Las Vegas Sun

March 28, 2024

Nevada gas prices jump 46 cents in one month

If it's any consolation, Nevada drivers should be happy they are not living next door in California.

At $3.62 per gallon, Nevada holds the unwanted distinction of having the sixth-highest average gas price in the nation, according to the latest AAA survey. California has the most expensive average price at $3.91 per gallon.

Nevada's $3.62 price tag at the pump — the average cost for regular, unleaded gasoline in the state — marks a 46-cent increase since the last AAA survey, conducted Feb. 8. One year ago, the average gas price in Nevada was $2.82, according to AAA data.

Officials partly blamed uncertainty surrounding continued violence in Libya for the increasing crude oil and gasoline prices. Crude prices topped $100 per barrel for the first time since October 2008, according to AAA.

"Despite the unrest and violence in the Middle East, events to date have produced little actual disruption to supply," said Michael Geeser, AAA Nevada spokesman, in a statement. "Yet the uncertainty of where the unrest might spread has driven investors to speculate that oil prices will increase further. If prices do go up, speculators will make a profit on the product they are purchasing today."

In essence, AAA said recent gas price surges are tied to investor demands, not traditional supply and demand factors.

The national average per gallon is $3.52, a 40-cent increase from a month ago, AAA reported.

Casper, Wyo., has the least expensive gasoline in the nation at $3.02, and Wailuku, Hawaii, has the most expensive at $4.13.

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