Gasoline prices increased five cents in the past week, averaging $3.72 a gallon nationally. This price is 54 cents higher than a year ago but 14 cents less than a month ago.
The increase has been attributed to refinery issues, tight supply and fluctuating oil prices.
The states with the largest weekly increases are Oregon, Wisconsin, California, Washington, Nevada, Ohio, Michigan, Alaska, Indiana and Iowa. Increases range from 16 cents to 36 cents.
The most expensive markets are California, Hawaii, Nevada, Oregon, Washington, Alaska, Idaho, Utah, Arizona and Illinois. Prices range from $3.97 to $5.79 per gallon.
Nationally, demand is low, dropping from 8.49 million barrels per day to 8.32 million, according to Energy Information Administration data. Gasoline stocks increased to 214.6 million barrels.
“Slack demand and lower oil prices should take some pressure off rising gas prices,” Andrew Gross, AAA spokesperson, said. “But Hurricane Ian could cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
The price of oil dropped below $80 a barrel on Sept. 23 for the first time since January over fears of a recession-led global economic slowdown.
If demand remains low, price increases likely will be minimal.