The average gas price closes in on $5 a gallon

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Diesel fuel prices hit another record high

It was another week of escalating fuel prices, as the national average price of regular gas closed in on $5 a gallon.

AAA’s daily fuel price survey shows that the national average price of regular hit $4.99 a gallon on Friday, another 22-cent gain. The average price has gained 61 cents in the last 30 days.

The average price of premium gas is $5.64 a gallon, a 25 cents per gallon increase over the last week. The price of diesel fuel is $5.75 a gallon, 18 cents higher than a week ago.

“Spot gasoline markets pushing higher again, up 8-12c/gal while diesel spots up 13c/gal,” GasBuddy’s Patrick DeHaan tweeted on Thursday. “We hit $5/gal and (it) won't stop there.”

Still-rising oil prices are partly to blame, but gasoline demand is also higher and drawing down stockpiles. Refiners, meanwhile, are performing a balancing act by diverting more oil to produce enough diesel fuel to keep transportation costs from spiraling out of control.

A number of states saw huge one-week increases in prices at the pump. The price of regular rose 34 cents a gallon in Kansas this week, 33 cents in Arizona, 32 cents in Virginia, 30 cents in Michigan, Illinois, and Oklahoma, 29 cents in South Carolina, and 28 cents a gallon in Tennessee.

States with the most expensive gas

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

  • California ($6.42)    

  • Nevada ($5.60)    

  • Illinois ($5.57)  

  • Washington ($5.52)      

  • Oregon ($5.52)     

  • Alaska ($5.52)     

  • Hawaii ($5.51)

  • Arizona ($5.28)   

  • Indiana ($5.25)   

  • Michigan ($5.23)  

States with the cheapest gas

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

  • Georgia ($4.42)

  • Mississippi ($4.51)

  • Arkansas ($4.51)    

  • Louisiana ($4.52)     

  • Oklahoma ($4.57)   

  • Missouri ($4.57)    

  • South Carolina ($4.60)    

  • Kansas ($4.61)   

  • Alabama ($4.62)      

  • Tennessee ($4.64)     

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