A decrease in travel is having little effect on the price at the pumps. According to a recent report from AAA gas prices continue to rise. This past week, prices rose by four cents, hitting $3.80 a gallon. 

A potential production cut in Russian has fueled fears that a global supply shortage may be imminent. This paired with revised COVID restrictions in China, the world’s top oil consuming nation due to a sudden rise in cases, may signal an economic slowdown for the country. 

“The oil market, like the stock market, hates negative headlines, no matter how speculative,” said Andrew Gross, AAA spokesperson. “And that is why we see the oil price back over $90 a barrel.”

Recent data from the Energy Information Administration found that gas demand has dropped from 8.93 million barrels per day to 8.66 million barrels per day within the last week. Meanwhile, total domestic gasoline stocks have dropped by 1.3 million barrels of crude oil to 206.6 million barrels of crude oil.

This extra pressure on gas prices has largely been due to tighter supply and fluctuating oil prices. 

“More expensive oil usually leads to more expensive gasoline, but the recent COVID-related news from China may stem from this increase,” said Gross.

The national average of $3.80 is 38 cents more than a year ago and nine cents less than a month ago. 

The states to see the largest fluctuation in prices include Indiana (+37 cents), Wisconsin (+31 cents), Michigan (+27 cents), Ohio (+21 cents), Illinois (+17 cents), Florida (+16 cents), Oregon (−13 cents), Kentucky (+12 cents), California (−11 cents) and Delaware (+10 cents).

The 10 least expensive markets are Georgia ($3.12), Texas ($3.17), Mississippi ($3.20), Arkansas ($3.24), Louisiana ($3.26), Tennessee ($3.28), South Carolina ($3.28), Alabama ($3.30), North Carolina ($3.36) and Missouri ($3.36).