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Gasoline Prices Reach Highest Level Since 2014

Precio, El American

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The American Automobile Association (AAA) stated on its official website that gas prices reached a national average of $3.22 per gallon, which represents the highest price since 2014.

In some states, Americans pay much more for their fuel, such as in California, where a gallon of gasoline reaches its price reaches $4.42.

gasoline prices
Gasoline prices in the country. (Image: AAA)

Meanwhile, southern states maintain the lowest prices in the country. Mississippi and Texas lead with an average of $2.85 per gallon, followed by Arkansas ($2.87), Oklahoma ($2.89), Missouri ($2.91) and Louisiana ($2.93).

Why are prices increasing?

According to AAA, the increase is due to a slight rebound in fuel demand and the high price of crude oil, which remains above $75 per barrel.

AAA spokesman Andrew Gross explained that global economic uncertainty and supply chain concerns generated from the COVID-19 pandemic could be contributing to keeping the value of crude oil high. “There may be relief on the horizon as OPEC and its allies will accelerate production increases more than previously agreed,” Gross said.

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The U.S. benchmark, known as West Texas Intermediate (WTI), is trading near $77.60 a barrel, after topping $79 in the previous session for the first time since November 2014. A year ago, a barrel of WTI was selling around $40.

The 10 most expensive markets in the country as of today are: California ($4.42), 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).