Alternative Investment Report

Have Gas Prices Gone Up?

If you’re feeling sticker shock at the pump, it’s not without reason.

The national average price-per-gallon sits at $5.01 today. Overall gasoline prices rose 48.7% over the past year ending in May, according to the latest data from the Bureau of Labor Statistics.

Personal Capital proprietary data shows that consumers spent more per transaction in the past year, now up by 35%.

Month
Overall Spend
Spend Per Transaction

May 2022
$251
$57

May 2021
$186
$42

 

As of June 11, the average weekly spend on gas has increased to $110.

Cost of Inflation

The thing about inflation is this: Not all industries have been impacted the same. Overall consumer inflation is up 8.6% over the past year ending in May. The price of medical care services, for instance, is up by 4% while the cost of airline fares has surged by 37.8%.

Gas prices, further exacerbated by Russia’s invasion of Ukraine, are high compared to one year ago.

Given the rise of remote work, not everyone feels the pinch on their overall budget. For remote workers, the pandemic may have offered both an incentive and an opportunity to cut costs. For workers who still have to commute every day, it probably stings.

Read More: How to Manage Inflation

U.S. Gas Prices

To draw a comparison, we took a look at gas prices using data from AAA. Today’s national average prices are:

Regular unleaded: $5.009
Mid-grade: $5.397
Premium: $5.694
Diesel: $5.786
E85: $4.309

One year ago, the national average prices were:

Regular unleaded: $3.075
Mid-grade: $3.422
Premium: $3.692
Diesel: $3.217
E85: $2.584

As you can see, the average national gas price is over $1.93 more than it was this time last year.

So how does your state compare to the rest of the nation? Check out the full list below.

Average Gas Prices By State

State
Regular
Mid-Grade
Premium
Diesel

Alaska
$5.605
$5.758
$5.945
$5.898

Alabama
$4.622
$4.956
$5.315
$5.642

Arkansas
$4.536
$4.857
$5.175
$5.331

Arizona
$5.381
$5.649
$5.932
$5.923

California
$6.428
$6.627
$6.761
$7.002

Colorado
$4.907
$5.238
$5.538
$5.518

Connecticut
$4.980
$5.360
$5.718
$6.167

District of Columbia
$5.220
$5.711
$6.008
$6.220

Delaware
$4.985
$5.391
$5.669
$5.953

Florida
$4.869
$5.242
$5.560
$5.716

Georgia
$4.497
$4.859
$5.214
$5.548

Hawaii
$5.549
$5.747
$5.998
$6.116

Iowa
$4.758
$4.923
$5.380
$5.348

Idaho
$5.163
$5.347
$5.559
$5.815

Illinois
$5.544
$5.983
$6.357
$5.709

Indiana
$5.190
$5.557
$5.887
$5.907

Kansas
$4.671
$4.941
$5.227
$5.284

Kentucky
$4.771
$5.123
$5.453
$5.828

Louisiana
$4.553
$4.879
$5.205
$5.344

Massachusetts
$5.039
$5.429
$5.715
$6.195

Maryland
$5.014
$5.478
$5.766
$5.979

Maine
$5.094
$5.425
$5.730
$6.170

Michigan
$5.204
$5.544
$5.894
$5.890

Minnesota
$4.758
$4.998
$5.358
$5.465

Missouri
$4.683
$4.970
$5.275
$5.283

Mississippi
$4.519
$4.836
$5.173
$5.357

Montana
$4.961
$5.237
$5.508
$5.769

North Carolina
$4.655
$5.003
$5.357
$5.740

North Dakota
$4.797
$5.098
$5.401
$5.512

Nebraska
$4.787
$4.917
$5.367
$5.283

New Hampshire
$4.981
$5.358
$5.684
$6.179

New Jersey
$5.037
$5.506
$5.729
$6.074

New Mexico
$4.824
$5.146
$5.415
$5.584

Nevada
$5.675
$5.897
$6.103
$6.041

New York
$5.036
$5.416
$5.712
$6.296

Ohio
$5.026
$5.376
$5.722
$6.000

Oklahoma
$4.665
$4.966
$5.199
$5.266

Oregon
$5.546
$5.736
$5.940
$6.200

Pennsylvania
$5.056
$5.407
$5.685
$6.188

Rhode Island
$5.005
$5.454
$5.762
$6.252

South Carolina
$4.590
$4.940
$5.289
$5.613

South Dakota
$4.796
$4.912
$5.348
$5.366

Tennessee
$4.630
$4.981
$5.333
$5.638

Texas
$4.691
$5.029
$5.346
$5.274

Utah
$5.077
$5.272
$5.467
$5.687

Virginia
$4.857
$5.270
$5.595
$5.825

Vermont
$5.052
$5.406
$5.754
$6.142

Washington
$5.555
$5.759
$5.945
$6.263

Wisconsin
$4.902
$5.296
$5.689
$5.440

West Virginia
$4.929
$5.216
$5.490
$5.949

Wyoming
$4.826
$5.058
$5.311
$5.666

 

Highest & Lowest Spend by State

That’s just the cost per gallon. Looking at Personal Capital users, we examined how much people are spending every time they fuel up. Costs vary widely by state.

Here are the ten states with the highest and lowest expenditures during each visit to a gas station in May 2022.

State
Spend Per Transaction

Alaska
$75.31

California
$68.42

Connecticut
$65.76

New Jersey
$64.38

New York
$63.31

Nebraska
$46.33

Missouri
$45.58

Vermont
$44.81

Wisconsin
$41.03

Iowa
$40.72

 

“There are many factors that can go into gas prices,” says Daniel Goldfarb, a certified financial planner with Personal Capital. “In the states with lower gas prices, it’s possible that there is less demand or it’s easier to transport the gas in those states.”

He says that in places where gas is the most expensive, it’s a combination of various factors.

“In California, there is a large population with high demand, and the fuel taxes in that state are also set higher than other states,” he says. “Consumers are often unaware of how high the percentage is that they pay for taxes in each gallon that they purchase at the fuel pump. Alaska is another state with increased delivery costs; therefore, the state has higher gas prices to offset these additional costs.”

 

Want a better way to manage your money? Millions of people use Personal Capital’s free and secure online financial tools to see all of their accounts in one place, set a budget, and plan for long-term financial goals.

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This article is updated from an original version published October 20, 2021. Personal Capital compensates Megan DeMatteo (“Author”) for providing the content contained in this blog post. Compensation not to exceed $500. Author is not a client of Personal Capital Advisors Corporation. The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Third party data is obtained from sources believed to be reliable; however, Personal Capital Corporation (“PCC”) cannot guarantee the accuracy, timeliness, completeness or fitness of this data for any particular purpose. Third party links are provided solely as a convenience and do not imply an affiliation, endorsement or approval by Personal Capital of the contents on such third party websites.