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Consumer Affairs

Gas Prices Resume Their Climb

Only three states now have average gas price below $3

02/18/2011 | By | ConsumerAffairs.com | Automotive

The price of gasoline is moving higher again, after a brief pause last week.

The national average price of self-serve regular today is $3.156 a gallon, up about three cents from $3.127 recorded last Friday, according to AAA's Fuel Gauge Survey. The average price of diesel fuel is $3.548 a gallon, up from $3.516 last week.

Only three states -- Wyoming, Missouri and South Carolina -- still have average gas prices below the $3 a gallon mark.

At first blush world oil prices don’t seem to explain why U.S. gas prices are so high and going higher. After all, the price of crude oil has dipped in recent days, and is hovering now in the mid $80 a barrel range.

Not just one oil price

But it turns out there’s more than one world oil price. Oil solid on the Nymex Exchange in New York is about $85 a barrel, while Brent crude, the European oil standard, is selling at about $105 a barrel -- a $20 difference. It turns out U.S. refineries are using the more expensive Brent crude to produce gasoline, while the cheaper oil is mostly going into storage.

Brent crude prices have been driven higher by unrest in the Mideast and the Saudi’s reluctance to increase production. As long as U.S. refineries rely on Brent crude, American motorists will pay a higher price for gasoline.

The good news is U.S. energy supplies remain ample. The U.S. Energy Information Administration reports stockpiles of crude oil rose by 900,000 barrels in the week ending Feb. 11. Gasoline supplies increased by 200,000 barrels.

The states with the most expensive gasoline today are:

  • Hawaii ($3.752)
  • Alaska ($3.620)
  • California ($3.524)
  • New York ($3.392)
  • Connecticut ($3.354)
  • Washington ($3.328)
  • Oregon ($3.316)
  • Illinois ($3.248)
  • Vermont ($3.242)
  • Maine ($3.222)

 

The states with the least expensive gasoline today are:

  • Wyoming ($2.958)
  • Missouri ($2.968)
  • South Carolina ($2.991)
  • Texas ($3.000)
  • Tennessee ($3.012)
  • Mississippi ($3.015)
  • Arkansas ($3.017)
  • Colorado ($3.026)
  • Oklahoma ($3.016)
  • Alabama ($3.037)

 

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