Hitting $2.81, today’s national gas price average has reached the highest price per gallon since November 2014. That year, pump prices averaged $3.34, peaking at $3.70 in April and bottoming out at $2.25 in December. This year’s pump prices will not be reminiscent of 2014, but for motorists, filling-up is packing an unwanted punch to wallets.
“Motorist have been spoiled the past few years with inexpensive gas prices,” said Jeanette Casselano, AAA spokesperson. “We expect prices to continue increasing, potentially another 10 cents, through Memorial Day and then will likely stabilize during the summer, with the understanding that if demand spikes, prices are likely to follow.”
On the week, gasoline demand took a notable drop from its record high the previous week, falling by 774,000 b/d, according to the Energy Information Administration (EIA). At 9.083 million b/d, gasoline demand is now more in line with rates typically seen during the spring driving season.
Today’s national gas price average is 16-cents more expensive than last month and 43-cents more expensive that last year at this time.
- The nation’s top 10 states with the largest weekly increases are: Missouri (+9 cents), Delaware (+9 cents), Iowa (+8 cents), Utah (+7 cents), Georgia (+7 cents), New Jersey (+7 cents), Wyoming (+7 cents), Kentucky (+7 cents), Nebraska (+7 cents) and Wisconsin (+7 cents).
- The nation’s top 10 most expensive markets are: Hawaii ($3.61), California ($3.61), Washington ($3.29), Alaska ($3.25), Nevada ($3.23), Oregon ($3.19), Utah ($3.09), Idaho ($3.09), Pennsylvania ($3.02) and Connecticut ($2.95).
South and Southeast
Motorists in South Carolina (+48 cents) and Georgia (+47 cents) are paying nearly 50-cents more a gallon to fill-up compared to one year ago and are among the top 10 states with the largest year-over-year change. Notably, at this time last year, South Carolina carried the cheapest gas in the country. Fast-forward to today, the Palmetto state’s average is $2.57, which is the eight cheapest in the country. In the region, Oklahoma ($2.52), Arkansas ($2.52), Mississippi ($2.54), Louisiana ($2.54), and Alabama ($2.56) all have cheaper gas price averages than South Carolina and are the cheapest in the country.
On the week, Georgia’s ($2.73) state average took the biggest jump in the region with a 7-cent increase, but Florida ($2.74) and New Mexico ($2.76) sell the most expensive gas among all South and Southeast states.
The region saw a 1.5 million bbl add, the largest build of any region on the week according to the EIA. That bumps gasoline inventories to 82.5 million bbl – 3.3 million above levels at this time last year.