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Pump Prices Surge as Gasoline Demand Rises

Written by Andrew Gross, AAA
Published
Jan. 23, 2023

Drivers appear to be taking advantage of the recent milder weather in much of the nation by fueling up and hitting the road.

The increase in gasoline demand and slightly more expensive oil pushed the national average for a gallon of gas higher by 12 cents to $3.42 as of Jan. 23.

“The recent rising temperatures led to rising pump prices,” said Andrew Gross, AAA spokesperson. “And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment.”

According to data from the Energy Information Administration, gas demand rose from 7.56 million to 8.05 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 3.5 million bbl to 230.3 million bbl. If demand remains robust, drivers will likely see pump prices rise through the week.

The Jan. 23 national average of $3.42 is 33 cents more than a month ago and 10 cents more than a year ago.

The nation’s top 10 largest weekly increases: Colorado (+31 cents), Delaware (+28 cents), West Virginia (+22 cents), Ohio (+22 cents), Maryland (+19 cents), Missouri (+19 cents), Georgia (+18 cents), Virginia (+18 cents), Tennessee (+18 cents) and Louisiana (+18 cents).

The nation’s top 10 most expensive markets: Hawaii ($4.94), California ($4.44), Washington ($4.06), Nevada ($3.95), Alaska ($3.72), Oregon ($3.71), Pennsylvania ($3.70), Colorado ($3.65), Washington, D.C. ($3.62) and Illinois ($3.56).

Source: AAA

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