Gas prices are once again on the rise, with the national average for a gallon of regular unleaded gas reaching $3.71, marking an eight-month high, as reported by the AAA motor club.
The surge in prices can be attributed primarily to the increase in oil prices, which have risen nearly $4 per barrel to hover around $80. Since oil accounts for nearly 50% of the cost of a gallon of gas, higher oil prices directly impact pump prices.
Experts also point to the ongoing summer heat wave as a contributing factor in the price hike. Extreme heat can disrupt refinery operations, leading to lower utilization rates and reduced gasoline production. Refinery utilization nationwide decreased by 0.9 percentage points to 93.6%, with gasoline production falling to 9.5 million barrels per day and distillate fuel production dropping to 4.8 million barrels per day.
The impact of these factors varies across states, leading to differing gas prices across the country. Here are the top 10 states with the most expensive and cheapest gas, according to AAA:
States with the Most Expensive Gas:
California: $5.05 per gallon
Washington: $4.99 per gallon
Hawaii: $4.73 per gallon
Oregon: $4.65 per gallon
Alaska: $4.41 per gallon
Nevada: $4.33 per gallon
Utah: $4.11 per gallon
Illinois: $4.06 per gallon
Idaho: $4.00 per gallon
Colorado: $3.97 per gallon
States with the Cheapest Gas:
Mississippi: $3.33 per gallon
Louisiana: $3.44 per gallon
Alabama: $3.45 per gallon
Kentucky: $3.46 per gallon
Ohio: $3.46 per gallon
Tennessee: $3.48 per gallon
Texas: $3.49 per gallon
Arkansas: $3.50 per gallon
South Carolina: $3.54 per gallon
Oklahoma: $3.58 per gallon
As gas prices continue to fluctuate, consumers should be mindful of these variations when planning their travels and budgeting for fuel costs. Photo by CommonsHelper2 Bot, Wikimedia commons.