Gas Prices Rise Above $3 in 6 States, Close in 3 Others

By Douglas A. McIntyre Updated Jan 12, 1:24AM EST · Published Apr 16, 6:20AM EDT

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Gas Prices Rise Above $3 in 6 States, Close in 3 Others — © Thinkstock

As gasoline prices move to a level not posted in three years and continue to rise, the price of an average gallon of regular is above $3 in six states and close to that in three others. If oil prices continue to rise, that state count will spike by Labor Day.

The AAA Fuel Gauge puts the price of an average gallon of regular nationwide at $2.17, compared to the year-ago price of $2.14. Coincidentally, oil prices have risen from $54 to $66 a barrel during that period. Due to trouble in Syria and other instability in the Middle East, prices may reach $70 soon.

The price of an average gallon of regular in California is $3.55. It is the largest state by far based on population, so the number has an outsized effect. The state has 38 million residents, compared to the U.S. total of 316 million.

The price in Hawaii is $3.48. In Washington, it is $3.21. In Alaska, $3.17 is the price, while in both Oregon and Nevada it is $3.12. The price in Idaho is $2.98, in Utah $2.92 and in Pennsylvania $2.91.

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Recently, CNBC listed reasons oil may reach $80 a barrel. According to the news service:

Saturday’s U.S.-led airstrikes on Syria are likely to draw only a muted response in oil markets.

Instead, it will be how Syrian President Bashar Assad’s Iranian and Russian allies react, and whether the White House pulls out of the Iran nuclear deal and re-imposes sanctions on the OPEC producer that will determine any move toward $80.

It is a short list, but a complicated one.

No one can tell for certain what a sharp rise in gas prices will do to the economy, particularly to consumers who live in households that rely on heating oil and on gasoline for travel. If gas goes above $3 a gallon, some these will lose some the consumer spending power, and it probably will chip away at gross domestic product.

A gas price of $3 has been a psychological barrier as much as anything else, at least for consumers. And, as summer driving heats up along with demand, that barrier may be crossed soon.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.