Gasoline reaches highest point in nearly four years
The average price of a gallon of regular unleaded has reached $2.81 today the highest level since November of 2014 when pump prices average $3.34.
That year, gasoline prices peaked in April at $3.70 per gallon, according to AAA. In 2014, gasoline prices reached bottom at $2.25 per gallon in December.
“Motorists have been spoiled the past few years with inexpensive gas prices,” said Jeanette Casselano, a AAA spokesperson. “We expect prices to continue increasing, potentially another 10 cents, through Memorial Day and then will likely stabilize during the summer, with the understanding that if demand spikes, prices are likely to follow.”
Gasoline demand fell sharply by 774,000 barrels per day in the past week to 9.08 million barrels per day, according to the U.S. Energy Information Administration.
The national gasoline price is now 16 cents higher than a month ago, and 43 cents more expensive than a year ago.
States with the largest weekly increases include Missouri (up nine cents), Delaware (up nine cents), and Iowa (up eight cents). States with the most expensive gasoline include Hawaii ($3.61), California ($3.61), Washington ($3.29), Alaska ($3.25), and Nevada ($3.23).
Meanwhile, the price of diesel has also reached a level not seen since late 2014. The price increased 2.4 cents to $3.157 per gallon, which is 57.4 cents higher than a year ago.
Source: Automotive Fleet