Volatility is the trend for July gas prices as the rate for crude oil rises and drops amid lingering geopolitical concerns. In the U.S., the first half of the month saw pump prices increase from $2.85 to $2.89, while the second half is proving cheaper with the national gas price average down to $2.84 today. The national average has not been this low since early May.
“July gas prices have been on a roller coaster ride, but appear to be on a downward slope at the moment. If demand and supply stay consistent, prices have the potential to stabilize barring any major events – geopolitical or natural disasters,” said Jeanette Casselano, AAA spokesperson. “The market is also following this up and down trend lately. Last week, crude prices dropped below $70/bbl for the first time since June, but then returned above the price point to close out the week.”
On the week, Hawaii (+1 cent) was the only state to see gas prices increase, Montana ($2.93) was the only state whose gas price average held steady, while all other states saw prices drop as much as 13 cents.
Today’s national gas price average is four cents cheaper than last week, two cents cheaper than last month, but 57-cents more expensive than a year ago. Motorists can find gas for $2.76 or more at 52 percent of stations across the country.
Quick Stats
The nation’s top 10 least expensive markets are: Alabama ($2.54), South Carolina ($2.54), Mississippi ($2.54), Arkansas ($2.58), Louisiana ($2.58), Oklahoma ($2.60), Virginia ($2.61), Tennessee ($2.61), Texas ($2.61) and Missouri ($2.61).
The nation’s top 10 largest monthly changes are: New Mexico (-13 cents), Arizona (-12 cents), Nevada (-8 cents), Delaware (+8 cents), Utah (-8 cents), Nebraska (-7 cents), Ohio (+7 cents), Texas (-6 cents), Idaho (-6 cents) and California (-5 cents).
West Coast
Motorists in states in the West Coast region are paying the most expensive pump prices in the country: Hawaii ($3.78), California ($3.63), Washington ($3.41), Alaska ($3.38), Oregon (3.29), Nevada ($3.20) and Arizona ($2.94). Still, gas price averages in the majority of states in the region have declined on the week, with Arizona (-3 cents) leading the way. Only Hawaii (+1 cent) saw an increase.
According to the Energy Information Administration’s (EIA) petroleum status report for the week ending on July 13, inventories of gasoline in the region dropped by 500,000 bbl. They now sit at 30.3 million bbl, which is nearly 3.5 million bbl higher than total levels at this time last year. The surplus will likely help guard against price spikes in the event that supply tightens in the region this week.
