The U.S. Energy Information Administration (EIA) reported average national gas prices reaching seven-year highs.
EIA reported average regular gasoline prices at $3.19 a gallon. The price is up 1.5 cents a gallon from the previous week and $1.02 a gallon from the same week in 2020.
Diesel average prices, according to EIA, averaged $3.48 a gallon, up 7.1 cents a gallon from the previous week and $1.09 a gallon from the same week in 2020.
AAA reported average regular gasoline prices nationwide rose to $3.22 a gallon by Wednesday. The levels are the highest mark since October 2014, with AAA citing higher demand and higher oil prices as sources for the increasing gas prices.
“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” said Andrew Gross, AAA spokesperson. “There may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.”
EIA reported gasoline stocks and demand rose in the past week. However, production is lower than the same period in 2019, before the pandemic.
“This tightened supply is helping keep crude prices above $73 per barrel,” AAA stated, “and preventing pump prices from taking their usual seasonal swoon.”
Although the national average is $3.22 a gallon, many states report higher prices. Average prices in California top the nation at $4.40 a gallon, followed by Hawaii ($4.08), Nevada ($3.89), Washington ($3.84) and Idaho ($3.73).
