(Fargo, ND) -- The surge in the price of gas may seem spooky as we approach Halloween, but it doesn’t appear to be frightening people away from driving. The national average price for a gallon of gasoline rose six cents over the past week to hit $3.38. The pump price has gone up every day over the past 27 days, adding approximately 20 cents to the cost of a gallon of gas.
In North Dakota, the average prices is 20 cents cheaper than the national average. In Minnesota its 26 cents less expensive. The averages, $3.18 and $3.12 respectively, are more than a dollar higher than this time last year.
“While the U.S. economy continues its recovery from the depths of the pandemic, demand for gas is robust while supplies are tight,” said Gene LaDoucer, North Dakota spokesman for AAA-The Auto Club Group. “We haven’t seen prices this high in the region since November of 2014.”
The recent rise in the pump price is due to higher demand coupled with elevated crude prices and low inventory levels of both. Global oil production is still below pre-pandemic level, according to Energy Information Agency data. Furthermore, while total domestic gasoline stocks decreased last week, gas demand increased.
‘Since the cost of oil accounts for more than half of the pump price, consumers will be paying more as long as crude prices remain high," said LaDoucer.
For more information on fuel prices, including a handy gas cost calculator for planned trips, click here.