Gas prices continue to climb hitting $5.01 a gallon



(June 14, 2022) WASHINGTON, D.C. — The cost of a barrel of oil is over $120, nearly double last August’s price, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand remains robust as the summer driving season ramps up even as the national average for a gallon of gas surged. It is 15 cents more than a week ago, 58 cents more than a month ago, and $1.94 more than a year ago. Today’s national average is $5.01—an all-time high never seen since AAA began collecting pricing data in 2000.

“Based on the demand we’re seeing, it seems high prices have not really deterred drivers,” said Andrew Gross, AAA spokesperson. “If prices stay at or above $5, we may see people start to change their daily driving habits or lifestyle, but it hasn’t happened yet.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 800,000 barrels to 218.2 million barrels last week. Meanwhile, gasoline demand grew from 8.98 million barrels a day to 9.2 million barrels a day as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases.

This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. Coupled with increasing crude oil prices, this means that the price of gas will likely remain elevated for the near future.

Quick Stats

The nation’s top 10 largest weekly increases: West Virginia (+28 cents), Montana (+27 cents), Colorado (+25 cents), Kansas (+23 cents), Virginia (+23 cents), Missouri (+22 cents), North Dakota (+22 cents), Indiana (+22 cents), Ohio (+22 cents) and New Mexico (+21 cents).

The nation’s top 10 most expensive markets: The nation’s top 10 most expensive markets: California ($6.43), Nevada ($5.65), Alaska ($5.56), Illinois ($5.56), Washington ($5.54), Oregon ($5.53), Hawaii ($5.53), Arizona ($5.31), Washington, D.C. ($5.26) and Indiana ($5.05).