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US Gasoline Prices Rise 10 Cents This Week, Nears $4 Per Gallon, AAA Says

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US retail gasoline prices climbed sharply this week, with the national average for regular gasoline reaching $3.945 per gallon, the American Automobile Association said in a statement on Thursday.

The latest average marked a 10-cent increase, or a 2.57% rise, from $3.846/gal a week earlier. Prices were also substantially higher than a year ago, when regular gasoline averaged $3.16/gal, representing a 24.84% increase.

Despite the recent jump, gasoline prices remain below the record high of $5.016/gal recorded by AAA on June 14, 2022.

Instability around the Strait of Hormuz is adding upward pressure to gasoline prices, as concerns over potential disruptions to global oil supplies have pushed crude oil prices closer to $80 per barrel, AAA said.

Despite the recent increase, most states continue to post average gasoline prices below $4/gal. Earlier this year, however, the national average remained above the $4/gal mark throughout April and May and for most of June.

The last time the national average was at or above $4/gal was June 17, when regular gasoline averaged $4.02/gal.

Hawaii remained the nation's most expensive gasoline market, with regular gasoline averaging $5.43/gal, followed closely by California at $5.40/gal.

Other states with the highest prices included Washington at $4.98/gal, Alaska at $4.67/gal, Nevada at $4.55/gal, Oregon at $4.51/gal, Illinois at $4.12/gal, Arizona at $4.12/gal, New York at $4.10/gal, and Michigan at $4.07/gal.

The least expensive gasoline markets were concentrated largely in the South and Midwest.

Indiana posted the lowest average price at $3.31/gal, followed by Mississippi at $3.49/gal, Louisiana at $3.53/gal, Texas at $3.54/gal, Oklahoma at $3.55/gal, Tennessee at $3.55/gal, Arkansas at $3.55/gal, Kentucky at $3.56/gal, Alabama at $3.58/gal, and Missouri at $3.60/gal.

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