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Gas prices make their biggest one week jump of the year

Prices are rising despite relatively low demand

Gas prices concept with gas pump
Photo (c) Bloomberg Creative Photos - Getty Images
After being stable for more than two months, the price of gasoline moved sharply higher in the last week, hitting its highest level in seven years.

AAA’s daily price tracker shows that the national average price of regular gas is $2.26 a gallon, seven cents a gallon more than last Friday. It’s $1.09 a gallon more than a year ago. The average price of premium gas is $3.86 a gallon, five cents a gallon more than a week ago. The average price of diesel fuel is $3.43 a gallon, 10 cents a gallon more than last week.

Oil prices have moved higher in the last month as the world finds itself in a growing energy crunch. Patrick DeHaan, head of petroleum analysis at GasBuddy, notes that prices are moving higher despite relatively low demand. He predicts that the national average price of regular could hit $3.30 a gallon next week.

“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” said Andrew Gross, AAA spokesperson. “But, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.” 

But there was no sign of that relief this week, as nearly every state saw price increases. The statewide average jumped 15 cents a gallon in Kentucky, nine cents in Tennessee, eight cents in Alabama, seven cents in Missouri, six cents in Arkansas, and five cents in Oklahoma, Mississippi, and Texas.

States with the most expensive gas

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

  • California ($4.43)

  • Hawaii ($4.12)

  • Nevada ($3.88)

  • Washington ($3.85) 

  • Oregon ($3.74) 

  • Idaho ($3.73)

  • Utah ($3.71)

  • Alaska ($3.69) 

  • Colorado ($3.53)  

  • Wyoming ($3.51)

States with the cheapest gas

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

  • Mississippi ($2.87)  

  • Texas ($2.87)  

  • Arkansas ($2.90)  

  • Oklahoma ($2.91)  

  • Missouri ($2.94)  

  • Alabama ($2.95) 

  • Louisiana ($2.95)

  • Kansas ($2.96)

  • South Carolina ($2.97) 

  • Tennessee ($2.98) 

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