(October 5, 2021) WASHINGTON, D.C. — Gas prices rose two cents to $3.20, a level not seen since October 2014. The probable causes for the increase are a slight uptick in demand and the high price of crude oil, which is stubbornly staying above $73 a barrel, according to AAA.
                       
“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” said Andrew Gross, AAA spokesperson. “But, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased slightly by 200,000 barrels to 221.8 million barrels last week. Gasoline demand also rose from 8.90 million barrels a day to 9.4 million barrels a day, more than a 5% increase. However, according to the EIA, oil and natural gas production was lower than pre-pandemic levels during the same quarter in 2019. This tightened supply is helping keep crude prices above $73 per barrel and preventing pump prices from taking their usual seasonal swoon.

The national average of $3.20 is two cents more than a month ago and is $1.02 more than a year ago.

Quick Stats

The nation’s top 10 largest weekly increases: Ohio (+11 cents), Arizona (+7 cents), North Carolina (+6 cents), Illinois (+6 cents), Missouri (+4 cents), Washington, D.C. (+3 cents), Kansas (+3 cents), Virginia (+3 cents), West Virginia (+3 cents) and Iowa (+2 cents).

The nation’s top 10 most expensive markets: California ($4.40), Hawaii ($4.08), Nevada ($3.89), Washington ($3.84), Idaho ($3.73), Oregon ($3.72), Utah ($3.72), Alaska ($3.69), Colorado ($3.53) and Wyoming ($3.50).