Ohio saw the biggest increase of 30 cents. (iStock)
Gasoline prices have hit their highest jump in recent months. Last week’s average price was $3.27, an increase of 12 cents from the previous week. AAA report found.
The current national average gas price is 21 cents higher than this time last month, but 14 cents cheaper than a year ago.
The shutdown of the BP Whiting refinery in Indiana has caused significant price fluctuations. The company has been closed for more than two weeks due to the power outage. The company processes about 435,000 barrels per day, so the shutdown meant a ripple effect of higher prices to states in the region.
“Prices typically rise this time of year, but a 12 cent increase in one week is remarkable,” said AAA spokesman Andrew Gross. “However, the refinery outages will likely be resolved quickly, so further increases at the pump will return to more gradual, lower seasonal increases.”
Oil demand also fell last week from 8.81 million barrels per day to 8.17 million barrels per day. Prices tend to fall due to reduced demand, but the inability of refineries to produce gasoline has created a supply shortage, causing prices to rise.
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States with the highest price increases
Many states affected by refinery closures saw the most significant price increases. The 10 states with the biggest increases are:
- Ohio (+30 cents)
- New Mexico (+25 cents)
- West Virginia (+25 cents)
- Colorado (+20 cents)
- Maryland (+19 cents)
- Virginia (+19 cents)
- Pennsylvania (+19 cents)
- Illinois (+19 cents)
- North Carolina (+18 cents)
- ・Montana (+17 cents)
While certain states have seen large fluctuations in gas prices, that doesn’t mean they have the highest prices in the country. The 10 most expensive markets are:
- Hawaii ($4.70)
- California ($4.64)
- Nevada ($3.90)
- Washington ($3.89)
- Oregon ($3.58)
- Pennsylvania ($3.55)
- Illinois ($3.49)
- Alaska ($3.46)
- Washington DC ($3.41)
- Maryland ($3.36)
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Car insurance premiums are also rising
Car insurance premiums have risen significantly in 2023 and are not expected to fall again this year. Interest rates rose 24% last year due to factors such as climate change, inflation and an increase in car accidents. According to a report from Insurify.
Insurify predicts that auto insurance costs will continue their upward trend this year, increasing by 7% year-on-year.
Certain states are feeling the impact of rising interest rates more than others. Premiums for Californians insured by Allstate increased by 30%.
“This auto insurance rate approval allows us to work with the California Department of Insurance to improve insurance availability and protect more customers.” Allstate wrote in a statement:.
The insurance company recently re-entered California’s auto insurance market and has kept its premiums high ever since.
Insurify reports that the national average auto insurance policy costs $1,154 a year for state minimum liability. For full coverage, drivers pay an average of $2,019 per year.
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