The national average price for a gallon of gasoline has gone up each of the past 27 days, reaching a current high of $3.38.
That price is 20 cents higher than when the 27-day streak began and six cents up from last week.
“With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight,” said Lloyd Albert, senior vice president of public affairs for AAA Northeast. “We haven’t seen prices this high since September of 2014.”
The Northeast was hit particularly hard this past week. Rhode Island (+11 cents), New York (+11 cents), New Hampshire (+10 cents), Connecticut (+10 cents), and New Jersey (+10 cents) were all among the 10 states with the largest weekly increases.
The recent rise in the pump price is due to higher demand coupled with a decline in stocks alongside elevated crude prices.
Global oil production is still below pre-pandemic levels. Total domestic gasoline stocks decreased by 5.4 million barrels to 217.7 million barrels last week, according to new data from the Energy Information Administration. However, gasoline demand increased from 9.19 million barrels per day to 9.63 million barrels per day. Since the cost of oil accounts for more than half of the pump price, consumers will be paying more as long as crude prices remain high.
This week’s national average of $3.38 is 20 cents more than a month ago and $1.22 more than a year ago, and 77 cents more than in 2019.
For more automotive news head to AAA.com.
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Thanksgiving is coming, the biggest travel time. Time for US oil companies to recover profits lost during the pandemic. I’m so glad my big Ford SUV runs on E-85! Time too start thinking about a hybrid for our second vehicle. Congrats to Dems on the Infrastructure legislation! It’s about time!
since 10-25-2021 the gas stations that gave the same price whether you used a cerdit card or cash now are charging 10 cents extra for credit cards. Some stations are even charging the extra 10 cents for using the Debit card.
And here in Brooklyn the parking space is decreasing. We have to cruise around burning gas to find a spot. What are you doing?
Did miss something ? I must have. Taxes on gas and home heating oil add up too ( unless you get help ). Who is going to pay for low ridership on the subways because of the high crime ? Hard working Americans.
Many stations that were charging same price for cash and credit are now charging 10 cents more with a pay card since last week.
Energy efficient cars are one thing, electric cars are not, what do you think is used to make the electricity to charge an electric car?
There is not enough raw materials to make batteries for every one to own an electric veh.
What about disposal of the worn out batteries?
I find it interesting that all the “greed” comments directed at the oil companies are not “awaiting moderation”. Must be that they agree with the editor, so much for debate.
I find it interesting that if a comment challenges the premise of the article or tries to debunk it it “awaits moderation” and never gets published.
What’s the sense in complaining, nothing will be done about it as usual and the rich will just continue to get richer.
Thank you! That is the name of the game. Money goes to money.
If we all drive energy efficient vehicles this wouldn’t be a problem. Hopefully people will realize if you want to drive a hummer or jeep you will pay
Yeah. Electric vehicles are a real solution. Ask anyone in Texas who froze through the meltdown of our electric grid last February.
Prices are up EVERYWHERE in the world – Canada, Germany, Sweden, Australia – so I don’t believe the BS that this is somehow Biden’s fault…the notion that a US President could change international oil markets is ludicrous (unless there is something blatantly obvious done, like starting a war, etc). Can anyone identify an actual policy of the current administration that brought these increasing prices on? I didn’t think so. They could respond by drawing from the oil reserves, but that isn’t meant for moderate price increases brought on by delayed effects of an international pandemic.
While the administration can’t control demand, what about supply?
Wasn’t petroleum production halted from the National Petroleum Reserve in Alaska?
And haven’t restrictions been added to oil and gas development on federal lands?
The Supply and Demand construct is a SHAM AND ASHAME. It was built by the rich. It makes no sense that we have to pay exorbitant prices because they will not forecast what there supply chain based on an average of what was sold the past years. Turkey will go up in price because they have a say they will not have enough to supply the demand. It’s the same demand that they have year after year. The industry supply chain is a sham and they should be ashamed for their greedy behavior.
Fuel prices are not the only thing that has increased dramatically. Everything that people buy as consumers, prices have risen and raised again and again. It isn’t just oil companies that are greedy.
and as long as fuel prices go up so will the price of almost everything we buy, the cost to get to market causes these increases.
When gas dropped to $2.00 people went on a buying spree of low mileage vehicles and now they are shocked, SHOCKED, that gas is gone up to levels it was 5 or 6 years ago. People are so stupid.
Wasn’t the price per gallon higher in 2017?
I seem to remember it getting close to $4.00/gallon.
As a Prius owner, who also has access to public no transit, I am not so concerned, but am sympathetic to others with long commutes.
What about home heating oil this winter. they never produce enough and stick it to us again. home heating oil hasen’t receeded in years. still they don’t produce enough. GREED GREED GREED
You’ve got that right. When gas prices dropped, the entire economy improved. For some people, “enough money” is an inconceivable concept.
you have your head in the wrong place if you think greed is causing this, how aboiut government policies, DUH.
Ok, so demand was high before the pandemic and price per gallon in Stamford, Ct could be found at $2.00 tops. What’s going on is just greed.
to Julio P. and Ron L. and Walter M. It’s not about greed. Do you think that greed exists only in the oil industry? Wake up! It’s about the policies of this administration. Greed is always associated (incorrectly) with Republicans only but why were gas prices the lowest in ten years when Republicans were in control and now the highest in over five years during a Democrat administration? If it’s just about greed, the opposite would be true. It’s about policies. Elections have consequences! Take some time to honestly and thoughtfully think about it and don’t knee-jerk react. Think! Think! Think! If you want to solve a problem, you need to be honest and correct about the cause of it. John M.
It has nothing to do with any administration. Get educated
Supply and demand and price gouging by big oil and gas stations.
The US was virtually Energy Independent at this time in 2020…
Avoidable hardships such as this prompt 71% of respondents in an NBC poll to opine that the Country is going in the wrong direction…
Anyway you try to rationalize it, it still comes down to GREED…God forbid the oil companies lose a penny, while the rest of the world struggles…
If yr figures r correct, then why are Mobil, BP, Sunoco & others charging over $3.60 p/ gl. in NY?