High Demand Means Higher Gas Prices

High Demand Means Higher Gas Prices

Motorists in most states are paying more to fill their tanks as pump prices rose for a third week in a row, climbing 2 cents over the past week to a national average of $2.29 for regular.

The AAA Daily Fuel Gauge Report said Thursday the average price of regular was 4 cents higher than a month ago and 14 cents higher than a year ago. Premium gas, at $2.82, was 15 cents higher than a year ago and diesel fuel, at $2.46, was up 13 cents.

Prices rose throughout the Southeast and Southwest, where gas tends to be cheaper. Regular rose 3 cents the past week in Alabama and South Carolina to $2.01, so as of Thursday, no states averaged less than $2 for the first time in six weeks.

Here's a glimpse of what's happening elsewhere in the country this week:

  • Motorists saw bigger increases in the District of Columbia, where regular jumped 6 cents, and in Florida, where it rose 7 cents.

  • Indiana and Michigan, states that typically have high price volatility, were the week's biggest losers. Average prices for regular fell 7 cents in Michigan and 9 cents in Indiana. Both had experienced double-digit increases over the previous three weeks.

  • Hawaii remained the most expensive state for gas with an average price of $3.06 for regular. California was next at $2.92, followed by Alaska and Washington at $2.81.

High demand has reduced gasoline and oil inventories in the U.S., according to the Energy Information Administration. At the same time, oil prices have increased, driving up pump prices.

Share  
Search
Random Cars
Side Widget
You can put anything you want inside of these side widgets. They are easy to use, and feature the new Bootstrap 4 card containers!