Following three weeks of pump price declines, half of the country is seeing gas prices climb as much as 9 cents on the week. At $2.53, the national gas prices average is one cent more than last Monday with 25 states seeing gas prices increases. That being said, today, 63% of motorists in the United States can fill up for $2.50/gallon or less.
“2018 has seen fluctuating crude oil prices, strong gasoline demand and new U.S. oil production records creating a volatile gas price market from month to month for consumers,” said Jeanette Casselano. “Typically, March brings more expensive pricing as days get longer, weather gets warmer and refinery’s gear up to switchover to pricier summer blends.”
Today, gas prices are 8 cents cheaper from last month. However, they are still 22 cents more expensive than this time last year.
- The largest weekly changes are: Ohio (+9 cents), Indiana (+8 cents), Georgia (+5 cents), Alaska (+4 cents), Kansas (+4 cents), Michigan (+4 cents), South Carolina (+3 cents), Oregon (+3 cents), Illinois (+3 cents) and New Jersey (-3 cents).
- The nation’s top ten most expensive markets are: Hawaii ($3.50), California ($3.35), Alaska ($3.06), Washington ($3.00), Oregon ($2.90), Nevada ($2.79), Pennsylvania ($2.79), Washington, DC ($2.73), New York ($2.71) and Connecticut ($2.69).
Gas prices are more expensive on the week for every state in the region. Georgia (+5 cents), South Carolina (+3 cents) and Texas (+3 cents) saw the largest increases in the region and also land on the top 10 states with the biggest changes this week.
Compared to the first week of March 2017, gas prices are more expensive in the South and Southeast region. At 11 cents more, New Mexico is seeing the smallest year-over-year change while Florida (+25 cents) tops the region for the largest yearly price change.
With a 1.8 million bbl build, gasoline inventories in the South and Southeast region total at 85.3 million bbl. This is a new record for 2018 and 3.6 million bbl ahead of inventory levels this time last year.