Gasoline Prices Push Above $3 in US

Gasoline prices continue to rise, mostly in lockstep with oil, which has surged to more than $100 per barrel. The price for a gallon of regular moved above $3 in all 50 states several days ago. It has recently passed the same threshold in all major cities in the United States. With the end of winter a month away, these prices are likely to continue to march higher.

Gasoline prices are traditionally lowest in energy-rich states and regions with large refinery capacity. That has kept gas below $3.15 a gallon in Texas, Mississippi, Louisiana, South Dakota, Wyoming and Missouri, according to GasBuddy. At the other end of the spectrum, mostly large states with few refineries compared to demand, have prices above $3.50. These include New York, California, Connecticut and Pennsylvania. The price in Illinois will soon move higher than $3.50. These states have close to 30% of the nation’s population.

Cities in South Carolina often have some of the lowest gas prices in that nation, among them Spartanburg, Greenville, Columbia and Myrtle Beach. The same holds true in Alabama cities Montgomery, Huntsville and Birmingham, as well as in Louisiana — New Orleans and Baton Rouge — and in Texas cities Austin, Houston and San Antonio.

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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu