Nevada becomes 3rd state to ever hit $5/gallon average gas price

Both Las Vegas and Nevada hit the $5 per gallon average mark for the first time ever Wednesday.

The average cost of a gallon of regular unleaded gasoline in the Las Vegas Valley hit a new record high at $5.04 per gallon on Wednesday, up 7 cents from the previous day, according to AAA.

Wednesday also saw Nevada become just the third state to ever hit the $5 per gallon average with its $5 per gallon mark. That was up 4 cents over Tuesday’s reported $4.96 per gallon price.

California surpassed the $5 mark weeks ago, and its average price was listed Wednesday at $5.77 per gallon. Hawaii also reached that mark for the first time, coming in at $5.08 a gallon, making Nevada’s average the third highest in the country.

Price increases in the western states come as the national average for gas continued to dip Wednesday, coming in at $4.30 per gallon. Prices increased rapidly nationally over the last several weeks, largely because of Russia’s invasion of Ukraine, according to multiple analysts.

Refinery issues seen earlier this week in California are largely to blame for the rise this week in the west, Tom Kloza, chief global analyst for the Oil Price Information Service, said earlier this week. Kloza said Monday that he expected a spike in prices in the coming days, surpassing the $5 per gallon mark in Nevada. After sitting idle between Monday and Tuesday, Nevada hit the $5 per gallon mark.

The average price for gas in the Las Vegas metro area has increased 23 cents in the past week and $1.09 over the last month.

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on Twitter.