AAA photo

(May 17, 2022) WASHINGTON, D.C.  — With the national average cost for regular gas steadily climbing, three states — Georgia, Kansas, and Oklahoma — are still holdouts for crossing the $4 per gallon mark. The national average for a gallon of gasoline is now $4.48. The increase is primarily due to the high cost of crude oil, which is hovering near $110 a barrel.

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said Andrew Gross, AAA spokesperson. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl last week. Gasoline demand also decreased slightly from 8.86 million b/d to 8.7 million b/d. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.

Meanwhile, the switch to the more expensive summer blend of gasoline, which usually adds seven to ten cents per gallon depending on the market, is happening now. This switchover should be complete nationwide by early June. This summer blend switch is an annual event. It is unrelated to the Biden Administration’s announcement a few weeks ago to allow the higher ethanol E15 gas blend to remain on sale throughout the summer until September.

Today’s national average for a gallon of gas is $4.48, which is 40 cents more than a month ago, and $1.43 more than a year ago.

Quick stats

The nation’s top 10 largest weekly increases: Florida (+29 cents), New York (+24 cents), Illinois (+23 cents), Kentucky (+23 cents), New Hampshire (+22 cents), Connecticut (+21 cents), Massachusetts (+20 cents), Ohio (+19 cents), Maine (+19 cents) and Indiana (+19 cents).

The nation’s top 10 most expensive markets: California ($5.98), Hawaii ($5.31), Nevada ($5.17), Washington ($5.03), Oregon ($4.99), Alaska ($4.88), Washington, D.C. ($4.83), Illinois ($4.82), New York ($4.75) and Arizona ($4.75).