National Gasoline Price Average Rises almost 3 cents/gallon; First $4/gallon Labor Day?

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The nation’s average price of gasoline has risen 2.9 cents over the last week and stands at $4.05 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 5.0 cents from a month ago and is 92.6 cents per gallon higher than a year ago. The national average price of diesel rose 16.6 cents in the last week and stands at $5.584 per gallon.

“Average gasoline prices moved higher in the majority of states over the last week, with fewer than 10 states seeing declines, while diesel surged nearly 17 cents per gallon nationally, leaving it less than 25 cents away from an all-time record high,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Gasoline, while not at all-time records, is at its highest level ever recorded this late in the calendar year, meaning Americans could for the first time ever see a national average price of gasoline above $4 per gallon on Labor Day—eclipsing the previous record of $3.83 per gallon set in 2012."

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In early Monday trade, WTI was down $1.55 to $85.51 per barrel, well above last Monday’s $82.08, while Brent fell $1.22 to $93.17 compared to $88.51 a week ago, with both benchmarks posting back-to-back weekly gains of roughly 6% each.

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the SPR fell 5.3 million barrels to 293.4 million barrels.

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The states with the lowest average prices: Indiana ($3.51), Texas ($3.59), and South Carolina ($3.62).

The states with the highest average prices: California ($5.57), Hawaii ($5.37), and Washington ($5.20).

Biggest weekly changes: Virginia (+17.9¢), Ohio (-17.3¢), Colorado (+13.6¢), Louisiana (+12.4¢), Florida (-11.1¢).

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The states with the lowest average diesel prices: Oklahoma ($5.15), Kansas ($5.20), and North Dakota ($5.25).

The states with the highest average diesel prices: California ($7.14), Hawaii ($6.90), and Washington ($6.29).

Biggest weekly changes: Ohio (+30.8¢), Louisiana (+25.5¢), Missouri (+24.8¢), Nebraska (+24.8¢), Minnesota (+24.4¢).

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