At $2.58, the national gas price average has decreased for the first time week-over-week this year. Today’s price is 3 cent less than last week, 6 cents more than a month ago and 30 cents more than a year ago. Motorists can find gas for $2.50 or less at 53 percent of gas stations across the country.
“Gas price averages are less expensive for 78 percent of states compared to last Monday. Motorist filling up in the Midwest, South and East Coast are most likely to see the positive change at the pump,” said Jeanette Casselano. “Unfortunately, it’s too early to know if this one-week decline is the start of a cheaper gas price trend.”
Consumer gasoline demand and gasoline inventories increased according to the latest Energy Information Administration (EIA) reports. Hitting its highest level this year, gasoline demand registered at 9.1 million b/d, a 169,000 b/d increase year-over year. Total U.S. gasoline inventories built by 3.4 million bbl to total 245.5 million bbl, which sits about 1.4 million bbl above the five-year average.
- The largest weekly changes in the nation’s top ten markets are: Indiana (-14 cents), Michigan (-11 cents), Kentucky (-9 cents), Ohio (-8 cents), Illinois (-6 cents), Utah (+6 cents), Hawaii (+5 cents), Missouri (-4 cents), Maryland (-4 cents) and Florida (+4 cents).
- The nation’s top ten most expensive markets are: Hawaii ($3.44), California ($3.35), Alaska ($3.04), Washington ($3.00), Oregon ($2.89), Pennsylvania ($2.86), Nevada ($2.78), Washington, D.C. ($2.77), New York ($2.76) and Connecticut ($2.74).
All but one state in the South and Southeast are seeing cheaper pump prices on the week. Mississippi and Texas lead the region with the largest decrease of 4 cents. Florida (+4 cents) is the only state in the region to see an increase. At $2.64, the sunshine state’s gas average is the most expensive in the region and ranks as the 13th most expensive at the country. Conversely, six states in the region rank among the 10 with the cheapest gas prices in the country: Texas ($2.33), Mississippi ($2.33), South Carolina ($2.34), Alabama ($2.34), Arkansas ($2.37) and Oklahoma ($2.38).
Gasoline inventories increased by a small 146,000 bbl on the week and continue to sit above the 81 million bbl mark, according to the EIA.