The bad news is that gas prices could continue to climb. Both Gas Buddy and AAA said new data from the Energy Information Administration showed total domestic gasoline stocks decreased by 800,000 bbl to 218.2 million bbl last week. But as stocks decreased, gasoline demand rose from 8.98 million barrels per day to 9.2 million barrels per day.
“This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. Coupled with increasing crude oil prices, this means that the price of gas will likely remain elevated for the near future,” AAA said.
The Energy Information Administration said oil price volatility will remain high due to what it calls low oil inventory levels. Prices will depend on “the degree to which existing sanctions imposed on Russia, any potential future sanctions, and independent corporate actions affect Russia’s oil production or the sale of Russia’s oil in the global market.”
“For the first time ever, last week saw the national average reaching the $5 per gallon mark as nearly every one of the nation’s 50 states saw prices jump. For now, the upward momentum may slow down, but we are still just one potential jolt to supply away from heading even higher,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Gasoline demand, while rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels. Should the rise in price finally start to slow demand’s rise, we could see some breathing room, but for now, it seems like Americans are proving resilient to record highs.”
AAA said that crude oil storage is currently 12% lower than it was a year ago.
If you need to get gas, here’s a look at the 10 cheapest places to fill up in the state as of 10:30 a.m. Tuesday morning, according to GasBuddy.com.
- $4.64: Sam’s Club at 1850 E Woodmen Rd.
- $4.64: Costco at 5885 Barnes Rd.
- $4.67: Safeway at 624 CO-105
- $4.69: Exxon at 506 W Garden of the Gods Rd.
- $4.72: Shell at 1590 S Academy Blvd.
- $4.74: CFN at 301 S 10th St.
- $4.74: Springs Convenience at 4325 S Carefree Circle
- $4.75: Phillips 66 at 534 CO-105
- $4.75: Murphy Express at 15931 Jackson Creek Pkwy.
- $4.75: Diamond Shamrock at 1765 Briargate Blvd.