On the week, the national average dropped three cents to $2.43. Motorists in the Midwest are seeing the largest drops at the pump, by as much as 10 cents. However, two states are paying more on the week: Indiana (+3 cents) and Hawaii (+1 cent). The national gas price average is 12 cents cheaper than one month ago, but that’s not the case compared to this time last year.
“More than 97 million Americans will begin to hit the road this week for the holidays – the most ever on record,” said Jeanette Casselano, AAA spokesperson. “At 20 cents more per gallon than the same time last year, pump prices don’t seem to be a deterrent for today’s travelers. The good news is that in most states, gas prices are 12 cents less than they were a month ago. So today, motorists can find gas for $2.50 or less at 71 percent of gas stations in the country.”
Weekly gasoline inventories increased by an astonishing 5.7 million bbl, according to the latest Energy Information Administration (EIA) report. Demand teeters above the 9 million mark, which is in line with this time last year.
“The increase in supply combined with weaker winter demand will pave the way for even cheaper winter gas prices,” added Casselano.
The top 10 states with largest yearly changes are: Alaska (+54 cents), California (+43 cents), Montana (+42 cents), Oregon (+38 cents), North Dakota (+36 cents), Colorado (+35 cents), Hawaii (+34 cents), Wyoming (+34 cents), Washington (+34 cents) and Idaho (+33 cents).
The top 10 states with the least expensive gasoline are: Missouri ($2.16), South Carolina ($2.18), Alabama ($2.18), Oklahoma ($2.18), Mississippi ($2.18), Texas ($2.18), Arkansas ($2.19), Tennessee ($2.22), Louisiana ($2.23) and Virginia ($2.24).
Motorists in the South and Southeast are paying less at the pump on the week, on average up to four cents less, and paying among the cheapest gas prices in the country. However, gas prices are more expensive than this time last year. Here is a look at the five cheapest gas prices in the region compared to prices last year at this time.
|State||Today’s Gas Price||Last Year’s Gas Price||Difference|
The region saw the largest build in gasoline inventories (3.2 million bbl). According to the EIA, the 81.6 million bbl total yields a 1.6 million bbl surplus compared to this time last year.