While average gas prices in the U.S. Wednesday were hovering just under $4, motorists in Nevada were paying an average close to $5 per gallon, according to AAA.
Prices were highest in Mineral, Nev., partially located on the California border, at more than $5.80. Washoe County, also located along the California border, had high prices at more than $5.35 and prices in Pershing were more than $5 as well.
All Nevada counties with reported prices had them listed at more than $4.
As of Wednesday, California reported the highest average gas prices in the nation at around $5.45, compared to $4.98 in Nevada. Overall, states along the West Coast and Illinois had the highest prices, followed by most states in the Northeast.
States in the South had the lowest prices, with the average cost per gallon in Georgia and Texas coming in at a little more than $3.
Last month, OPEC+ – a group of oil-producing nations lead by Saudi Arabia and Russia – announced it would cut oil production by 2 million barrels per day starting in November.
“The possibility of petroleum supply disruptions and slower-than-expected crude oil production growth continues to create the potential for higher oil prices, while the possibility of slower-than-forecast economic growth creates the potential for lower prices,” said the U.S. Energy Information Administration. President Joe Biden also said he was disappointed in the OPEC+ announcement.
“Despite fewer U.S. drivers fueling up, the national average pump price rose four cents over the past week to hit $3.80,” AAA reported Monday. According to the non-profit organization, prices are being pushed higher by concerns regarding Russian oil production cuts.
However, it said the “rise could be short-lived as reports of new COVID-19 restrictions in China signal a potential economic slowdown for the world’s top oil-consuming nation.”
“The oil market, like the stock market, hates negative headlines, no matter how speculative,” said Andrew Gross, AAA spokesperson. “And that is why we see the oil price back over $90 a barrel. More expensive oil usually leads to more expensive gasoline, but the recent COVID-related news from China may stem this increase.”
Drivers filling up tanks Wednesday will pay slightly more on average than Tuesday and more than one week previously. Prices are down around $0.10 compared to a month a go and up around $0.40 compared to this time last year.
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