All 50 U.S. states' average gas prices are above $4 at the same time. | Yassine Khalfalli/Unsplash
All 50 U.S. states' average gas prices are above $4 at the same time. | Yassine Khalfalli/Unsplash
Gas prices continue to rise to painful levels as consumers around the country struggle to keep up with rising costs. In the last month, the national average gas price has not dropped. In fact, in Nevada, the average price has climbed 17 cents in the past month.
It has now been nearly two months since President Joe Biden's emergency oil release and the national gas average has been largely unaffected, a AAA news release said this week. Energy Information Administration (EIA) data showed that total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl last week. During the same time frame, gasoline demand increased from 8.7 million b/d to 9 million b/d. Less supply and greater demand have pushed prices at the pump higher. This dynamic, along with volatile crude oil prices, will likely continue to push pump prices upward.
"Gasoline has either remained flat or risen every day since April 24 and has set a new record daily since May 10," the release said.
As of May 24, the national gas price average was $4.60, a figure that has remained largely flat for the month, AAA data said. For the first time in U.S. history, all 50 states' average gas prices are above $4 at the same time.
It was thought that after Biden's order to release 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve over the next six months, gas prices would start to come back down. But that has not been the case. The national average gas price has risen 11.7% from a month ago. On March 31, the day of the SPR release, gas was $4.22 per gallon, 38 cents cheaper than today.
Following the depletion of the SPR supply, Biden announced his intention to re-stock the reserve by purchasing 60 million barrels of crude oil, but it is expected to take years; a recent CNN report said. Currently, the administration has no plans to increase domestic oil production.
As of May 24, the average price for a gallon of gas in Nevada was $5.25, and it has risen 5 cents in the last week and 17 cents during the last month; AAA said.
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