AAA said Monday that the average cost of a gallon of gas is $4.06 nationwide. In California, it stands at $5.34.
On Sunday, the average cost in California was 5.28, an increase of 6 cents overnight. Last week the average was $4.82 and a month ago $4.68 and last year $3.74. Nationally, gas prices surpassed $4 per gallon for the first time since 2008 and is 10 cents below the all-time record of $.103 per gallon according to gas buddy.
According to Gas Buddy:
City of Antioch
- Speedway Express (A Street) – $4.84
- Joes Market (D Street) – $4.95
- Safeway (Deer Valley) – $4.95
- Costco (Vern Roberts) – $4.98
City of Brentwood
- Arco (Lone Tree) – $5.09
- Chevron (Balfour) – $5.09
Quick Stop (Walnut) – $5.49
City of Concord
- Arco (Arnold Ind) – $4.89
- Arco (Willow Pass) – $4.89
- Arco (Monument) – $4.89
Discovery Bay
- Safeway (CA-4) – $4.99
- Chevron (Taylor) – $5.69
City of Oakley
- Arco (Bridgehead) – $5.03
- Arco (Laurel) – $5.09
- Arco (Main ) – 4.99
City of Pittsburg
- Arco (W Leland) – $5.09
- Speedway (Railroad) – $5.14
- Shell (Loveridge) – $5.29
San Ramon
- Valero (Market Pl) – $4.89
- Valero (SR Valley) – $5.19
- Marathon (SR Valley) – $5.19
National Average Price of Gas Reaches $4; Highest Since 2008
March 5, 2022
The national average price of gasoline has just surpassed $4 per gallon in the U.S for the first time since 2008, and stands just 10 cents below the all-time record of $4.103 per gallon, according to GasBuddy, the leading fuel savings platform providing American drivers with the most ways to save money on gas. Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia’s ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone.
As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of 49 cents per gallon during the week of September 3, 2005. Yesterday’s daily rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago. Diesel prices, however, didn’t share the same fate as gasoline, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.
Other notable gas price milestones:
- June 8, 2008: $4/gal is seen for the first time
- July 17, 2008: All time record high is set at $4.103 per gallon
- May 12, 2021: $3/gal average seen for the first time since 2014
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.”
GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
GasBuddy’s revised 2022 Fuel Price Outlook provides potential ranges for average prices in the U.S. and individual states.
Expensive Oil Pushes Pump Prices to New Heights (AAA)
Since Monday, the national average for a gallon of regular gasoline has increased by 11 cents to $3.72. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 500,000 bbl to 246 million bbl last week. On the other hand, gasoline demand increased slightly from 8.66 million b/d to 8.74 million b/d. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb.
At the close of Wednesday’s formal trading session, WTI increased by $7.19 to settle at $110.60 – the highest settlement price since May 2011. Crude prices continue to surge as the conflict between Ukraine and Russia continues to bring uncertainty to the market. To help counter the impact of rising oil prices, the International Energy Agency (IEA) has coordinated a release of 60 million bbl of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico. The announcement of the release did not detail the amount of each contribution from each country, but half of the release – 30 million bbl – is expected to come from the U.S. However, the pricing impact from yesterday’s announcement has been limited given that the amount of oil is small in comparison to the amount of oil that flows daily from Russia around the globe. According to IEA, Russia exports approximately 5 million b/d of crude oil, representing about 12 percent of global trade. The market will likely continue to increase the price of oil as more sanctions are imposed on Russia. A potential ban of crude imports from Russia to the U.S. or other countries will likely cause prices to continue to rise to reflect more risk of disruption to tight global oil supplies.
Additionally, EIA reported that total domestic crude stocks decreased by 2.6 million bbl last week to 413.4 million bbl. The current stock level is approximately 15 percent lower than at the end of February 2021, contributing to pressure on domestic crude prices.
Largest Weekly Increases
- Since last Thursday, these 10 states have seen the largest increases in their averages: Michigan (+39 cents), Indiana (+36 cents), Illinois (+31 cents), Ohio (+30 cents), Tennessee (+26 cents), Kentucky (+24 cents), South Carolina (+20 cents), Georgia (+21 cents), Delaware (+19 cents) and Alabama (+18 cents).
1 comment
Remember when Nancy Pelosi and Chuck Schumer came out with a press conference to criticize Trump for $3.00 a gallon of gas? Funny I don’t see them out now.
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