- Gas prices surged this week, with steep jumps in some states.
- New Mexico saw the biggest spike, with prices rising 47 percent.
- Higher crude costs and seasonal demand are driving prices upward.
Gas prices are rising across the USA. Sure, this is the time of year when they naturally rise a little, but we’re talking about huge jumps, and the main culprit is the war in Iran that drives crude prices up. On average, every state across the nation is paying at least $3 per gallon, with some paying over $5. That equates to a 30 percent or higher rise in most places. One state is even dealing with a 47 percent bump.
That state is New Mexico, where the average price of gas was just $2.61 a month ago. Today, it’s $3.84. The average car in America features a gas tank with enough space for roughly 15 gallons of fuel. A month ago, it would’ve cost $39.15 to fill up in New Mexico. Today, it’ll cost $57.60.
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AAA says the national average rose 28 cents in the past week alone, and the usual seasonal jump tied to warmer weather is being made worse by higher crude oil prices and market uncertainty due to the Iran conflict. The White House’s decision to release 172 million barrels from the Strategic Petroleum Reserve hasn’t provided immediate relief, meaning drivers are still seeing prices rise as demand picks up.
In other words, New Mexico isn’t alone. According to Business Insider, several other states weren’t far behind. Kentucky, Oklahoma, Louisiana, Arizona, Texas, Colorado, Indiana, Mississippi, and Tennessee all saw increases of roughly 40 to 44 percent over the same period. In many cases, local metro areas are already pushing close to $4 per gallon again.
Even with the sharp rise, prices are still below the record highs set in June 2022, when several states saw averages well above $4.50 per gallon. But the speed of the current increase is unusual.
AAA says the main reason for the sudden jump at the pump is a combination of seasonal demand and rising oil prices. Spring usually brings higher consumption as travel increases. Combine that with the war in Iran and supply concerns, and we get the prices we’re seeing. Aggressive moves like tapping the Strategic Petroleum Reserve may take weeks or months to show up at the pump.
Top 20 States With The Fastest Rising Gas Prices
Source AAA, Business Insider
