WASHINGTON, D.C. (March 7, 2024)—Pump prices have maintained a steady march higher, rising eight cents since last week to $3.39. More expensive oil is a likely culprit, as crude accounts for nearly 60% of pump prices. The cost for a barrel of oil is edging closer to $80, about $10 more per barrel than a few months ago.
“Spring is nearly here, with longer days, better weather, and more opportunities to hit the road,” said Andrew Gross, AAA spokesperson. “And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year.”
Gas demand has jumped
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.47 to 9.01 million b/d last week. Meanwhile, total domestic gasoline stocks tightened by 4.5 million bbl to 239.7 million bbl. Growing gas demand, amid tighter supply, has pushed pump prices higher.
Today’s national average of $3.39 is 25 cents more than a month ago but two cents less than a year ago.
Quick stats
• Since last Thursday, these 10 states have seen the largest increases in their averages: Ohio (+28 cents), Missouri (+27 cents), Kansas (+23 cents), North Dakota (+21 cents), Arizona (+17 cents), Oklahoma (+15 cents), Montana (+15 cents), Michigan (+14 cents), California (+12 cents) and Nebraska (+12 cents).
• The nation’s top 10 most expensive markets: California ($4.86), Hawaii ($4.71), Washington ($4.16), Nevada ($4.09), Oregon ($3.89), Illinois ($3.75), Alaska ($3.66), Arizona ($3.58), Pennsylvania ($3.54) and Washington, D.C. ($3.48).
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In Pa there seems to be a big difference in gas prices. I was down by the Allentown Pa fair grounds and gas was $3.13 gallon. In Scranton Pa it was $3 39 gallon. I’ve seen this fluctuating around other areas of NEPA.
Thank you, RV Travel! Wow! These numbers make me all the more thankful that I only paid $2.97/gallon for unleaded regular yesterday. Safe travels and good luck with the database, internet, advertising problem. 🙂
Of course, big oil will up the price, it’s almost travel season. So they start a little early so it doesn’t look like they are gouging us!