Gas Prices Surge With No Signs of Slowing Down

WASHINGTON, D.C. — Multiple factors are driving gas prices higher with no indication of when they will abate. Crude oil prices jumped to the low-$90s per barrel in recent days, up nearly $30 from August 2021. Cold weather in the United States has driven demand for heating oil, while worries that Russia will react to potential sanctions by withholding crude oil from the global market has put upward pressure on prices.

As a result, the national average price for a gallon of gasoline has spiked to $3.44, which is eight cents more than one week ago, 14 cents more than a month ago and 98 cents more than a year ago. Gas has not been this expensive since 2014, reported AAA.

"This shows how events on the other side of the globe can have a noticeable impact right here in the U.S," said Andrew Gross, AAA spokesperson. "And unfortunately for drivers, they are reminded of this by higher prices at the pump."

Total domestic gasoline stocks rose by 2.1 million barrels to 250 million barrels in total last week, while gasoline demand fell from 8.51 million barrels per day to 8.23 million barrels per day. This would typically put downward pressure on prices at the pump, but rising crude oil costs instead pushed prices higher. Drivers will likely face even higher prices if crude oil prices continue to increase.

The top 10 largest weekly price increases in the U.S. occurred in Michigan (+15 cents per gallon), Ohio (+14 cents), Florida (+12 cents), Indiana (+11 cents), Minnesota (+11 cents), Delaware (+11 cents), Maryland (+10 cents), Illinois (+9 cents), Wisconsin (+9 cents) and Kansas (+9 cents).

The current top 10 most expensive markets include California ($4.68 per gallon), Hawaii ($4.40), Washington ($3.95), Oregon ($3.93), Nevada ($3.86), Alaska ($3.78), Arizona ($3.64), Washington, D.C. ($3.62), Illinois ($3.61) and Pennsylvania ($3.61).