Gas prices continue to rise across the U.S., with sharp jumps happening within just one week. On Monday, February 28, the average price for a gallon of regular gas was $3.66. One week later, on March 7, the average price for a gallon of regular gas is now above $4.00, nearly 40 cents more.
AAA reported gasoline demand did increase a little, but increases in the price of crude oil are mostly to blame for skyrocketing prices at the gas pump:
"[G]asoline demand increased slightly from 8.66 million b/d to 8.74 million b/d. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb.
"Crude prices continue to surge as the conflict between Ukraine and Russia continues to bring uncertainty to the market. To help counter the impact of rising oil prices, the International Energy Agency (IEA) has coordinated a release of 60 million bbl of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico.
"10 states have seen the largest increases in their averages: Michigan (+39 cents), Indiana (+36 cents), Illinois (+31 cents), Ohio (+30 cents), Tennessee (+26 cents), Kentucky (+24 cents), South Carolina (+20 cents), Georgia (+21 cents), Delaware (+19 cents) and Alabama (+18 cents)."
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States with the highest average price for a gallon of gas include California ($5.28), Oregon ($4.46), Washington ($4.40), Nevada ($4.52), Alaska ($4.36), Illinois ($4.26), and Pennsylvania ($4.17). One year ago, the national average price was $2.76, and one month ago, the average price was $3.43.
On Friday, Labor Secretary Marty Walsh told Fox Business more domestic drilling is not on the table to lower gas prices:
WATCH: Labor Secretary Marty Walsh says more U.S. drilling is NOT “on the table” to help lower gas prices. pic.twitter.com/qETpFdzsIp
— RNC Research (@RNCResearch) March 4, 2022
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