WASHINGTON, D.C. (LOOTPRESS) — Since Memorial Day weekend, the national gas price average has increased 13 cents to $3.17. That is 98 cents more than a year ago, but 41 cents cheaper than this time in July 2014, when the national average was last above $3/gallon.
One of the primary reasons for more expensive gas prices this summer is high crude oil prices. However, last week crude prices fluctuated from a high of $75/bbl down to $71/bbl. News from the Organization of the Petroleum Exporting Countries (OPEC) over the weekend, that they have reached a deal to increase production in August, could give crude oil prices the potential to drop under $70/bbl. Regardless, AAA expects higher pump prices to be the norm throughout the summer.
“It’s a cruel summer at the gas pump with prices showing little signs of relief,” said Jeanette McGee, AAA spokesperson. “However, the more expensive prices aren’t stopping motorists from filling-up based on strong gasoline demand numbers.”
While gas demand dipped to 9.28 million b/d, in the Energy Information Administration’s (EIA) latest report, the rate is strong for summer. The EIA report also shows gasoline stocks increased by 1 million bbl to 236.5 million. The jump in supply and drop in demand mitigated fluctuation to the national gas price average, which had a two-cent increase on the week. During the last seven days, 25 state averages increased by at least two cents, with 11 of those seeing jumps of a nickel or more.
- The nation’s top 10 largest weekly increases: Ohio (+11 cents), Michigan (+10 cents), Utah (+10 cents), Nevada (+8 cents), Kansas (+8 cents), Idaho (+7 cents), Illinois (+6 cents), Wisconsin (+5 cents), Wyoming (+5 cents) and North Dakota (+5 cents).
- The nation’s top 10 least expensive markets: Mississippi ($2.78), Louisiana ($2.81), Alabama ($2.83), Texas ($2.83), Missouri ($2.84), Arkansas ($2.85), Oklahoma ($2.87), Tennessee ($2.88), North Carolina ($2.90) and South Carolina ($2.91).