Gas Prices Expected to Keep Climbing Driven by Rising Crude Oil Prices

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Gas Prices Expected to Keep Climbing Driven by Rising Crude Oil Prices

02/03/2021

WASHINGTON, D.C. — The 336-day trend of the national gas price average being cheaper year over year could end as early as this week.

As of Feb. 1, the $2.42 national average is just 5 cents cheaper than one year ago, reported AAA.

"For nearly a year, motorists have been saving 53 cents a gallon, on average, when filling up their gas tanks," said Jeanette Casselano McGee, AAA spokesperson. "That extra pocket change is quickly going to dwindle thanks to rising crude oil prices that have made for more expensive pump prices."

Gas prices are already more expensive compared to one year ago in 10 states, with the largest jumps happening in Delaware (23 cents), Maryland (9 cents), Iowa (6 cents) and Indiana (6 cents) However, nearly 12 states have gas price averages as much as 38 cents less year-over-year.

The national average is still cheaper than one year ago, but it increased by 2 cents in the last week and is 17 cents higher than last month. The increase isn't due to demand or refinery utilization, both of which fell over the last week. However, the price of crude oil continues to rise and is currently seeing the highest price points since February 2020. Gas prices are predicted to rise while crude oil prices remain at their current level, AAA reported.

The top 10 largest weekly price increases occurred in Michigan (12 cents), Indiana (10 cents), North Carolina (8 cents), Idaho (5 cents), Illinois (5 cents), Oklahoma (4 cents), California (4 cents), Nevada (4 cents), Tennessee (4 cents) and Vermont (3 cents).

The top 10 most expensive markets in the country are California ($3.41), Hawaii ($3.32), Washington ($2.83), Nevada ($2.77), Pennsylvania ($2.70), Oregon ($2.69), Washington, D.C. ($2.59), Alaska ($2.59), Illinois ($2.59) and New Jersey ($2.56).

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