- Motorists pay an average of $52 to fill up with gas, new figures show
- Gas prices will rise year-on-year for the first time in 2024, experts say
- Costs have increased following recent drone attacks on Russian oil refineries.
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Motorists have to pay an average of $52 to fill up with gas after prices at the pump jumped to $3.48 per gallon.
Gas prices are now higher than they were a year ago, after months of steady decline.
This comes after fuel was identified as a key driver of inflation, which has proven to be surprisingly sticky in 2024.
AAA figures show the national average price of regular gasoline rose to $3.48 per gallon, up from $3.45 a year ago. That means a 15-gallon fuel tank would cost $52.20 to fill.
And this is the first time gas prices have increased year-over-year in 2024.
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Motorists have to pay an average of $52 to fill up with gas after prices at the pump jumped to $3.48 a gallon.
AAA spokesperson Andrew Gross said of the price hike: “This is the time of year when we normally see prices at the pump start to rise.
“And even though prices have been rather weak so far, they should start to accelerate and increase very soon.”
Costs at the pump have been increased by recent drone attacks on oil refineries in Russia, which in turn have driven up gasoline and oil prices.
Tom Kloza, global head of energy analysis at the Oil Price Information Service, said CNN:’It seems clear that the Ukrainians have discovered that the best way to attack Vladimir Putin is to go after his wallet.
“That means destroying refineries. This is a wild card we’ve never had to face before.
California drivers now face the highest costs, with a gallon costing $4.92. So a 15 gallon tank would cost $73.80.
They are followed by motorists in Hawaii, Washington, Nevada and Oregon, where a gallon costs more than $4.
By comparison, the cheapest place for gas is Mississippi, where a gallon currently costs $3.05, or $45 a tank on average.
That means drivers in the Magnolia State pay nearly $30 less for a tank than those in California.
Gas was identified as a key factor in February’s higher-than-expected inflation report.
The results come after gas was identified as a key factor in February’s higher-than-expected inflation report.
President Biden today welcomed the news that prices of major household items have fallen, but acknowledged that “we still have a long way to go to bring costs down.” Pictured: During a speech at a YMCA on March 11, 2024
Data from the Bureau of Labor Statistics showed prices rose 3.2 percent in the year through February, up from 3.1 percent in January.
According to the Consumer Price Index (CPI), gas prices rose 4.3 percent between January and February.
Inflation is proving to be one of the most contentious issues facing President Biden’s re-election.
But Mukesh Sahdev, head of oil trading and downstream research at Rystad Energy AS, warned that gas prices could still hit a multi-year high.
He recently said Bloomberg: “There’s not much President Biden can do in time for the election, if it happens.
“Strategic oil reserves are low and the U.S. government has few levers to lower gasoline prices.”