Gas pump prices are continuing to rise throughout the nation. The national average price for a gallon of gas — $3.38 — is a rise of $1.22 over the same products’ cost last year. The increase is additionally 77 cents more than the gallon cost in 2019.
Demand for gas has continued to rise with the cost. The $3.38 national average is six cents up from a week before. According to analysts, the pump price has risen every one of the past 27 days for a total of about 20 cents more per gallon.
“With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight,” said Andrew Gross, AAA spokesperson. “We haven’t seen prices this high since September of 2014.”
The recent rise in the pump price is threefold: higher demand, a decline in stocks and elevated crude oil prices. Global oil production is still below pre-pandemic levels, the AP reports.
According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 5.4 million barrels to 217.7 million barrels last week. However, gasoline demand increased from 9.19 million barrels per day to 9.63 million barrels per day. The cost of oil accounts for more than half of the pump price. Consumers will be paying more as long as crude prices remain high, the AP reports.
The highest gas price increases were scattered throughout the U.S. The highest increases were in North Carolina, where prices rose 14 cents per gallon on average, and Florida, where authorities also reported a 14-cent increase. The third-largest increase was in Arizona, with an increase of 12 cents per gallon. Rounding out the top 10 states with the biggest price increases in the past week for gasoline are Pennsylvania and Texas, both reporting a 9-cent average increase.
The nation’s top 10 most expensive markets remain in California, reporting an average $4.54 per gallon and Hawaii, $4.26.
