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National Gasoline & Diesel Average Prices climb higher as Middle Eastern tensions remain
Posted on 3/16/26 at 8:26 am
Posted on 3/16/26 at 8:26 am
quote:
The nation’s average price of gasoline has risen 23.2 cents over the last week and stands at $3.68 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is up 80.0 cents from a month ago and is 66.1 cents per gallon higher than a year ago. The national average price of diesel rose 34.0 cents in the last week and stands at $4.951 per gallon.
“Consumers continue to feel the sting of rising oil, gasoline, and diesel costs as geopolitical tensions in the Middle East remain elevated, pushing gasoline prices to their highest levels in years while diesel could soon approach the $5-per-gallon mark nationally,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Until we see a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist. At the same time, seasonal forces are beginning to intensify as several regions complete the transition to summer gasoline, creating a double headwind that could continue driving pump prices higher in the weeks ahead.”
Oil prices have remained highly reactive to new developments after the U.S. attacked Iran and targeted Kharg Island over the weekend. As the situation evolves and oil-consuming nations feel the impact of the loss of roughly 20 million barrels per day moving through the Strait of Hormuz, pressure has mounted on both Iran and the United States to ease the disruption.
Some ships have successfully transited the Strait, and for now, the market appears less concerned about a broader escalation of the conflict.
In early Monday trading, WTI crude fell $3.07 to $95.64 per barrel, though it remains up more than $20 from last Monday’s $72.41 level. Brent crude slipped 54 cents to $102.60 per barrel, still well above the $79.29 level a week ago.
quote:
The states with the lowest average prices: Kansas ($3.12), North Dakota ($3.13), and Oklahoma ($3.21).
The states with the highest average prices: California ($5.48), Washington ($4.87), and Hawaii ($4.83).
Biggest weekly changes: Arizona (+40.3¢), New Mexico (+39.0¢), Hawaii (+35.9¢), Nevada (+30.8¢), Mississippi (+30.7¢).
quote:
The states with the lowest average diesel prices: South Dakota ($4.23), Montana ($4.29), and Oklahoma ($4.30).
The states with the highest average diesel prices: California ($6.39), Washington ($5.93), and Hawaii ($5.79).
Biggest weekly changes: Colorado (+56.2¢), Idaho (+56.2¢), Arizona (+54.7¢), Hawaii (+51.4¢), Utah (+51.1¢).
LINK
While we do export quite a bit of it, still have to wonder how much having record U.S. oil production, of over 13 Million Barrels/Day, is helping ease the increase of prices at the pump. From about 2001-2010, the U.S. was producing only about 5.5 Million Barrels/Day.
Back in the Summer of 2008, due to various events and causes globally, the price of oil peaked to $128, and the U.S. gasoline average hit $4.062/gallon. In today's dollars (using some online inflation calculator), that would be $190/bbl for oil and a national gasoline price average of $6.03/gallon. Yikes.
This post was edited on 3/16/26 at 9:28 am
Posted on 3/16/26 at 8:46 am to ragincajun03
the price has nothing to do with supply. its fear driven
Posted on 3/16/26 at 8:47 am to DawgCountry
quote:
the price has nothing to do with supply
Posted on 3/16/26 at 8:50 am to DawgCountry
quote:
the price has nothing to do with supply. its fear driven
So if the U.S. wasn't adding an additional 8 Million Barrels/day to the world supply vs. what it was 20 years ago, the current oil prices would be the same as they are today?
Posted on 3/16/26 at 8:57 am to ragincajun03
I believe the amount of finished products about to move out of the gulf coast may be some numbers we haven't seen in a long time.
Posted on 3/16/26 at 8:58 am to ragincajun03
quote:If you’re a normal person, you should be ok
Yikes.
Posted on 3/16/26 at 9:00 am to ReauxlTide222
quote:
If you’re a normal person, you should be ok
If you're a company that uses diesel you are going to see your costs nearly double. They probably won't even notice.
Posted on 3/16/26 at 9:01 am to ragincajun03
I wonder if we are going to start seeing these on gas pumps.
This post was edited on 3/16/26 at 9:05 am
Posted on 3/16/26 at 9:04 am to fightin tigers
What did they do when gas was more expensive than this at times during the last 6 years?
Posted on 3/16/26 at 9:04 am to ReauxlTide222
quote:
quote:
Yikes.
If you’re a normal person, you should be ok
The "Yikes" was my reaction to what the 2008 price escalation would possibly be in today's dollars. $190/bbl oil and $6/gallon gasoline average.
It APPEARS us being able to put significantly more barrels on the global market hs helping tame price escalations vs. what we've seen in the past.
Posted on 3/16/26 at 9:05 am to ReauxlTide222
Probably increase their fuel surcharges and pass it on to customers.
Or absorb and lose money to stay competitive
Or absorb and lose money to stay competitive
Posted on 3/16/26 at 9:14 am to ragincajun03
quote:
The "Yikes" was my reaction to what the 2008 price escalation would possibly be in today's dollars. $190/bbl oil and $6/gallon gasoline average
One thing to note is that gasoline demand is significantly less that it was 20 years ago. It is probably why gasoline spikes aren't as abrupt or intense as in the past.
Posted on 3/16/26 at 9:23 am to fightin tigers
I wish them all luck as they go through that.
Posted on 3/16/26 at 9:23 am to ragincajun03
Even bigger Yikes!
$5.02 per gallon (national average) June 2022 and not at war with anyone.
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$5.02 per gallon (national average) June 2022 and not at war with anyone.
[/img]Posted on 3/16/26 at 9:48 am to ragincajun03
quote:I’m paying 3.28 in Wichita
Kansas ($3.12)
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