Las Vegas Sun

October 24, 2017

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Gas prices inching up after 4 months of declines

After four months of declines, gas prices in Nevada are on the way back up, but only slightly.

The average price for a gallon of regular gas in the Silver State is $3.42, a 2-cent increase over last month’s average, according to AAA.

The average price in Las Vegas is $3.40, up 3 cents from last month. The average is $3.38 in North Las Vegas, a 2-cent increase, and $3.42 in Henderson, a 4-cent increase.

Prices in Nevada are 31 cents higher than the same time last year, but they are still well below May’s prices, when the average was $3.94 per gallon, the auto club said.

Nevada is tied with Kentucky and North Carolina for the 13th highest average in the nation.

The national average is $3.37, up 10 cents from last month.

“The recent jumps at the pump are largely driven by investors’ buying behavior, which is linked to real, perceived or potential impacts on supply and demand worldwide,” AAA spokesman Matt Skryja said in a statement. “Recent tensions between Iran and the U.S. in the Persian Gulf sparked concerns about possible restrictions on oil tankers traveling through the Strait of Hormuz. Fears over this potential impact to supply helped push the price upwards.”

Luckily for Las Vegans, the price jump here hasn’t been as large as some other nearby cities. Los Angeles had a 14-cent increase this month and Phoenix saw prices rise 12 cents.

Prices in Reno and Sparks rose 4 cents, to $3.49 in Reno and $3.52 in Sparks, and prices rose 6 cents in Carson City, up to a $3.42 average.

Elko, which often has the highest gas prices in the state, saw its prices drop 26 cents, to an average of $3.17.

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