Nevada among states with highest gas prices, AAA says
LAS VEGAS, Nev. (FOX5) - Gas prices across the country are on the rise but in Nevada, they are especially painful at the pump.
According to AAA on Wednesday, the average price for a gallon of gasoline in Nevada was $5.05 while the national average was $3.87.
Clark County had one of the highest rates in the state $5.15 per gallon. Elko County got by with $4.25 per gallon.
One year ago, the average of gas in Nevada was $4.92. The highest ever recorded was $5.67 on June 16, 2022.
There are a number of reasons as to why Nevadans pay more to fuel up lately. One reason is ongoing inflation issues.
The big rise in gas prices lately accounted for more than half of the inflation increase recorded in August, according to the U.S. Labor Department last week.
The surge in gas prices is coursing through the economy and could slow down shoppers’ momentum heading into the critical holiday shopping season, the AP reports.
Nevada usually has hire prices than the national average, partly because the state does not have a significant amount of crude oil reserves and only a modest amount of production, according to the US Energy Information Administration.
In fact, less than 230,000 barrels of oil were produced in 2022 in the state.
Las Vegas receives about 88% of its gasoline from Los Angeles and its diesal via a pipeline from Salt Lake City.
While inflation has been trending downwards, Federal Reserve Chair Jerome Powell said in August it still remains too high and an increase in interest rates remains possible.
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