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US Gas Prices Up 3 Cents in One Week

The retail price for a gallon of regular unleaded gas in the US is currently averaging $3.65 per gallon, up 3 cents in the last week, according to the AAA Fuel Gauge Report. One month ago gas prices were the exact same price.

Recent refinery issues, global economic concerns and hurricane threats on the Gulf and East Coasts have kept upward pressure on gasoline prices, even while relatively lower crude oil prices have exerted downward pressure on gas prices. From July 31-August 22 the national average price declined for 21 of 23 days from $3.71 per gallon to $3.57. From August 23- September 6 gas prices increased for 14 consecutive days from $3.57 to $3.66.

The states with the highest gas prices:

  • Alaska    $3.924
  • California     $3.946
  • Connecticut     $3.948
  • Hawaii     $4.142
  • Illinois     $3.885
  • Michigan     $3.816
  • Minnesota     $3.808
  • North Dakota     $3.837
  • New York     $3.889
  • Oregon     $3.839
  • Washington     $3.882

 

Diesel gas prices are currently averaging $3.91 per gallon, which is a 3 cent increase from one month ago. Refiners have been shipping historically high amounts of refined products out of the U.S., much of which is bound for Europe or Asia. Since diesel demand is high from Europe, where a majority of vehicles burn the heavier fuel, refiners can make a few extra dollars from each barrel by shipping it across the Atlantic. Meanwhile, domestic supply of diesel fuel currently sits nearly 11 percent below where it was last year, or some 19 million barrels lower.

This is not only keeping domestic supply tighter than years past, but it’s also supporting high prices. Gasoline exports are also at record highs, some 395,000 barrels per day, according to the most recent Energy Information Administration numbers. Just earlier this summer, we were exporting 200,000 barrels per day of finished gasoline, so refineries are now sending nearly double the amount of gasoline out of this country.

If you or your business has been affected by this year’s high gas prices, you may want to consider investing in a GPS fleet tracking system. Fleet GPS  is a feature-rich navigation system that is uniquely positioned to help improve the efficiency of our cars in ways that reduce fuel consumption and improve sustainability for all. A GPS fleet tracking system can help you save time, money and and reduce fuel costs.

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Categories: Fleet Management News, Vehicle Tracking Systems