US Petrol prices hit $3.14 a gallon

American drivers are continuing to be rocked by record-high gas prices as the national average rose by a penny, going from $3.13 to $3.14, according to American Automobile Association (AAA).. 18 states – including New York and New Jersey paying more than Connecticut drivers. Mississippi and Louisiana register the lowest prices in the nation at $2.77 and $2.78, respectively. California and Hawaii continue to hold the highest prices in the nation at $4.31 and $4.03, respectively.

The national average price of regular-grade gasoline rose by about a penny over the past week, going from $3.13 to $3.14, according to the most recent data from AAA

Drivers can expect gas prices to increase another 10 to 20 cents through the end of August, bringing the national average well over $3.25 this summer, according to AAA.

At 10 million b/d, gasoline demand reached a new Energy Information Administration (EIA) record last week, and that number only partially reflects Independence Day holiday weekend travel. The nearly 1 million b/d jump in demand drove down gasoline supplies by 6.1 million bbl to 235,000 million bbl and consequently pushed the national average pump price up to $3.14.

The price of crude oil, which fluctuated last week following OPEC’s failure to reach an agreement on production increases, continues to be a dominant factor in determining how high prices will go this summer. Last week ended with higher crude prices than the start, though still under $75/bbl. AAA believes those prices have the potential to increase this week, which will only lead to more expensive pump prices, especially amid robust demand.

Oil Prices to 12/07/2021 (USD/bbl)

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$74.39Up
Crude Oil (Brent)USD/bbl$75.54Up
Bonny LightUSD/bbl$74.16No Change
Natural GasUSD/MMBtu$3.71Up
OPEC basket 12/07/21USD/bbl$74.33Up
At press time 13th July 2021