Gas prices in the Las Vegas Valley have climbed 16 cents over the past month, pushing the average for regular unleaded above $4 per gallon for the first time since June 2024. According to AAA data, the current average is $4.08 per gallon, up from $3.92 just a month ago and 34 cents higher than the $3.74 average from a year ago. The statewide average in Nevada stands at $3.97 per gallon, making it the fourth most expensive state for gas, behind California, Hawaii, and Washington.
The recent spike is mainly due to refinery disruptions in Southern California, including a shutdown at the Phillips 66 refinery and ongoing issues at Chevron’s El Segundo facility. These problems have tightened supply and driven up prices in Nevada, which relies heavily on California refineries for its fuel.
Despite the increase, analysts expect relief soon. Wholesale prices are already falling, and barring any new refinery issues, prices at the pump in Las Vegas are expected to dip below $4 per gallon within the next week and could drop by another 20 to 30 cents over the next three weeks.
With Thanksgiving approaching, a typical spike in demand and prices is not anticipated. Historical data shows that gasoline demand during Thanksgiving week is actually lower than in the weeks before and after the holiday, as most travel is condensed to just a few days and people tend to stay parked at their destinations.
Overall, while the recent rise in gas prices has been sharp, a downward trend is expected in the coming weeks as supply issues are resolved and demand patterns shift during the holiday season.