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AAA: Gasoline prices back on the rise, select states with 20 cent increases

AAA reports gasoline prices are back on the rise due to the high cost of crude oil.
AAA reports gasoline prices are back on the rise due to the high cost of crude oil.(Maria Sbytova via canva)
Published: May. 3, 2022 at 2:54 PM CDT
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(Gray News) - After a short break from rising gasoline prices, the prices at the pump are once again increasing.

According to AAA, pump prices rose over the past week due to the high cost of crude oil. The cost of a barrel of crude continues to hover around $100.

With the oil price accounting for about 60% of pump prices, AAA reports the national average for a gallon of regular is currently $4.19, an increase of seven cents since April 25 and $1.29 more than a year ago.

“As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will face higher prices at the pump,” said Andrew Gross, AAA spokesperson. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”

AAA reports gasoline prices are back on the rise as we turn the calendar to May.
AAA reports gasoline prices are back on the rise as we turn the calendar to May.(AAA)

Officials say the fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy.

According to new data from the Energy Information Administration, total domestic gasoline demand has decreased slightly, and it would typically push pump prices lower. However, the fluctuating oil price and tight gasoline supply have pushed pump prices higher.

As AAA reports, pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Quick stats from AAA:

  • The nation’s top 10 largest weekly increases: Delaware (+22 cents), Maryland (+21 cents), Ohio (+19 cents), Pennsylvania (+15 cents), Washington, D.C. (+14 cents), Connecticut (+13 cents), Vermont (+13 cents), Indiana (+12 cents), New Jersey (+12 cents) and North Carolina (+12 cents).
  • The nation’s top 10 least expensive markets: Georgia ($3.72), Missouri ($3.77), Kansas ($3.78), Arkansas ($3.79), Mississippi ($3.80), Oklahoma ($3.80), Kentucky ($3.82), South Carolina ($3.85), Alabama ($3.85) and Texas ($3.86).

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