Gas prices, shortage will shift consumer behavior: Retail expert
Strategic Resource Group managing director Burt Flickinger weighs in on the future of markets and rise in retail sales.
In the wake of a cyberattack on the Colonial Pipeline that created a gas shortage in the southeastern U.S. last week, low supply and panic buying sent gas prices soaring.
But in which states is the price to fill up the cheapest?
COLONIAL PIPELINE FULLY RESTORED AFTER RANSOMWARE ATTACK, GAS SHORTAGE
States in and around the South Central region of the U.S. had the lowest prices for regular gas as of Sunday, according to data from the American Automobile Association (AAA).
Texans are paying the third-lowest cost at $2.76 per gallon, while Louisiana and Mississippi have the lowest recorded prices up in the U.S., at about $2.72, AAA said.
Other states within the low range of under $2.87 included North Dakota, Minnesota, Kentucky, Oklahoma, Kansas, Missouri, Arkansas and Alabama.
Meanwhile, Californians pay the most for gas, shelling out about $4.13 per gallon – about 27 cents more than the next-highest state of Hawaii ($3.86). The national average was about $3.04 per gallon.
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The prices have also put a dent in the road trip plans for many looking to get away as summer approaches.
Potential travelers posted on social media last week to lament the turn of their fortunes.
On Saturday, the Colonial Pipeline Co. announced service was reaching consumers in all the states it serves following a dayslong network shutdown following a ransomware attack.
The pipeline carries 100 million gallons of fuel daily and accounts for 45% of the fuel used on the East Coast. The shutdown caused gas shortages in areas served by Colonial, and prices reportedly hit as high as $6.99 per gallon in Virginia this week.
Fox Business' James Leggate contributed to this report.
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