South Dakota drivers will pay an average of $4.18 per gallon of regular gasoline this month versus $3.14 last year. This is a 32.9 percent increase equaling $1.04 per gallon.
Of the three South Dakota metropolitan areas analyzed, drivers in Sioux Falls faced the largest price hike at the pump in the last year of $58.55. Rapid City was spared the worst pain, with the price of gas rising $48.22 from August 2021 to August 2022.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.
South Dakota drivers average 1,295.1 miles and use 53.5 gallons of gasoline per month, according to the FHA.
| Market | 2022 | 2021 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Sioux Falls | $4.10 | $3 | $1.09 | 36.4% | $58.55 |
| North Sioux City | $4 | $2.98 | $1.02 | 34.1% | $54.43 |
| Rapid City | $4.32 | $3.42 | $0.90 | 26.4% | $48.22 |
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