Unfortunately for drivers, average gas prices are on the rise once again.
About the Latest National Gas Price Data:
In a report from the gas price tracking app GasBuddy (which includes more than 150,000 gas stations nationwide), the company warned that a $4 per gallon national average was likely to return. Sure enough, as GasBuddy analyst Patrick De Haan shared on X the following day, the average has now topped $4. This marks the first time ever that gas prices have topped at least $4 twice in the same year.
Prior to that update, the average price per gallon stood at $3.95 — which itself was up 13¢ week over week. It’s also 85.7¢ per gallon higher than a year ago. Similarly, the price of diesel increased 22.3¢ over the past week to hit an average of $5.077 per gallon.
Breaking down the data further, GasBuddy found that the most common gas price drivers encountered in the last week was $3.99. That was up a dime from the week prior (and, again, has since risen). The most common prices after that were $3.69, $3.89, $3.79, and $3.59, respectively.
Meanwhile, the median gas price came in at $3.86, which was up 17¢ from one week earlier. However, the average among the top 10% of stations came to $5.24 while the average among the bottom 10% was $3.36.
On that note, the states with the lowest average per-gallon price were Indiana ($3.35), Oklahoma ($3.53), and Mississippi ($3.54). Unsurprisingly, the states with the highest averages were California ($5.44), Hawaii ($5.40), and Washington ($4.96). In Arizona, the average price saw the biggest weekly increase at 36.2¢, followed by Nebraska (up 26.1¢), Michigan (up 23.2¢), Pennsylvania ( up 23.2¢), and Georgia ( up 20.0¢).
What They’re Saying:
In the report, De Haan noted that the cause behind the increasing gas prices may not be entirely what many might assume. He stated, “While the ongoing U.S.-Iran situation continues to weigh on markets, the story is increasingly less about crude oil and more about global refining capacity.”
He continued, “The Strait of Hormuz remains closed while continued Ukrainian attacks on Russian refineries further squeeze an already strained supply picture. With WTI crude approaching $85 per barrel in Sunday night trading, price-cycling markets are likely to see another jolt higher in the coming days, and motorists should brace for a rougher stretch ahead.”
My Thoughts:
Unfortunately, this latest data seems likely to be just the start of another price surge at the pump. Yet, with the situation changing day by day and even hour by hour in some cases, it’s impossible to know for sure which way things will go from here. For that reason, motorists will want to keep a close eye on stations in their area and look for ways to save on gas when possible. Personally, I do find that using GasBuddy can be helpful for that — although I wouldn’t go too far out of your way to find a better price, as time and distance can quickly erase any on-paper savings.
