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Tipsheet

Gas Prices Hit High Not Seen Since 2014

AP Photo/Gregory Bull

Rising prices have become a reality of everyday life for Americans in recent months, and on Friday retail gas prices hit a $3.423 per gallon average for regular unleaded fuel — a high not seen in nearly eight years. One month ago, the national average was $3.288/gallon and one year ago gas was nearly $1 cheaper at $2.443/gallon.

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In California, gas is now averaging $4.63/gallon, and those filling up in Oregon, Washington, Illinois, and Pennsylvania are all paying more than $3.58/gallon. The cheapest state average for gas is currently $3.061/gallon in Mississippi. 

According to AAA's gas price data the ten states with the largest increase since last week are: "Michigan (+14 cents), Wisconsin (+13 cents), Florida (+12 cents), Kentucky (+12 cents), Ohio (+11 cents), Indiana (+10 cents), Minnesota (+10 cents), Illinois (+8 cents), South Carolina (+8 cents) and Oklahoma (+8 cents)."

AAA also explains how a recent decrease in demand and an increase in supply should have lowered prices, but increased costs for crude oil are causing consumer prices at the pump to rise:

Since Monday, the national average for a gallon of regular gasoline has increased by five cents to $3.41. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 2.1 million bbl to 250 million bbl last week" while On the other hand, gasoline demand dropped from 8.51 million b/d to 8.23 million b/d. An increase in total stocks and a decrease in demand typically put downward pressure on pump prices, but rising crude prices continue to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.

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The increased fuel costs for American hit as the country weathers lasting inflation at a level not seen in four decades while President Biden and his administration have killed off American energy projects and made the United States dependent on foreign oil to meet demand at home. 

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