Nevada drivers will pay an average of $3.98 per gallon of regular gasoline this month versus $3.83 last year. This is a 3.9 percent increase equaling $0.15 per gallon.
Of the two Nevada metropolitan areas analyzed, drivers in Reno faced the largest price hike at the pump in the last year of $13.51. Las Vegas (NV only) was spared the worst pain, with the price of gas rising $5.02 from January 2022 to January 2023.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates would fall throughout 2022. This was incorrect, though the Administration made the same forecast for 2023.
Nevada drivers average 1,168 miles and use 48.3 gallons of gasoline per month, according to the FHA.
| Market | 2023 | 2022 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Reno | $4.37 | $4.09 | $0.28 | 6.8% | $13.51 |
| Las Vegas (NV only) | $3.91 | $3.81 | $0.10 | 2.7% | $5.02 |
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