The national average price of gasoline has jumped nearly 40 cents to $2.86 for the week of March 15, 2021, following last month’s winter storm in Texas, according to AAA.
Prices will continue to increase this week, following the Energy Information Administration’s (EIA) latest weekly reports showing a second week of major decline in gasoline stocks and a substantial increase in U.S. demand, AAA said.
“On average, Americans are paying 14% more to fill-up compared to February,” said Jeanette McGee, AAA spokesperson. “With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead.”
Amid tightening supply and increasing demand,the price of crude, which accounts for more than half of the price at the pump, showed signs of stability on the week fluctuating between $64–$66 a barrel. If crude sustains at this level, especially as refinery utilization increases, the jumps at the pump are likely not to be so substantial by April, AAA said.
On the week, the national average is nine cents more expensive with 20 states seeing double-digit jumps.
The nation’s top 10 largest weekly increases were Utah (up 25 cents), Idaho (up 17 cents), Missouri (up 17 cents), Florida (up 15 cents), Kentucky (up 13 cents), Illinois (up 12 cents), South Carolina (up 12 cents), Alabama (up 11 cents), Mississippi (up 11 cents) and Wyoming (up 10 cents).
The nation’s top 10 least expensive markets includes Mississippi ($2.55), Louisiana ($2.58), Texas ($2.61), South Carolina ($2.63), Alabama ($2.63), Arkansas ($2.65), Oklahoma ($2.66), Kansas ($2.66), Missouri ($2.67) and Montana ($2.67).