Gas prices at a high, but stable

Nevadans have seen an increase in prices at the pump over the last month with a rise of 35 cents a gallon for regular unleaded gasoline in the period.

Data from AAA American Automobile Association show the statewide average price for a gallon of regular gasoline was $3.30 on Thursday. A month prior, the cost at the pump was $2.95 for a gallon of regular gasoline.

The rise was wide over the month, but the state has only seen a rise of 4 cents a gallon over the last week, where prices were $3.26 last Thursday, according to AAA. This movement of prices matches the national trend noted by AAA on Monday.

“A dip in demand along with a simultaneous increase in supply and refinery utilization has contributed to slower movement in gas price increases,” said Jeanette McGee, AAA spokesperson, in a Monday press release. “On the week, 32 states had increases of only 3 cents or less. This does not mean gas prices have hit their peak, but is a positive sign for consumers.”

That release noted a slowdown in trends, as the national average for a gallon for regular gasoline hit $2.88, which had held steady from the previous five days, the Monday statement from AAA said. That was after weeks of daily increases, AAA noted in that release.

On Thursday, the national average had fallen to $2.87 for a gallon of regular gasoline.

AAA did note that the average released on Monday was the highest since May 2019.

Of note, Nevada was in the top ten most expensive markets for the price of a gallon of regular unleaded gasoline on Monday. The state was at $3.31 on that day. Nevada was listed as fourth, behind California, Hawaii and Washington.

In AAA’s release on Monday, the Energy Information Administration showed a decrease in demand, from 8.7 million barrels a day to 8.4 million, which indicated drivers in the U.S. were slowly returning to the road. This trend was likely due to more schools opening and spring break, AAA said in its report.

Supply also increased, according to AAA.

“While still one of the lowest levels of 2021, the increase in supply is promising especially alongside increasing refinery utilization rates, which jumped from 69% to 76%,” AAA states. “That is just 7 percentage points away from utilization levels before February’s Texas winter storm.”

AAA predicted a fluctuation of prices at the pump this week, but large jumps were not likely.