gas prices have not been this expensive since 2014. At that time, motorists were paying on average more than $3/gal and crude oil was selling well above $70/bbl. This year, despite stocks increasing in the U.S. by 8 million bbl on the week, crude oil is selling at a good $25/bbl or more than last year, hitting $75/bbl last week.
Quick Stats
- The nation’s top 10 most expensive markets are: Hawaii ($3.84), California ($3.80), Washington ($3.44), Alaska ($3.33), Oregon ($3.29), Nevada ($3.27), Idaho ($3.13), Pennsylvania ($3.08), Washington, D.C. ($3.05) and Connecticut ($3.03).
- The nation’s top 10 largest weekly increases are: Ohio (+9 cents), Kentucky (+8 cents), Louisiana (+7 cents), California (+7 cents), Indiana (+7 cents), Virginia (+ 6 cents), New Jersey (+6 cents), Georgia (+6 cents), Washington, D.C. (+6 cents) and Alabama (+5 cents).
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Chris Graham
