Topline
The average gas price in the U.S. ticked up for a second-straight day Thursday after a 99-day streak of declining prices came to an end, according to AAA, but gas prices in many states have been rising for more than a week–here’s where prices at the pump are rising the quickest.
Gas prices over $7 a gallon are displayed at a Chevron gas station on May 25, 2022 in Menlo Park, … [+]
Key Facts
Iowa has the unwanted title of state with the fastest rising prices—the average cost for a gallon of regular gasoline has gone up 15.8 cents over the past week, per AAA.
Oklahoma’s prices are climbing the next-fastest—up 11.4 cents in the past week—followed by New Mexico, where prices are up 10.8 cents on average.
The West, Great Plains and upper Midwest appear to be leading the way in the price spike, with many states in those regions already having the most expensive gas before prices started going back up.
California still has by far the most expensive gas in the U.S.—$5.52 a gallon, according to AAA—and prices there are up eight cents over the past week.
Contra
Gas prices remain largely on the decline in the South and Northeast, and are plummeting in the New England region. Gas prices in Rhode Island are down 13.3 cents a gallon on average over the past week—the fastest pace of decline in the U.S.—while Connecticut’s prices are down 12.2 cents and Massachusetts’ are down 11.4 cents.
Key Background
Gas prices in the U.S. skyrocketed to start the year amid concerns about Russia’s invasion of Ukraine, a diminishing refining capacity in the U.S. and an increase in demand. The national average price peaked at an all-time high of $5.02 a gallon on June 14 before rapidly collapsing due to softening demand and recession worries. Experts point to a possible escalation of the war in Ukraine and increased hurricane activity as contributors to the renewed price jump.
Tangent
U.S. inflation rates slowed a bit over the past two months, largely because of the decline in gas prices. But the 8.3% inflation rate in August was still well above the 2% target set by the Federal Reserve.
Further Reading
Inflation Climbed 8.3% In August—Slowing For Second Straight Month As Gas Prices Plunged (Forbes)
U.S. Gas Prices Rise For First Time In 100 Days (Forbes)
Hurricane Fiona Hits Category 4 Strength As More Tropical Threats Brew In Atlantic (Forbes)
Gas Drops Below $3.50 A Gallon In These 10 States—With More Likely To Come (Forbes)
As U.S. Gas Prices Top $5, Here Are The States Where It’s Most Expensive And Cheapest (Forbes)
Source: https://www.forbes.com/sites/nicholasreimann/2022/09/22/gas-prices-rising-again-these-states-are-where-cost-is-spiking-fastest/