After multiple years of gasoline prices below the $3.00 mark in Nevada, prices have surged in recent months, with the average price of unleaded gasoline surpassing $3.00 in March and climbing to $3.22 per gallon as of July 16, 2018, according to AAA. The national average at the same time was just $2.88, placing Nevada’s price 12.0 percent higher than the national average and 22.5 percent higher than Nevada prices one year ago. The Nevada average masks some significant differences throughout the state. In the Las Vegas area, gas was priced at roughly $3.18, or 10.4 percent above the national average, while Reno-area motorists paid an average of $3.42, or 18.8 percent above the national average.
Rising gasoline prices have little effect on gasoline consumption, so higher prices at the pump usually equate to less spending on other consumer goods and services. According to the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey, the average household spent $1,934 on gasoline or other motor fuel over the 12 months through June 2017. The 12-month average price of gasoline on the West Coast is 14.4 percent higher than last year, according to the U.S. Energy Information Administration (EIA), which translates to $278 in additional annual spending per household on gasoline and $293 million in additional gasoline spending in Nevada.
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