Gas Prices Hit Nine-Month High

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Gas Prices Hit Nine-Month High

12/29/2020
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WASHINGTON, D.C. — Gas prices are getting higher as the end of the year draws closer.

As of Dec. 28, nearly 20 states have gas price averages at least 3 cents higher than one week prior, pushing the national gas price average up to $2.25 per gallon. That is the highest price since stay-at-home guidance was issued in mid-March, according to AAA.

The current national average is 3 cents higher than one week ago, 13 cents higher than one month ago and 32 cents cheaper than one year ago.

The Energy Information Administration reported that weekly gasoline demand increased to 8 million barrels per day while gasoline stocks decreased by approximately 1 million barrels. This would typically result in cheaper gas prices, but has not occurred due to higher crude oil pricing.

"December has seen the biggest pump price jump of any month this year, ending with a national average 11 cents higher than it began," said Jeanette Casselano McGee, AAA spokesperson. "Despite low demand, pump prices are more expensive because crude oil has seen steady gains."

Gas prices are likely to rise over the next week but remain cheaper than the end of 2020.

The top 10 largest weekly increases occurred in Ohio (15 cents), Michigan (13 cents), Indiana (10 cents), Kentucky (9 cents), Illinois (8 cents), Tennessee (6 cents), Wisconsin (5 cents), Minnesota (5 cents), Georgia (4 cents), and North Carolina (3 cents).

The top 10 least expensive markets are Mississippi ($1.91 per gallon), Texas ($1.93), Louisiana ($1.95), Oklahoma ($1.95), Missouri ($1.97), Arkansas ($1.97), South Carolina ($1.99), Kansas ($2.01), Alabama ($2.01), and Tennessee ($2.03).

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