Gas Prices Reach Another Record-Breaking High

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We all knew this was coming. For the second day in a row, both regular gasoline and diesel set record prices per gallon. A gallon of regular gas now sits at $4.40, according to AAA. That number is up three cents from just yesterday. Diesel had a much smaller increase – just .003 cents, but that is technically enough to set a new record. On the outside it’ll look similar to yesterday’s record of $5.55.

Diesel prices have actually gone up every single day since last Monday, which is what we in the business call, “bad and not good.”

It’ll be interesting to see if prices begin to come down anytime soon since crude oil prices have been falling. In fact, according to The New York Times, a U.S. crude oil benchmark, West Texas intermediate, ended Tuesday just below $100 a barrel. An expert they spoke with also thinks there may be some relief sooner rather than later.

“I think the consumer will get a bit of a break here,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. “Just watch out for July and August. I think the consumer will drive this summer whether it’s $4 a gallon or $6 a gallon.”

Oil markets have been buffeted lately by contradictory trends. Saudi Arabia lowered oil prices to its Asian customers over the weekend, which should put some downward pressure on prices worldwide. But the proposed European embargo on Russian oil has heightened expectations that global crude supplies will tighten and raise prices.

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“Within the next two weeks, we should see the peak of gasoline prices,” said Michael Lynch, president of Strategic Energy and Economic Research, which does consulting and analysis in the oil and gas industry. “Oil prices should go down because people will realize that Russian supplies will not disappear as the European sanctions are phased in. They’ll simply be shifted to new customers.”

So, from what it sounds like, things have to get worse before they can get better.

Let’s look at the leaders and followers of national fuel price averages.

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

Okay, got it? I’m Audi 5000.