At $2.53, the national gas price average has held steady for nine days. Factors contributing to the flat price include increased gasoline production that has kept pace with higher than usual demand this winter. The latest Energy Information Administration (EIA) report shows that demand increased week-over-week, registering at 9.2 b/d – the highest gasoline demand level seen this year.
“On the week, the majority of motorists are paying less at the pump with 67 percent However, the West Coast, Great Lakes and Central states are mostly seeing a gas price increase.”
Today’s national average is a nickel less than last month, but 13 cents more than one year ago.
- The largest weekly changes are: Michigan (+6 cents), Kentucky (-5 cents), Florida (-4 cents), Ohio (+4 cents), Indiana (+3 cents), California (+3 cents) and New Mexico (+3 cents), Louisiana (-3 cents), Georgia (-3 cents) and Utah (-3 cents).
- The nation’s top ten least expensive markets are: Alabama ($2.26), South Carolina ($2.26), Mississippi ($2.26), Texas ($2.27), Missouri ($2.28), Arkansas ($2.28), Tennessee ($2.30), Louisiana ($2.31), Kentucky ($2.32) and Oklahoma ($2.32).
South and Southeast
Prices at the pump are cheaper for every state in the South and Southeast except for New Mexico (+3 cents). Florida (-4 cents) saw the largest drop. Seven of the country’s top 10 states with the cheapest gas price average are in this region: Alabama ($2.26), South Carolina ($2.26), Mississippi ($2.26), Texas ($2.27), Arkansas ($2.28), Louisiana ($2.31) and Oklahoma ($2.31).
Compared to one month ago, gas prices are 4 to 15 cents cheaper. Florida (-15 cents) is seeing the biggest price drop in the region and the country.
At 85.7 million bbl, gasoline inventories in the region are at the second-highest total on record, according to EIA data. If the region builds on current levels this coming week, the record of 85.9 million, set in January 2017, could be broken.