Personal Finance News
GasBuddy Data Shows Average Gas Price Rose 51¢ in Past Week
With the conflict in Iran impacting oil supply, gas prices in the United States spiked over the past week.
About the Rise in Average Gas Price:
According to data collected by GasBuddy, the average price for a gallon of unleaded gasoline increased by 51.1¢ over the last week. The average is currently at $3.45 versus $2.94 last week. Moreover, the price of diesel rose 85.9¢ in the past week to reach an average of $4.59 today.
While $3.45 is the national average, the most common price per gallon motorist encountered this week was $3.19. That’s up 40¢ from a week prior. Meanwhile, the median price was up 50¢ at $3.29 per gallon.
As for where the cheapest gas can be found, Kansas ($2.90), Oklahoma ($2.95), and Arkansas ($2.98) saw the lowest averages. On the other end, California had the highest average per gallon at $5.14, followed by Washington at $4.58 and Hawaii at $4.33.
Some states also saw larger increases than others. For example, Indiana’s average increased 57.8¢, making the biggest jump. The Hoosier state was followed by Florida (57.2¢), Michigan (55.3¢), Ohio (54.6¢), and California (51.1¢). Notably, this list was completely different in terms of diesel fuel, with Texas topping that list with a whopping $1.116 week-over-week increase. North Carolina wasn’t far behind, rising $1.103 followed by Tennessee ($1.103), Georgia ($1.079), and Mississippi ($1.046).
What They’re Saying:
Discussing the reasons behind these big shifts, GasBuddy’s head of petroleum analysis Patrick De Haan said, “In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz. With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows. As a result, gasoline prices in many states could climb another 20 to 50¢ per gallon this week, with price-cycling markets potentially seeing increases as early as today.”
De Haan continued, “Diesel may rise even more sharply, with increases of 35 to 75¢ per gallon possible as global distillate markets react. While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation.”
My Thoughts:
Obviously, there is plenty to worry about regarding the current situation in the Middle East that goes beyond gas prices. Nevertheless, this initial reaction — and expectation that prices will continue to rise in the short term — could be bad news for American drivers. There are also some fears that rising fuel prices could also lead to other inflation, as it will cost more to ship items. Similarly, travelers taking to the skies instead of the road may also worry about fare hikes.
Of course, the situation is very fluid, so it’s impossible to say what comes next. For now, just buckle up.
Author
Other Articles by Kyle Burbank
Credit Card News
Personal Finance News
Robinhood, U.S. Treasury Launch Trump Accounts Mobile App
As Trump Accounts near their launch this summer, a dedicated, official app for accountholders has debuted. About the Trump Accounts App: Soon, the tax-advantaged account meant to help parents save for their children's future will debut — including one-time contributions for qualifying children. Ahead of that, Robinhood, alongside the U.S. Department of Treasury, has launched a Trump Accounts mobile app, allowing parents to manage their contributions and investments. The mobile...
Homes
