Washington Gas Prices Hit Year Highs: All Time Records Likely

When I say breaking all-time price records is possible, I really mean "very likely" if you look at past pricing trends.

Washington State Hits Another Year High for Petroleum Costs

The price at the pump for people living in Washington State has hit another high for the year. It is not a good sign considering prices will continue to climb throughout the summer. In 2023, the highest gas prices were in August and September at just over $5 per gallon ($5.03 in August, and $5.04 in September). If you look at the yearly data released by the US Energy Administration, historic lows in gas prices come in the middle of winter usually December or January. In 2024, the trend continues with prices increasing since $4.99 per gallon in February. Why is the year-low of $4.99 per gallon alarming?

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Plus $5.00 Per Gallon Gas Prices: Only 3 Times in Washington State History

If you look at the history of gas prices in Washington State, only 5 different times has the average monthly price been higher than $5.00 per gallon. It happened for the first time in June, July, and October of 2022 with the highest and current record being $5.44 per gallon. Prices barely rose above $5 per gallon in 2023 twice in August and September (prices already listed above). Washington State is much worse than the average across the US with a national all-time high average of only $5.02 per gallon which happened on June 14, 2022. This year prices are already on the edge of $5 per gallon with past trends showing expected increases until September are not only possible but likely. AAA just released numbers showing gas prices have risen 1.7% in only a week and over 10% since February. They show the average cost of regular unleaded gas in Washington to average $4.55 and premium prices at $5.01. The fact that it is an election year in combination with past and current trend data tells me new all-time gasoline prices are just around the corner. Dig into the history of gas prices in Washington State on the US Department of Energy website at www.eia.gov.