October is Finally Falling into Cheaper Gas Prices
The national gas price average is $2.85. That is six-cents cheaper than this month’s highest price of $2.91, which was the most expensive average during the month of October since 2014. Today’s price is also four cents cheaper than last week, the same price as last month and 39- cent more than this time last year.
Reduced refinery runs, due to peak maintenance season, have contributed to stable gasoline inventories amid lower demand, which is a contributing factor driving gas prices down.
“Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week,” said Jeanette Casselano, AAA spokesperson. “Prices are falling despite market concerns about global supply and geopolitical tensions, but that could change later this month ahead of the U.S. announcement of imposed sanctions on Iran.”
Quick Stats
The nation’s top 10 least expensive markets are: Delaware ($2.56), Ohio ($2.57), South Carolina ($2.58), Mississippi ($2.58), Missouri ($2.59), Alabama ($2.60), Louisiana ($2.60), Texas ($2.61), Arkansas ($2.61) and Oklahoma ($2.61).
The nation’s top 10 largest weekly decreases are: Ohio (-12 cents), Delaware (-10 cents), Michigan (-10 cents), Indiana (-10 cents), Kentucky (-8 cents), Iowa (-7 cents), Maryland (-7 cents), Illinois (-7 cents), Oklahoma (-7 cents) and Missouri (-6 cents).
West Coast
Motorists in the West Coast region are paying the highest prices for retail gasoline in the country, with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.90) is the nation’s most expensive market, followed by California ($3.82), Washington ($3.54), Alaska ($3.39), Oregon ($3.38), Nevada ($3.29), and Arizona ($2.92). On the week, most prices are flat. However, Hawaii and Alaska have seen the largest increases, gaining two cents each.
The Energy Information Administration’s (EIA) weekly petroleum status report showed West Coast gasoline stocks decreased slightly to 27.6 million bbl during the week that ended on October 12. Stocks are approximately 1.5 million bbl lower than where they were at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.