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Investigate: Gas Prices RISE 5.3 cents per Gallon

(May 9, 2022) – Even with the US Gov’t pushing out a million barrels per day, oil companies are still making billions. The average gasoline prices in Los Angeles rose 5.3 cents per gallon in the last week, averaging $5.84/g today, according to GasBuddy’s survey of 2,135 stations in Los Angeles. Prices in Los Angeles are 2.7 cents per gallon lower than a month ago and stand $1.74/g higher than a year ago. The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon.

According to GasBuddy price reports, the cheapest station in Los Angeles was priced at $4.99/g yesterday while the most expensive was $6.99/g, a difference of $2.00/g. The lowest price in the state yesterday was $4.89/g while the highest was $8.25/g, a difference of $3.36/g.

The national average price of gasoline has risen 13.6 cents per gallon in the last week, averaging $4.31/g today. The national average is up 19.6 cents per gallon from a month ago and stands $1.36/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Los Angeles and the national average:

May 9, 2021: $4.10/g (U.S. Average: $2.95/g)

May 9, 2020: $2.83/g (U.S. Average: $1.84/g)

May 9, 2019: $4.08/g (U.S. Average: $2.87/g)

“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium. While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods.”

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