Is $6 gas possible? Prices still rising in Clark County

While gas prices have dipped slightly nationwide this week, Nevada prices continue to set records, according to AAA.

As of Friday, the Nevada average price for a gallon of regular gas was just over $5.20 while diesel was selling for $5.28 — both records.

In Las Vegas, regular gasoline was averaging $5.30 on Friday compared with $5.07 a week ago and $3.96 a month ago. Last year it was at $3.30.

Nationally, the average price was $4.24 a gallon on Friday, down 2 cents from Monday. Gas prices had been rising for 12 weeks.

Tight gasoline supplies and solid demand are factors keeping pump prices at or near record levels, according to gasbuddy.com. The spring and summer driving season may keep the upward pressure at the pump.

“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined. While the decline is still subject to changes in global supply and demand, Covid and Russia’s war on Ukraine, we are poised to see additional downdrafts at the pump this week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with spring break travel well underway. If the situation does worsen, with more oil being kept away from global markets, it’s not impossible that gas prices would still have to climb a considerable amount for Americans to start curbing their insatiable demand for gasoline.”

Gasoline inventories nationwide dipped 2.9 million barrels in the past week although West Coast inventories rose 0.5 million barrels.

Crude oil inventories dropped 2.5 million barrels in the past week.

Contact Marvin Clemons at mclemons@reviewjournal.com. Follow @Marv_in_Vegas on Twitter.