U.S Gas Price Today: National Everage, Cheapest and Most Expensive Gas Stations - Update

Jenny Barry June 12, 2022 | 14:06

Find out the daily gas price (updated) in every states across the US, the cheapest and most expensive gas stations.

Daily Daily Gas Price - Updated

U.S National Average Gas Price

Since Saturday, the U.S national average gas price for a gallon of regular gasoline: $5.15 a gallon, according to AAA, and shows no sign of stopping.

The average price of regular-grade gasoline has crossed the $5 threshold for the first time ever after spiking 30 cents over the past three weeks to $5.01 per gallon, according to AAA. Tuesday marks the 17th consecutive day that fuel prices reached a national record.

The national average gas price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.

There are some early signs that people are starting to cut back on their driving in the face of the higher prices.

This is the first timeever, a gallon of regular gas now costs $5 on average nationwide. The unceasing rising gasoline prices is doing more than just causing pain at the pump for drivers. $5 gas has become unpleasantly common in much of the country.

Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years. The National Energy Assistance Directors Association estimates that the 20% of families with the lowest income could be spending 38% of their income on energy including gasoline this year, up from 27% in 2020.

Gasoline prices have been surging since April 2020, when the initial shock of the pandemic drove prices under $1.80 a gallon, according to government figures. They hit $3 in May 2021 and cruised past $4 this March.

U.S Gas Price Today June 14 - Updated

Petrol prices in the United States hit a record $5.010 a gallon on Tuesday June 14, and won’t be dropping anytime soon.

Data from OPIS showed that 32% of stations nationwide, nearly one of every three, were already were charging more than $5 a gallon in readings Friday. And about 10% of stations across the nation are charging more than $5.75 a gallon.

The best thing for oil and gasoline consumers would be an end to Russia’s barbaric invasion of Ukraine. Sanctions on Russia would likely remain, but some or most of the fear premium in oil prices would dissipate as worst-case scenarios improve

Which State in the US has the Highest Gas Prices?

The highest statewide average has long been in California, where the average price is more than 6.43 dollars a gallon.

Several Bay Area counties have prices above $6.60 a gallon, while drivers in Alpine County, a rural area along the Nevada border, are paying $7.80 per gallon, the highest of any county in the United States.

Prices are generally highest in the West, with gas at $5.54 in Washington and Oregon, $5.31 in Arizona, and more than $5.50 on average in Alaska and Hawaii.

Which State in the US has the Lowest Gas Prices?

The US state that has the lowest gas prices is Georgia, where the average price is just over 4.47 dollars a gallon.

Gas prices are far below the national average across the South, with Georgia boasting the lowest state average–$4.47 a gallon–followed by Mississippi at $4.52 and Arkansas at $4.53. Jones County in central Georgia appears to have the cheapest prices of any county in the country: $4.29, on average.

The cheapest price wasn't all that cheap!

Top 10 States With The Cheapest Gas Prices In America

With the gas prices soaring high across the United States, you can still fill your pump with a fair, rather cheap, amount of money in these 10 states. Read More Here!

1.Kansas: $3.98

2.Georgia: $3.99

3.Oklahoma: $3.99

4.Missouri: $4.05

5.Arkansas: $4.05

6.Mississippi: $4.07

7.Nebraska: $4.09

8.Minnesota: $4.10

9.North Dakota: $4.11

10. Colorado: $4.11

Top 10 States With The Highest Gas Prices In America

(June 12 latest updated)

Every state has an average gas price above $4 per gallon, according to AAA data.

1. California: $6.42

2. Hawaii: $5.31

3. Nevada: $5.17

4. Washington: $5.03

5. Oregon: $4.99

6. Alaska: $4.88

7. District of Columbia: $4.83

8. Illinois: $4.82

9. New York: $4.75

10. Arizona: $4.75

Take a look at these states with the highest gas prices in the U.S, considering if you are looking to travel here on your summer trip. Read More Here!

Gas Price Forcast

The total domestic gasoline stocks decreased by 800,000 bbl to 218.2 million bbl last week. Meanwhile, gasoline demand grew from 8.98 million b/d to 9.2 million b/d as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases, according to new data from EIA.

This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This coupled with increasing crude oil prices means that the price of gas will likely remain elevated for the near future.

Moody’s Analytics thinks they could hit $5.50 within a couple of weeks. Moody’s Analytics thinks $5.50 gasoline in the United States could be the peak, with prices likely to decline steadily beginning in the second half of this year.

However, the US national average for gasoline could be close to $6 later this summer, some experts predict. The research firm analyzed the likely impact on consumers and the U.S. economy if gas prices hit $6 and even $7.

The price of a barrel of crude closed above $120 a barrel Friday, up from just less than $100 a month ago. Goldman Sachs recently predicted the average price for a barrel of Brent crude, the benchmark used for oil traded in Europe, will be $140 a barrel between July and September, up from its prior call of $125 a barrel.

The reasons for record gas prices

Several reasons are coming together to push gasoline prices higher in the U.S.

Global oil prices have been rising — unevenly, but sharply overall — since December. The price of international crude has roughly doubled in that time, with the U.S. benchmark rising nearly as much, closing Friday at more than $US120 a barrel.

Russia’s invasion of Ukraine and the resulting sanctions by the United States and its allies have contributed to the rise. Russia is a leading oil producer.

The United States is the world’s largest oil producer, but US capacity to turn oil into gasoline is down 900,000 barrels of oil per day since the end of 2019, according to the Energy Department.

Tighter oil and gasoline supplies are hitting as energy consumption rises because of the economic recovery.

Many oil companies have been slow to increase production, despite the high price that the oil could fetch, instead using those soaring profits to buy back their own stock in an effort to raise their share price.

Finally, Americans typically drive more starting around Memorial Day, adding to the demand for gasoline.