- Consumers are paying more for gas in the U.S. than they have since 2014, according to AAA.
- The national average for a gallon of ordinary gas stood at $ 3.22 on Wednesday.
- Gas prices have risen in recent months due to a lack of oil supply.
In light of an ongoing oil boom, U.S. consumers are spending more on a gallon of gas today than they have been for seven years, according to the American Automobile Association.
On Wednesday, the national average for a gallon of ordinary gas was $ 3.22 – the most expensive it has been since October 2014, CNBC first reported. And in many places in the country, motorists are paying even more to fill up.
In California, the average price per gallon is more than a dollar higher than the national average of $ 4.42. And in some parts of the state, prices have reached $ 5.
Meanwhile, the Mississippi boasts the lowest price per gallon at $ 2.85.
Prices in recent months have been steadily rising amid rising demand for oil products following the sharp fall in 2020 spurred by the coronavirus pandemic. As people have returned to the roads, demand has increased while supply has remained low.
Hurricane Ida, which hit the Gulf Coast in late August, exacerbated the supply problem by turning production offline.
So last week, despite pressure from massive consumers like the US and India to increase crude supplies amid shortages, OPEC + instead chose to keep production at 400,000 barrels a day based on an existing deal.
Oil prices have risen more than 50% this year alone, CNBC reported.
Last year at this time, the national average cost of a gallon of gas was $ 2.18, more than a dollar less than today’s average price, according to AAA.