Nevada gas prices on Monday reached an average of $4 per gallon but appear set for a decline, according to a release from GasBuddy.
State gas prices rose 1.2 cents per gallon in the past week to an average of $4.01 per gallon Monday, according to GasBuddy's daily survey of 1,130 stations in Nevada. Gas prices in Nevada are 5.5 cents per gallon higher than a month ago and stand $1.44/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Nevada is priced at $3.35/g while the most expensive is $5.22/g.
The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $3.39/g. The national average is up 2.8 cents per gallon from a month ago and stands $1.30/g higher than a year ago.
Gasoline prices in Nevada and the national average on Nov. 22 going back 10 years:
2020: $2.58/g (U.S. Average: $2.10/g)
2019: $3.43/g (U.S. Average: $2.60/g)
2018: $3.27/g (U.S. Average: $2.55/g)
2017: $2.78/g (U.S. Average: $2.52/g)
2016: $2.45/g (U.S. Average: $2.13/g)
2015: $2.59/g (U.S. Average: $2.07/g)
2014: $3.01/g (U.S. Average: $2.82/g)
2013: $3.29/g (U.S. Average: $3.22/g)
2012: $3.59/g (U.S. Average: $3.43/g)
2011: $3.53/g (U.S. Average: $3.33/g)
"With oil prices plunging nearly $10 from the recent peak of $85 per barrel, motorists will start to see gas prices decline nationwide, just in time for Thanksgiving, and the decline could stretch for several weeks," Patrick De Haan, head of petroleum analysis for GasBuddy, said in the release.
"It's not impossible – so long as oil prices hold near these levels or continue falling – that the national average could shed 15 to 30 cents per gallon over the coming weeks, while some areas like California could see declines of as much as 25 to 40 cents.
“While there's reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves. If that doesn't happen, oil could again rally. However, with COVID cases on the rise again reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks."
GasBuddy data is accessible at http://prices.GasBuddy.com.
