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Extra
Compare what you pay at the pump
Take a look at prices nationwide. Plus: What's pushing prices up? A weaker dollar, stronger demand and even your pension fund.
By MSN Money wire services
Gas prices in the U.S. have risen a quarter in the last month, according the AAA's Daily Fuel Gauge Report, and they're up 50 cents a gallon over April 2004.
On Monday, the national average price of a gallon of self-serve unleaded was $2.27, with motorists in New Jersey paying the least, $2.07, and those in California paying the most, $2.62. California tends to have higher prices than other states because of more stringent environmental rules governing fuel that out-of-state refiners have trouble meeting.
The Energy Information Administration forecast last week that summertime fuel prices would average $2.28 from April to September and probably throughout 2006. That figure, however, could hide many short-term spikes and slumps. Energy experts still expect pump prices to peak near $2.50 a gallon by Memorial Day.
Though the price of crude oil is well off its recent highs, don't expect that decrease to show up at the pump anytime soon. Most oil is sold under long-term contracts, which delays the impact of price changes. Roughly, for every dollar that the average 42-gallon barrel of crude rises or falls, gasoline prices will change about 2.4 cents -- eventually.
A motorist who drives 15,000 miles a year in a 20-mpg car would pay $375 more a year if gasoline rises by 50 cents a gallon.
Rising gas prices -- full coverage on MSN
The reasons behind the rise:
Demand. Americans will burn 1.7% more gasoline this year even with sharply higher prices, the EIA predicts. And no one else is doing without; China, for example, is expected to equal U.S. oil consumption by 2020. Yet supply is growing by just 2% a year.
The dollar. Oil is traded in dollars, which are now worth as much as 20% less against other major currencies. To compensate, OPEC and oil companies have raised prices.
Speculation. A huge influx of investment dollars looking to tap in on soaring prices simply pushed them up further. Pension funds and hedge funds have joined commercial oil traders in the chase.
Adjusted for inflation, gas was selling for $2.59 in 1980, while dipping below $1.50 for a period in the mid-1990s. For gasoline to rise again to its February 1981 peak, current oil prices would have to rise to about $80 a barrel.
The AAA Fuel Gauge Report looks at credit-card transactions each day from 60,000 stations across the country.
| Current gas prices by state |
State | Regular | Mid | Premium | Diesel | State | Regular | Mid | Premium | Diesel | | Alaska | $2.24 | $2.37 | $2.51 | $2.28 | North Carolina | $2.24 | $2.38 | $2.48 | $2.31 | | Alabama | $2.21 | $2.36 | $2.43 | $2.28 | North Dakota | $2.26 | $2.34 | $2.42 | $2.37 | | Arkansas | $2.20 | $2.32 | $2.47 | $2.30 | Nebraska | $2.31 | $2.36 | $2.42 | $2.37 | | Arizona | $2.34 | $2.45 | $2.59 | $2.53 | New Hampshire | $2.16 | $2.34 | $2.42 | $2.40 | | California | $2.62 | $2.79 | $2.83 | $2.74 | New Jersey | $2.07 | $2.22 | $2.30 | $2.29 | | Colorado | $2.26 | $2.42 | $2.53 | $2.42 | New Mexico | $2.28 | $2.43 | $2.53 | $2.42 | | Connecticut | $2.27 | $2.46 | $2.53 | $2.52 | Nevada | $2.52 | $2.65 | $2.75 | $2.59 | | District of Columbia | $2.31 | $2.45 | $2.53 | $2.41 | New York | $2.32 | $2.48 | $2.53 | $2.53 | | Delaware | $2.16 | $2.30 | $2.40 | $2.40 | Ohio | $2.28 | $2.43 | $2.52 | $2.38 | | Florida | $2.31 | $2.50 | $2.55 | $2.41 | Oklahoma | $2.17 | $2.24 | $2.37 | $2.24 | | Georgia | $2.19 | $2.36 | $2.46 | $2.27 | Oregon | $2.43 | $2.57 | $2.60 | $2.64 | | Hawaii | $2.50 | $2.64 | $2.69 | $2.78 | Pennsylvania | $2.23 | $2.35 | $2.46 | $2.47 | | Iowa | $2.24 | $2.35 | $2.47 | $2.33 | Rhode Island | $2.22 | $2.37 | $2.44 | $2.50 | | Idaho | $2.24 | $2.37 | $2.43 | $2.51 | South Carolina | $2.17 | $2.30 | $2.42 | $2.23 | | Illinois | $2.32 | $2.50 | $2.58 | $2.45 | South Dakota | $2.28 | $2.42 | $2.52 | $2.36 | | Indiana | $2.30 | $2.47 | $2.54 | $2.33 | Tennessee | $2.21 | $2.34 | $2.45 | $2.27 | | Kansas | $2.27 | $2.33 | $2.42 | $2.36 | Texas | $2.17 | $2.30 | $2.38 | $2.28 | | Kentucky | $2.26 | $2.42 | $2.53 | $2.26 | Utah | $2.21 | $2.33 | $2.44 | $2.45 | | Louisiana | $2.19 | $2.34 | $2.45 | $2.27 | Virginia | $2.20 | $2.31 | $2.39 | $2.28 | | Massachusetts | $2.17 | $2.33 | $2.42 | $2.43 | Vermont | $2.21 | $2.38 | $2.48 | $2.47 | | Maryland | $2.24 | $2.39 | $2.45 | $2.40 | Washington | $2.42 | $2.51 | $2.63 | $2.70 | | Maine | $2.25 | $2.42 | $2.49 | $2.44 | Wisconsin | $2.33 | $2.42 | $2.54 | $2.41 | | Michigan | $2.35 | $2.49 | $2.59 | $2.38 | West Virginia | $2.30 | $2.40 | $2.52 | $2.41 | | Minnesota | $2.18 | $2.27 | $2.33 | $2.34 | Wyoming | $2.15 | $2.25 | $2.39 | $2.35 | | Missouri | $2.20 | $2.29 | $2.43 | $2.25 | U.S. average | $2.27 | $2.41 | 2.5 | $2.38 | | Mississippi | $2.21 | $2.33 | $2.43 | $2.25 | Month ago | $2.02 | $2.14 | $2.22 | $2.22 | | Montana | $2.24 | $2.33 | $2.44 | $2.58 | Year ago | $1.77 | $1.88 | $1.95 | $1.73 |
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Source: AAA Fuel Gauge Report, 4/11/2005
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