Gas Prices Turn Higher as the New Year Rolls In

The national average price for a gallon of regular gasoline increased by 1.6 cents per gallon last week to $2.57, according to industry analysts at GasBuddy. The drop ends a streak of seven consecutive weeks of falling pump prices. The price fell by more than two cents in the prior week.

Crude oil traded around $61.85 a barrel early Monday morning, up about 0.3% from Friday’s closing price of $61.72. Over the past month, the price of West Texas Intermediate (WTI) crude for immediate delivery has risen by nearly $6 a barrel (about 10.5%). Last Friday’s closing price was the highest since mid-September.

GasBuddy’s head of petroleum analysis, Patrick DeHaan, commented, “Prices jumped thanks to a notable, yet anticipated drop in oil inventories, sending oil to multi-month highs above $61 and gasoline prices following. However, weakness will likely return to gasoline prices in January and February as demand weakens, so perhaps all is not lost.”

DeHaan added, “As we say goodbye to 2019, here are some interesting figures from this decade: the U.S. consumed 1.25 trillion gallons of gasoline, which is enough volume to raise Lake Superior’s level 2.3 inches, having spent $3.625 trillion on gasoline alone, and driving 31.25 trillion miles, enough for 5,208 round trips to Pluto on the consumed gasoline. With 2019 nearly behind us, many are asking what lays ahead for 2020? GasBuddy will be releasing our 2020 Fuel Outlook this week, and in it, answers to many asked questions about how bad gas prices will get over the coming 365 days.”

The week’s median price for a gallon of regular gas was $2.49, up six cents week over week. The average price at the 10% of gas stations charging the most for gas was $3.46, down eight cents a gallon, while the average at the 10% charging the least rose a nickel to $2.15. The most common price across the country was $2.39 a gallon, unchanged for the third straight week.

The five states where drivers are paying the most for gas are Hawaii ($3.80 a gallon), California ($3.61), Nevada ($3.21), Alaska ($3.11) and Washington ($3.10). No other state is currently reporting a price of more than $3 a gallon.

The five states where a gallon of gas is cheapest are Missouri ($2.21), Oklahoma ($2.23) Mississippi ($2.25), Texas ($2.27) and Louisiana ($2.27).

Compared to last month, the national average is down 0.3 cents per gallon, and compared to last year, prices are about 34.1 cents higher. See how much gas cost the year you were born.