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Americans are paying an average of $ 3.15 a gallon for gasoline – the most in seven years – as the economy reopens and people hit the road in droves.
At $ 3,147 per gallon, the national average price of regular unleaded gasoline is now nearly $ 1 higher than at the same time last year, according to data from the American Automobile Association.
And some people get pinched at the pumps more than others.
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New York residents pay an average of $ 3.19 per gallon for regular unleaded gasoline, while across the river in New Jersey, New Jersey residents pay an average of $ 3.16 per gallon. gallon, according to AAA data.
California beats them all, however, with a reported average of $ 4.31 per gallon, making it the most expensive gas state in the Union.
Americans are paying an average of $ 3.15 a gallon for gasoline – the most in seven years – as the economy reopens and people hit the road in droves. AP Photo / Nam Y. Huh (Associated press)
Black gold is currently the cheapest in the South and Midwest, in part because of lower taxes and lower costs associated with transporting gas from oil wells and refineries in oil-producing states like Texas and Louisiana.
Mississippi is currently the cheapest state for gasoline, with regular unleaded costing just $ 2.77 per gallon.
Around the same time last year, as the pandemic put the brakes on most forms of travel, the cost of gasoline fell to an average of just $ 2.20 per gallon, according to AAA. But as more people get vaccinated, the demand for gasoline has come back to life.
Contributing to the price spike, oil prices peaked in six years earlier this month after talks between OPEC and its oil-producing allies failed to reach an agreement on the production July 6.
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On the day the talks broke down, futures contracts for West Texas Intermediate, the main US oil benchmark, rose to $ 76.98 per barrel – the highest price since November 2014. Prices have fallen slightly since. , WTI futures trading at $ 74.14 a barrel on Monday, amid fears that the coronavirus variants are slowing parts of the global economy.
Still, gasoline prices are expected to remain high as more people hit the road this summer to return to work and visit family and friends.
Mid-grade gasoline prices have fallen from $ 2.54 to $ 3.49 per gallon over the past year, while the cost of premium gasoline has fallen from $ 2.80 to 3.77 $. Diesel currently sells for $ 3.27 per gallon, up from $ 2.44 last year, according to AAA.
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However, there is still some way to go before gasoline prices break their current record high. In July 2008, regular unleaded gasoline hit a record high of $ 4.11 per gallon, while diesel hit a record high of $ 4.85 per gallon.
– With fire
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