Consumers Likely to See Gas Prices Continue Rising in February
- AAA expects gas prices to increase this month due to refinery maintenance and decreased production. It is not uncommon for gas prices to increase 30-50 cents per gallon between early February and the middle of spring. Gas prices in February have increased during the previous five years by an average of 22 cents per gallon.
- “It is a good bet that most drivers will pay more for gasoline in March than today,” continued Ash. “Yet even if gas prices increase as expected, drivers should continue paying at least a dollar less on gasoline than what they spent in recent years during the spring.”
- Gas prices should remain less expensive than in recent years due to lower crude oil costs. AAA does not expect the national average price of gas to rise above $3 per gallon in 2015.
- It is possible that gas prices could rise more slowly or even drop if there are further significant declines in the cost of crude oil. At this point, the crude oil market remains very volatile and it is possible that crude oil supplies could build further during refinery maintenance season. A significant reduction in crude oil prices could limit any prices increases due to refinery maintenance.
- Many refineries conduct maintenance and upgrades in the spring to prepare equipment for the busy summer driving season. This maintenance can reduce gasoline production at a time when both driving and gasoline demand rises as the weather improves.
More than Half of U.S. Stations Selling Gas for Less than $2 per Gallon
- Gas prices remain relatively cheap across the country with more than half (52 percent) of U.S. stations selling gas for less than $2 per gallon today. The most common price in the country is $1.999 per gallon. More than 6 in 10 stations were selling gas for less than $2 per gallon a week ago.
- Drivers can find at least one station selling gas for less than $2 per gallon in every state within the continental United States. No stations in Alaska or Hawaii have reached that mark.
- The five states with the lowest average prices today include: Idaho ($1.85), Texas ($1.87), Oklahoma ($1.87), South Carolina ($1.87) and Utah ($1.87). The five states with the highest average prices today include: Hawaii ($3.11), Alaska ($2.64), California ($2.45), New York ($2.39) and Vermont ($2.30).
- Twenty-five states have an average gas price below $2 per gallon, though this number has decreased from 28 states last week.