Topline
Gas prices in the U.S. surged this week to a six-month high, with drivers paying roughly $3.60 per gallon at the pump, as high oil prices, refinery maintenance and international turbulence in the energy market continue to leave a dent in drivers’ pocketbooks.
Key Facts
The national average price for a gallon of gas hit $3.60 over the weekend before inching down to $3.58, according to GasBuddy, which compiles data from over 150,000 gas stations nationwide—though AAA pegs the national average at $3.60.
That price brings the national average up 6.5 cents over the past week and 17.1 cents from a month ago, though the national average drivers are seeing at the pump is just under a cent below where it was this time last year.
The rise in prices coincides with several factors, including “extensive refinery maintenance” on the West Coast, as well as the transition to more expensive summer fuel blends, rising gasoline demand and high oil prices, according to Patrick De Haan, head petroleum expert at GasBuddy.
In the past month, the West Texas Intermediate—a national crude oil benchmark—has jumped just shy of 10% to $85 per barrel, a six-month high, while the international benchmark Brent Crude Oil has climbed nearly 10% in that time to a six-month high just below $90.
De Haan also attributes the spike to recent production cuts by OPEC producers Russia and Saudi Arabia, as well as lingering “geopolitical escalations in the Middle East,” though he added a potential cease-fire between Israel and Hamas could provide a “glimmer of hope” amid surging oil prices.
Where Are The Most Expensive Gas Prices?
California. The state average, according to AAA, touched $5.35 per gallon on Monday, making it the only state in the country with an average price north of the dreaded $5 mark. Behind California are Hawaii ($4.72 per gallon), Washington ($4.62), Nevada ($4.56), Oregon ($4.39) and Alaska ($4.26), while drivers can find the cheapest gas in the Southeast, Great Plains and parts of the Rocky Mountains, led by Colorado at $3.05 per gallon, Mississippi ($3.10) and Oklahoma ($3.15).
Key Background
Gas prices in the U.S. surpassed $3.50 per gallon last month for the first time since the fall, an increase that experts attributed to rising oil prices stemming from international instability, including conflict in the Middle East and recent attacks on Russian oil facilities. While those prices have rebounded substantially from their winter doldrums—when lower demand typically helps drive an annual price drop—the prices at the pump this week still fall well below last year’s summer peak of $3.85. They also come well behind the record high set in June 2022, when high demand and an unstable international energy market driven in part by Russia’s invasion of Ukraine drove the national average in the U.S. to a whopping $5.02 per gallon, the first time the national average topped the $5 milestone.
