Gas prices hold steady at a seven-year high

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Prices are at record highs in California

There’s plenty of pain at the gas pump, but at least it isn’t getting any worse. Prices have remained stable for another week.

AAA reports the national average price of regular gas is $3.41 a gallon, the same as last Friday. It’s only nine cents a gallon more than a month ago. The average price of premium gas is $4.03 a gallon, in line with last week’s price. The average price of diesel fuel is $3.64, the same as a week ago.

The Biden administration this week asked the Federal Trade Commission (FTC) to investigate whether the oil industry has engaged in price manipulation. But industry analysts point out that demand has increased faster than supplies of fuel and U.S. producers are still in the process of ramping up production after a pandemic-induced slowdown.

Patrick DeHaan, head of petroleum analysis at GasBuddy, reports that gasoline demand at the beginning of the week was at its highest level since the week of August 22.

Prices at the pump were mostly stable across the country this week, though there were exceptions. Motorists in Arizona saw prices rise an average of eight cents a gallon. In California, where prices are at a record high, the average price rose five cents a gallon this week.

Some states saw prices go down. Oklahoma maintained its status as the state with the cheapest gas, with a drop of four cents a gallon. Prices in Texas also went down by four cents this week.

States with the most expensive gas

These states currently have the highest prices for regular gas, according to AAA:

  • California ($4.69)   

  • Hawaii ($4.35)  

  • Nevada ($3.98) 

  • Washington ($3.87) 

  • Oregon ($3.79) 

  • Alaska ($3.72) 

  • Arizona ($3.72)  

  • Utah ($3.70)

  • Idaho ($3.69)

  • Pennsylvania ($3.60)

States with the cheapest gas

AAA reports that these states currently have the lowest prices for regular gas:

  • Oklahoma ($2.99) 

  • Texas ($3.03)  

  • Mississippi ($3.07)

  • Arkansas ($3.08)   

  • Missouri ($3.08) 

  • Kansas ($3.09)

  • Kentucky ($3.09)

  •  South Carolina ($3.12)  

  • Wisconsin ($3.13)

  • Tennessee ($3.13) 

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