- Consumers are paying more for gas in the US than they have since 2014, according to AAA.
- The national average for a gallon of regular gas stood at $3.22 on Wednesday.
- Gas prices have been rising in recent months amid an oil supply shortage.
In the face of an ongoing oil rebound, American consumers are spending more on a gallon of gas today than they have in seven years, according to the American Automobile Association.
On Wednesday, the national average for a gallon of regular gas stood at $3.22 — the most expensive it has been since October 2014, CNBC first reported. And in many places across the country, motorists are paying even more to fill up.
In California, the average price of a gallon sits more than one dollar higher than the national average at $4.42. And in certain parts of the state, prices have reached $5.
Meanwhile, Mississippi boasts the lowest price per gallon at $2.85.
Prices in recent months have been steadily rising amid increasing demand for petroleum products following the steep fall in 2020 spurred by the coronavirus pandemic. As people have returned to the roads, demand has soared while supply has remained low.
Hurricane Ida, which struck the Gulf Coast in late August, worsened the supply problem by knocking production offline.
Then, last week, despite pressure from massive consumers like the US and India to increase crude supplies amid the shortage, OPEC+ instead chose to keep output at 400,000 barrels per day based upon an existing agreement.
Oil prices have climbed more than 50% this year alone, CNBC reported.
Last year at this time, the national average cost for a gallon of gas was $2.18, more than one dollar less than today’s average price, according to AAA.