Gas prices reach record high; Average over $6/gallon in South Tahoe

Staff Report

SOUTH LAKE TAHOE, Calif. — Gas prices have hit record high prices breaking the record that was set two months ago, according to an online fuel savings platform.

Gas prices set a record at the pump on Tuesday, May 10, rising above the previous all-time high of $4.35 per gallon set on March 10, according to GasBuddy. The national average price of gas is $4.36 per gallon, and could continue to climb through Memorial Day as summer road trip season begins and oil prices remain volatile, said a press release. In addition, the soaring price of diesel also set a new all-time record of $5.53 per gallon.

In California, prices rose another 8 cents in the last week and the average price per gallon is $5.80, according to GasBuddy’s survey of 10,526 stations in the state.

Prices in California are 2.3 cents per gallon higher than a month ago and stand $1.71/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, the cheapest station in California was priced at $4.89/g while the most expensive was $8.25/g, a difference of $3.36/g.

Four gas stations on Tuesday in the South Lake Tahoe area averaged more than $6 per gallon.

Historical gasoline prices in California

Historical gasoline prices in California and the national average going back 10 years:

May 9, 2021: $4.08/g (U.S. Average: $2.95/g)

May 9, 2020: $2.74/g (U.S. Average: $1.84/g)

May 9, 2019: $4.10/g (U.S. Average: $2.87/g)

May 9, 2018: $3.63/g (U.S. Average: $2.84/g)

May 9, 2017: $3.01/g (U.S. Average: $2.33/g)

May 9, 2016: $2.80/g (U.S. Average: $2.21/g)

May 9, 2015: $3.71/g (U.S. Average: $2.66/g)

May 9, 2014: $4.21/g (U.S. Average: $3.67/g)

May 9, 2013: $3.96/g (U.S. Average: $3.55/g)

May 9, 2012: $4.20/g (U.S. Average: $3.74/g)

Neighboring areas and their current gas prices:

Fresno — $5.57/g, up 13.6 cents per gallon from last week’s $5.43/g.

Modesto — $5.56/g, up 20.6 cents per gallon from last week’s $5.35/g.

Stockton — $5.61/g, up 13.0 cents per gallon from last week’s $5.48/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.

Fuel prices in the U.S. decreased slightly after spiking in March, as the situation between Russia and Ukraine continued, but simmered. Prices began to rise again over the last few weeks as the odds of the European Union sanctioning Russian oil increased. Just in the last seven days, the national average rose over 15¢ per gallon, bringing it to Tuesday’s record price.

“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season. There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”

Source: GasBuddy

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