While the latest inflation data from the Bureau of Labor Statistics puts the annual price change nationwide on gas at +4.4%, some states have seen gas prices increase by more than double that, while prices have fallen significantly in others.

Wednesday’s national average price of $3.125 is the same as on former President Biden’s last day in office, after dropping during Trump's first two weeks.

Average monthly gas prices are down $1.91 per gallon from their peak in June 2022, according to the newest LendingTree analysis. But average daily gas prices are up by 0.7% year over year as of Jan. 15 — ranging from an increase of 11.

Analyst Tom Kloza, with Oil Price Information Service based in Gaithersburg, Maryland, said that Michigan is among the states with gas prices most likely to be affected by the tariffs on Canada, but forecasts of 50-75 cents a gallon more were too high.

Oil and gas futures opened higher as theoretical tensions in President Trump's energy policy just got very real, very fast. Why it matters: New tariffs on Canada and Mexico could raise gasoline and home heating costs in places — even though 10% Canadian energy tariffs are lower than the 25% applied to other goods.

If Republican President Donald Trump’s tariffs on oil and electricity imports from Canada are enacted next month, customers in the Northland could see energy prices increase. Tariffs of 10% on Canadian energy like oil,

Refineries in the Midwest, Great Lakes and Rockies rely more on the Canadian crude oil for sourcing oil for their refineries,” analyst Patrick De Haan said.