BALTIMORE, MD—The nation’s average price of gasoline has soared 16.5 cents in the last week to $3.72 per gallon, according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country.

The national average price of diesel has jumped 15.5 cents in the last week and stands at $3.99 per gallon.

“Gas prices suddenly soared over the last week due to heat-related refinery outages that impacted some of the largest refineries in the country, at a time when summer gasoline demand peaks and as gasoline inventories slid to their lowest July level since 2015,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“In addition, oil prices surged to their highest level in months, rising to over $80 per barrel due to SPR releases coming to an end and concerns over cuts in supply from Saudi Arabia and Russia, the second and third largest oil producers in the world,” De Haan added. “Motorists have seen average gasoline and diesel prices rise at the fastest pace in over a year, but the rise seen in the last week should now start slowing. However, as we get ever closer to the peak of hurricane season, any new issues could easily push the national average over $4 per gallon for the first time in 2023. Drivers may want to brace for potentially higher prices yet.”

The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, up 20 cents from last week, followed by $3.59, $3.69, $3.39, and $3.89 rounding out the top five most common prices. The median U.S. gas price is $3.59 per gallon, up 20 cents from last week and about 13 cents lower than the national average. The top 10% of stations in the country average $4.82 per gallon, while the bottom 10% average $3.25 per gallon. The states with the lowest average prices: Mississippi ($3.24), Louisiana ($3.33), and Alabama ($3.34). The states with the highest average prices: California ($4.95), Washington ($4.90), and Hawaii ($4.70).

See previous gas price reports here

In the Baltimore metro area, the cheapest gas this week could be found at the following locations:

Photo via Pixabay