
The national gas price average is $2.51, which is three cents cheaper than last week, four cents less than last month, and 25 cents more than a year ago. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million bbl – the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.
“Increased total domestic stocks of gasoline have helped to ease pump prices,” said Jeanette Casselano, AAA spokesperson. “Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response.”
EIA estimates that demand grew slightly from 8.56 million b/d to 8.66 million b/d. However, the current rate is lower than last year’s 8.87 million b/d at this time.
Quick Stats
The nation’s top 10 largest weekly decreases are: Florida (-8 cents), Michigan (-8 cents),Pennsylvania (-6 cents), South Carolina (-6 cents), Delaware (-5 cents), North Carolina (-5 cents), Maryland (-5 cents), Louisiana (-5 cents), Texas (-4 cents) and West Virginia (-4 cents).
The nation’s top 10 least expensive markets are: Missouri ($2.17), Texas ($2.19), Mississippi ($2.21), Oklahoma ($2.22), Louisiana ($2.22), South Carolina ($2.23), Arkansas ($2.24), Kansas ($2.24), Delaware ($2.25) and Alabama ($2.27).
West Coast
Pump prices in the region have mostly dropped. On the week, Washington (-2 cents) saw the largest decrease in the region, while Hawaii (+1 cent) saw the only increase. Hawaii ($3.66) and California ($3.52) remain the most expensive markets in the country. Washington ($3.10), Oregon ($2.98), Nevada ($2.97), Alaska ($2.95) and Arizona ($2.81) follow.
According to EIA’s report for the week ending on January 17, total gas stocks in the region dropped 1.4 million bbl to 32.4 million bbl. The current supply level is in line with last year’s level at this time, which will likely help prices to stabilize throughout the week.