It’s November 1st and there are exactly two months left in this calendar year. November 1st is also a reminder that we are about three (3) weeks away from the beginning of the year-end holiday season. U.S. households traditionally spend more on food, gifts, and other items including gasoline. That said, this is a good time to make a price check of U.S. gasoline prices.
For starters, let’s take a look at gas prices over the past three months. One of the reasons for doing so is to determine if prices are stable across the U.S. following the destructive forces of Hurricanes Harvey and Irma that made landfall in Texas and Florida on August 26th and September 10th, respectively.
The retail price chart below definitely shows a run up in gas prices of about 30¢ during these two storms. This price increase is mostly attributed to gasoline shortages in the Gulf Coast region during Hurricanes Harvey and Irma, however, the entire U.S. saw higher prices as a result of refinery shut-downs and repairs that needed to be made during and after the storms.
Gas prices have been relatively stable for the past two weeks, however, that is about to change. Market Watch reports that the average retail price for gasoline in the U.S. marked its first weekly increase in almost two months, and could rise even more with California facing a hefty fuel tax increase this week.
AAA reports the following average prices for a gallon of gasoline, today, November 1, 2017:
$2.482 Current average
$2.469 Yesterday average
$2.459 Week ago average
$2.556 Month ago average
$2.206 Year ago average
If you live in California, or expect to travel there this week, gas and petroleum analysts have issued an alert to motorists that a tax increase is expected to take place beginning at midnight on today, November 1, 2017. The tax increase will impact gasoline and diesel fuel, and is the result of an earlier measure that was approved by the California State Legislature to raise gasoline and diesel taxes by 12 cents per gallon and 20 cents per gallon, respectively, effective at midnight on Wednesday, November 1. These new tax increases are expected to be passed on from the retailer to their customers.
GasBuddy.com reports that California’s hike in fuel taxes are among the largest of any state in 2017 and is only bested by New Jersey’s massive 23¢ hike exactly a year ago, which resulted in New Jersey’s average gas price rising from $2.04 per gallon on October 31 to $2.27 per gallon on November 3.
While our current gas prices are not the lowest that we’ve seen in recent years, they are also not the highest. That said, happy motoring!