Gasoline Prices Rose Last Week

Energy

Published: October 12, 2015 11:30 am

Last Updated: April 27, 2020 9:55 pm

The national average price for a gallon of regular gasoline in the United States Monday morning was $2.31, up 2.7 cents compared with the last Monday’s average. More than half of the 50 states saw a rise in the average last week.

The biggest increases came in the middle of the country, where prices rose the most in five states:

North Dakota, up 17.4 cents per gallon
Iowa, up 17.2 cents
Minnesota, up 16.8 cents
Nebraska, up 16.8 cents
Oklahoma, up 15.6 cents.

The data were reported Monday morning by GasBuddy. Just two states — South Carolina ($1.956 per gallon) and New Jersey ($1.978) — continue to average less than $2 a gallon. Mississippi ($2.01), Louisiana ($2.02) and Tennessee ($2.02) are others among the states with the lowest prices.

The analysts at GasBuddy explained what is happening:

The most pressing issues on gasoline prices currently remain the recent surge in oil prices that have brought a barrel of West Texas Intermediate oil to nearly $50/bbl from $38/bbl in August. While we believe the rebound is somewhat of a head fake as the oil market remains oversupplied- it will be a temporary rebound, with oil and gasoline prices moving lower again in the months ahead, allowing for relief at the pump again in the months ahead, and we’re sticking to our previous guidance- $1.98/gal nationally by Christmas.

The percentage of U.S. gas stations sporting prices below $2 a gallon fell from 20% to 15% last week, and every state can claim an average price below $3 a gallon.

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