The Energy Information Administration’s (EIA) latest data registers consumer gasoline demand at 9.857 million b/d. That is the highest level ever on record for the month of April and exceeds typical summer demand measurements. As demand skyrockets, gas prices increased across the country on the week with five states seeing double-digit jumps. The national average ticked up a nickel to $2.76.
“Pump prices are causing sticker shock across the country,” said Jeanette Casselano, AAA spokesperson. “Gas is selling at $2.26 or more at every gas station in America. More so, 13 percent of stations have pump prices set at $3 or more.”
West Coast states primarily have the most expensive gas price averages ($3+). However, on the east coast, Pennsylvania ($2.97) is inching closer to that same threshold.
Today’s national gas price average ($2.76) is 17-cents more expensive than last month and 34-cents more expensive that last year at this time.
- The nation’s top 10 states with the largest weekly increases are: Florida (+11 cents), Rhode Island (+11 cents), Connecticut (+10 cents), New Jersey (+10 cents), Michigan (+10 cents), Ohio (+10 cents), Utah (+8 cents), Massachusetts (+8 cents), New Hampshire (+8 cents) and New York (+7 cents).
- The nation’s top 10 most expensive markets are: Hawaii ($3.59), California ($3.58), Washington ($3.25), Alaska ($3.23), Nevada ($3.18), Oregon ($3.16), Idaho ($3.05), Utah ($3.02), Pennsylvania ($2.97) and Connecticut ($2.89).
South and Southeast
With an 11-cent increase, Floridians ($2.74) are seeing not only the largest pump price jump in the country and among the South and Southeast states, but the most expensive price in the region. At $2.72, New Mexico has the second highest gas price average in the region followed by Georgia ($2.66). All other states in the region have an average of $2.56 or less.
On the week, all states saw prices increase, just not double-digits like Florida: New Mexico (+6 cents) Louisiana (+5 cent), South Carolina (+5 cents), Alabama (+5 cents), Mississippi (+4 cents), Texas (+4 cents), Arkansas (+4 cents), Oklahoma (+3 cents) and Georgia (+1 cent).
With a 680,000 bbl draw, gasoline inventories sit just above 81 million bbl, which is 2 million more than this time last year.