The national gas price average has increased for the sixth consecutive week, landing today’s national average at $2.61. That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.
“Every motorist in the country is paying more at the pump year-over-year. At 18 cents, Utah is seeing the smallest increase and California is feeling the biggest increase at 52 cents compared to the same time last year,” said Jeanette Casselano. “Strong demand coupled with steadily rising oil prices means filling up will continue to cost consumers more this month. In fact, the last time the national gas price average was this high, but under $3/gallon in February was in 2010.”
On the week, U.S. consumer gasoline demand hit 9 million b/d. In 2017, demand did not reach this mark until early March, according to the Energy Information Administration (EIA).
- The largest monthly changes in the nation’s top ten markets are: Iowa (+22 cents), California (+21 cents), Minnesota (+19 cents), Nebraska (+18 cents), Kansas (+17 cents), North Dakota (+17 cents), Oklahoma (+17 cents), Florida (+16 cents), Louisiana (+16 cents) and Missouri (+16 cents).
- The nation’s top ten least expensive markets are: Texas ($2.36), Mississippi ($2.37), South Carolina ($2.37), Alabama ($2.37), Missouri ($2.38), Arizona ($2.38), Arkansas ($2.39), Tennessee ($2.41), Oklahoma ($2.42) and New Mexico ($2.43).
Florida (+6 cents) and New Mexico (+6 cents) land on this week’s top 10 states with the largest weekly increases. In fact, all states but Georgia (no change) saw price bumps at the pump. Still, prices in the South and Southeast remain among the cheapest in the country and under $2.43 for all states except: Florida ($2.61) and Georgia ($2.49).
With a 2.4 million bbl decline, gasoline inventories sit right at 81 million bbl. According to the EIA, January inventory levels have not been this low since 2015.