Gas prices jumped 12 cents over the past 14 days, and six-cents since last Monday, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014.

“AAA forecasts nearly 37 million travelers will hit the road for the holiday weekend. Compared to an average of the last three Memorial Day weekends, pump prices are nearly 50 cents more expensive and climbing,” said Jeanette Casselano, AAA spokesperson. “Trends are indicating that this summer is likely to bring the national average to at least $3/gallon.”

Today, 14 states tout an average of $3.00 or more. Outside of the typical West Coast states, Idaho and Utah, this count includes six Northeast and Mid-West states: Connecticut, Pennsylvania, New York, Washington, D.C., Illinois and Michigan. In addition, Arizona, New Jersey, and Rhode Island are all within four-cents of hitting the $3 mark.

Quick Stats

• The largest monthly increases are: Minnesota (+28 cents), Wisconsin (+27 cents), Missouri (+25 cents), Connecticut (+23 cents), Delaware (+23 cents), Illinois (+23 cents), Wyoming (+22 cents), Kansas (+22 cents), Arizona (+21 cents) and Texas (+21 cents).
• The nation’s topten most expensive markets are: California ($3.71), Hawaii ($3.68), Washington ($3.41), Alaska ($3.36), Nevada ($3.32), Oregon ($3.31), Idaho ($3.16), Utah ($3.14), Connecticut ($3.11) and Pennsylvania ($3.08).

West Coast

The West Coast region is home to the states with the highest gas prices in the nation: California ($3.71), Hawaii ($3.68), Washington ($3.41), Alaska ($3.36), Nevada ($3.32), Oregon ($3.31) and Arizona ($3.00). On the week, prices in the region have all increased. Arizona (+6 cents) saw the largest increase, while Washington and Alaska are close behind with each state’s average for unleaded regular gasoline increasing by four cents.

Motorists in Arizona (+70 cents) are seeing the largest year-over-year increase in the region and the second largest weekly increase in the country. Of West Coast states, California (+66 cents) and Hawaii (+62 cents) join Arizona on this top 10 list this week.

For the week ending on May 11, the Energy Information Administration (EIA) revealed that gas stocks fell by approximately 200,000 bbl to 29.7 million bbl. Current inventory levels are 600,000 stronger than they were at the same time last year, with increasing imports helping to buoy inventories. Imports increased by 50,000 bbl to 117,000 bbl last week.

Great Lakes and Central

As gas prices continue to increase across the country, two Great Lakes and Central states have averages of $3 or more: Illinois ($3.04) and Michigan ($3.00). At $2.95, Indiana may hit the $3/gal mark before June arrives.

On the week, seven states made their way on to the Top 10 list with the biggest increases: Indiana (+9 cents), Minnesota (+9 cents), Wisconsin (+9 cents), North Dakota (+9 cents), Kansas (+8 cents), Michigan (+8 cents) and Illinois (+8 cents).

In the region, motorists in Illinois (+65 cents) and Indiana (+63 cents) are seeing the largest year-over-year difference in gas price averages.

Gasoline inventories have been declining week-over-week for two months. However, with the latest draw (1.6 million bbl), gasoline inventories measure at 54 million bbl, which is about one million more than this time last year.

South and Southeast

The South and Southeast continue to tout the cheapest gas in the country, but prices are at least 50-cents more expensive than this time last year. The chart below lists the five cheapest gas price averages in the region on May 21, 2017 compared to today, May 21, 2018:

Following the previous week’s 10-cent increase, Florida’s gas price average held steady on the week at $2.82. However, all other states are seeing prices continue to climb with the start of the work week: New Mexico (+8 cents), Texas (+8 cents), Georgia (+7 cents), Louisiana (+7 cents) Oklahoma (+6 cents), Arkansas (+6 cents) and South Carolina (+6 cents).

With a 1 million bbl draw, the South and Southeast regions have dialed back on gasoline inventories for a third consecutive week. Inventory levels fall to 78 million bbl – the lowest inventory level for this week in May since 2016.

Mid-Atlantic and Northeast

Gas prices are 3- to 7-cents more expensive on the week for Mid-Atlantic and Northeast states. New York and Connecticut both saw the largest jump of seven cents followed by these states that saw  a six-cent increase: Maryland, Washington, D.C. and North Carolina.

State gas price averages for Connecticut ($3.11), Pennsylvania ($3.08), New York ($3.07) and Washington, D.C. ($3.06) remain above the $3/gallon price point with New Jersey ($2.99) likely to join this list potentially by Memorial Day and Rhode Island ($2.96) not far behind.

Compared to a year ago, Delaware (+63 cents) and New Jersey (+62 cents) state gas price averages have the biggest increases of all states in the region.

Despite a nearly 675,000 bbl draw, inventories continue to measure above the 63 million bbl level. That being said, compared to this time last year, inventories are at a 7 million bbl deficit in the Mid-Atlantic and Northeast region.

Rockies

Utah (-1 cent) was the only state in the country and region to see gas prices drop on the week. Even with that slight decrease, however, Utah ($3.14) and Idaho ($3.16) continue to make an appearance on the Top 10 list of states with the most expensive gas price averages on the week. They also land on the Top 10 list with the largest year-over-year difference in gas price averages. Utah (+71 cents) leads the nation and Idaho (+61 cents) ranks 10^th.

Montana (+8 cents) leads the region with the biggest spike in prices on the week, followed by Colorado (+7 cents) and Wyoming (+5 cents). Motorists can expect to see prices continue to increase as tourism seasons kicks off in the Rockies region, which traditionally means inventory dwindles to the lowest levels of the year.

At 6.6 million bbl, inventories are at the lowest for the year and 1.1 million bbl below levels this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI fell 21 cents to settle at $71.28. Oil prices edged higher last week following the release of EIA’s weekly petroleum report that showed total crude inventories dropped by 1.4 million bbl. If this week’s EIA report shows another inventory draw, we can expect crude prices to continue climbing.

Additionally, at 2.57 million b/d, crude exports last week saw the highest rate ever recorded by EIA. The new record rate was 690,000 b/d more than the previous week and 1.48 million b/d more than this time last year. The surge in exports is attributed to growth in domestic crude production and Congress and the Obama Administration lifting the 40-year crude export ban in 2015.

Steady growth in crude exports from the U.S. will likely put another spotlight on the crude reduction agreement between OPEC and non-OPEC producers, which is set to expire at the end of 2018. Amid strong global demand and reduced output from OPEC and its partners, including Russia, the U.S. has been able to sell more crude to foreign buyers. Moreover, although the U.S. did not add any active oil rigs last week, according to Baker Hughes, Inc., the current total – 844 – is 124 more rigs than this time last year.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

At $2.87, the national gas price average jumped six cents on the week in part due to the White House’s decision to re-impose sanctions on Iran. As a result, 36 states are seeing gas prices that are a nickel or more expensive than last Monday.

“The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season,” said Jeanette Casselano, AAA spokesperson. “AAA predicts that the national average may reach $3/gallon this summer, especially if crude oil prices continue to increase.”

Motorists are seeing 19 percent of gas stations selling gas for $3.01 or more. Today’s gas price is 16-cents more expensive than one month ago and 53-cents more than one year ago.

Quick Stats

• The nation’s top 10 most expensive markets are: California ($3.69), Hawaii ($3.67), Washington ($3.38), Alaska ($3.31), Nevada ($3.30), Oregon ($3.28), Utah ($3.15), Idaho ($3.14), Connecticut ($3.04) and Pennsylvania ($3.04).
• The nation’s top 10 states with the largest weekly increases are: Ohio (+15 cents), Missouri (+12 cents), Kentucky (+11 cents), Minnesota (+11 cents), Delaware (+10 cents), Florida (+10 cents), Colorado (+9 cents), Maryland (+8 cents), Oklahoma (+8 cents) and West Virginia (+8 cents).

West Coast

Drivers in the West Coast region are paying the highest pump prices in the nation: California ($3.69), Hawaii ($3.67), Washington ($3.38), Alaska ($3.31), Nevada ($3.30), Oregon ($3.28) and Arizona ($2.94). On the week, prices in the region have all increased. California and Washington saw the biggest leap at six cents each, while Alaska (+3 cents) saw the smallest increase.

According to the Energy Information Administration’s (EIA) petroleum report for the week ending on May 4, the West Coast region saw a decline in gas stocks, falling by nearly 700,000 bbl to 29.85 million bbl. An increase in demand and a drop in imports, which fell by more than half from the previous high last week of 192,000 b/d to 67,000 b/d, helped gas stocks fall in the region. However, when compared to this time last year, current total stocks of gasoline in the region are higher by more than 200,000 bbl.

Great Lakes and Central

Following a week of decreases, gas prices are showing signs of volatility in the Great Lakes and Central states. On the week, Ohio gas prices jumped 15-cents when last Monday (May 7) gas prices had seen an 8 cent-decrease from the previous week. The region often sees this volatile pattern with increases and decreases from week to week. Ohio’s jump is the largest of any state in the country on the week. Also seeing large price increases in the region on the week: Missouri (+12 cents), Kentucky (+11 cents), Minnesota (+11 cents), Wisconsin (+8 cents), Iowa (+8 cents), Nebraska (+8 cents), North Dakota (+8 cents), Illinois (+7 cents) and Michigan (+7 cents).

With a 328,000 bbl draw, gasoline inventories continue to dwindle in the Great Lakes and Central states. Despite more than two months of declines, however, total gasoline inventories are nearly 1 million bbl above last year’s levels measuring at 56 million bbl.

South and Southeast

Florida (+10 cents) saw the largest jump in gas price averages on the week in the region and had the sixth largest jump in the country. Also seeing noticeable spikes in the last seven days: Oklahoma (+8 cents), Texas (+6 cents), New Mexico (+5 cents) and Arkansas (+5 cents).  The remaining states saw moderate jumps or no price change (Georgia).

At $2.56, Mississippi carries the least expensive gasoline in the country and the region, followed by Louisiana ($2.57), Arkansas ($2.58), South Carolina ($2.58), Alabama ($2.58) and Oklahoma ($2.59).

The South and Southeast region took the largest draw in the country with 2.7 million bbl on the week. With the draw, levels fall to 79 million bbl – the lowest inventory level the region has seen since the beginning of December 2017.

Mid-Atlantic and Northeast

Hitting the $3 mark, Connecticut ($3.04), New York ($3.00) and Washington, D.C. ($3.00) join Pennsylvania ($3.04) as some of the top 12 states with the most expensive gas prices in the country. These four states are also the only states on the east coast with gas price averages at $3 or more.

Prices are more expensive on the week across the region with Delaware (+10 cents), Maryland (+8 cents) and West Virginia (+8 cents) seeing the largest jumps on the week.

Inventories continue to grow in the region and measure at 68 million bbl. On the week, 1.8 million bbl were added to inventory. The region was the only one in the country to see inventories plus up.

Rockies

Jumping 10-cents on the week, Colorado ($2.75) lands on this week’s top 10 list of states with the largest increases. Prices continue to increase across the region: Wyoming (+6 cents), Utah (+6 cents), Montana (+5 cents) and Idaho (+3 cents).  At $3.15, Utah carries the most expensive state average in the region, followed by Idaho ($3.14). Both state averages are among the 10 most expensive in the country.

Inventories drew down for a second week by 275,000 bbl. Regional inventory sits just under 7 million bbl in total and 1.5 million blow this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 66 cents to settle at $70.70. Oil prices climbed to new highs for 2018 last week, following President Trump’s decision to re-impose economic sanctions on Iran and withdraw the U.S. from the Iran Nuclear Deal. Set in 2015 under the Obama Administration, the U.S. – along with the European Union, five permanent members of the UN Security Council, and Germany – entered into the deal that lifted economic sanctions on Tehran in exchange for the country downsizing its nuclear program. Some of the pre-2015 sanctions targeted the Iranian energy sector and impeded Iran’s ability to sell oil. With those sanctions being re-imposed in the next 3-6 months, Iran’s crude exports are forecasted to decrease, contributing to already declining global crude supplies amid growing global demand. Increased fears of instability in the region may push oil prices even higher this week.

Crude prices may also increase if EIA’s weekly report shows another drop in domestic crude inventories.  Last week, the report revealed that U.S. crude inventories fell by 2.2 million bbl. At 433.8 million bbl, inventories around the country are approximately 88.8 million bbl lower than were they were in May 2017. Domestic inventories have fallen steadily since OPEC and other large producers, including Russia, have reduced their combined output since the beginning of 2017. The agreement is set to expire at the end of this year, as U.S. production continues to climb. It shows no signs of slowing anytime soon, with Baker Hughes, Inc. reporting that the U.S. gained 10 oil rigs last week. The total, 844, is 132 more rigs than last year at this time.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

INRIX predicts travel delays could be up to three times longer than normal over the holiday week

ORLANDO, Fla. (May 14, 2018) – Memorial Day marks the unofficial start of summer, and Americans will kick off the season by traveling in near-record numbers. According to AAA, more than 41.5 million Americans will travel this Memorial Day weekend, nearly 5 percent more than last year and the most in more than a dozen years. With nearly 2 million additional people taking to planes, trains, automobiles and other modes of transportation, INRIX, a global transportation analytics company, expects travel delays on major roads could be up to three times longer than normal, with the busiest days being Thursday and Friday (May 24-25) as commuters mix with holiday travelers.

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“The highest gas prices since 2014 won’t keep travelers home this Memorial Day weekend,” said Bill Sutherland, senior vice president, AAA Travel and Publishing. “A strong economy and growing consumer confidence are giving Americans all the motivation they need to kick off what we expect to be a busy summer travel season with a Memorial Day getaway.”

By the numbers: 2018 Memorial Day holiday travel forecast

• Automobiles: The vast majority of travelers – 36.6 million – will hit the road this Memorial Day, 4.7 percent more than last year.
• Planes: 3.1 million people will travel by air, a 6.8 percent increase and the fifth year of consecutive air travel volume increases.
• Trains, Buses and Cruise Ships: Travel across these sectors will increase by 2.4 percent to 1.8 million passengers.

Drivers Beware: Worst Times to Hit the Road

For the 36.6 million Americans traveling by automobile, INRIX, in collaboration with AAA, predicts drivers will experience the greatest amount of congestion on Thursday, May 24 and Friday, May 25 – in the late afternoon as commuters leave work early and mix with holiday travelers. Several major U.S. metros could experience double the travel times compared to a normal trip, while New Yorkers could see three times the delay.

“Ranked the most congested country in the world, U.S. drivers are all too familiar with sitting in traffic,” said Graham Cookson, Chief Economist and Head of Research, INRIX. “Drivers should expect congestion across a greater number of days than in previous years, with the getaway period starting on Wednesday, May 23. Our advice to drivers is to avoid peak commute times in major cities altogether – traveling late morning or early afternoon – or plan alternative routes.”

Higher gas prices not deterring travelers
The 88 percent of travelers choosing to drive will pay the most expensive Memorial Day gas prices since 2014. Gas prices averaged $2.72 in April, an increase of 33 cents from last year, due to expensive crude oil, record gasoline demand and shrinking global supply. However, these higher prices are not keeping holiday travelers home, with automobile travel expected to increase for the fourth straight year, by nearly 5 percent over last Memorial Day.

Lower hotel, airline and car rental costs make up for higher gas prices

While road trippers will pay higher prices at the gas pump this year, travelers can expect some relief in their wallets when paying for airfare, car rentals and most mid-range hotels. According to AAA’s Leisure Travel Index, airfares are 7 percent lower than last Memorial Day, landing at an average price of $168 for a round-trip flight along the top 40 domestic routes. At $59, the average daily cost of a car rental this Memorial Day is the lowest rate in the past four years and 11 percent cheaper than last year.

Travelers will also save on AAA Three Diamond hotels this Memorial Day, which are trending 14 percent less expensive than last year, with an average rate of $186 nightly. Meanwhile, AAA Two Diamond hotels are 7 percent more expensive than last Memorial Day, with an average nightly cost of $151.

Top Memorial Day travel destinations
Orlando again tops this year’s list of the most-visited Memorial Day destinations in the U.S., based on AAA advance travel bookings. Cruises to Alaska, originating in Seattle and Anchorage, as well as warm-weather destinations in Hawaii, Las Vegas, Phoenix and southern California top travelers’ domestic itineraries this summer.

1. Orlando, Florida
2. Seattle, Washington
3. Honolulu, Hawaii
4. Las Vegas, Nevada
5. Anchorage, Alaska
6. Phoenix, Arizona
7. Anaheim, California
8. Boston, Massachusetts
9. Denver, Colorado
10. New York, New York

For those planning to kick off their summers with an overseas vacation, Europe is a major draw this year. Rome, Dublin and London are the most popular international travel destinations for Memorial Day weekend.

According to Hertz, a 40-year AAA partner, the busiest airport pick-up locations for travelers renting a car this Memorial Day are expected to be Orlando (MCO), Las Vegas (LAS), Atlanta (ATL), Los Angeles (LAX) and Kahului, HI (OGG). The busiest day for rental pick-ups is expected to be May 25, with an average rental length of nearly six days, as travelers look to take advantage of the long holiday weekend.

AAA to rescue more than 340,000 motorists
AAA expects to rescue more than 340,000 motorists at the roadside this Memorial Day weekend. Dead batteries, lockouts and flat tires will be the leading reasons AAA members will experience car trouble.

Before hitting the road, make sure your vehicle is road-trip ready. Make a good B-E-T to stay on the road this summer by having your Battery tested, looking for Engine coolant leaks and checking Tire condition. Be prepared for emergencies with a mobile phone and car charger, a flashlight with extra batteries, a first-aid kit, a basic toolkit, and drinking water and snacks for all passengers.

Download the AAA Mobile app before Memorial Day road trips
Before heading out on a road trip this Memorial Day, download the free AAA Mobile app for iPhone, iPad and Android. Travelers can use the app to map a route, find the lowest gas prices, access exclusive member discounts, make travel arrangements, request AAA roadside assistance, find AAA Approved Auto Repair facilities and more. Learn more at AAA.com/mobile.

With the AAA Mobile app, travelers can also find nearly 59,000 AAA Diamond Rated hotels and restaurants. AAA’s is the only rating system that uses full-time, professionally trained inspectors to evaluate each property on an annual basis. Every AAA Inspected & Approved establishment offers the assurance of acceptable cleanliness, comfort and hospitality, and ratings of One to Five Diamonds help travelers find the right match for amenities and services.

AAA’s projections are based on economic forecasting and research by IHS Markit. The London-based business information provider teamed with AAA in 2009 to jointly analyze travel trends during major holidays. AAA has been reporting on holiday travel trends for more than two decades. The complete AAA/IHS Markit 2018 Memorial Day holiday travel forecast is available here.

At $2.81, the national gas price average is 45 cents more expensive than a year ago. With the unofficial kick-off to summer just weeks away, prices are expected to increase, but a tapering trend may be emerging.

“If this past week’s moderate increases are any indicator of what’s to come, the fast rate at which gas prices were increasing may be slowing down,” said Jeanette Casselano, AAA spokesperson. “On the week, the national average held steady and 19 state averages remained flat or saw decreases in gas prices. Despite this stability, drivers on the West Coast and in Idaho, Utah and Pennsylvania are paying $3/gallon.”

Quick Stats

• The nation’s top 10 most expensive markets are: California ($3.63), Hawaii ($3.63), Washington ($3.32), Alaska ($3.28), Nevada ($3.25), Oregon ($3.23), Idaho ($3.11), Utah ($3.09), Pennsylvania ($3.02) and Connecticut ($2.98).
• The nation’s top 10 states with the largest yearly increases are: Indiana (+66 cents), California (+66 cents), Utah (+63 cents), Arizona (+60 cents), Hawaii (+56 cents), Idaho (+55 cents), Nevada (+55 cents), Illinois (+52 cents), New Jersey (+51 cents) and Michigan (+51 cents).

West Coast

Pump prices in the West Coast region are among the highest in the nation: Hawaii ($3.63), California ($3.63), Washington ($3.32), Alaska ($3.28), Nevada ($3.25), Oregon ($3.23) and Arizona ($2.90). On the week, prices in the region have all increased. Arizona (+5 cents) saw the biggest leap, while Hawaii and Nevada saw the smallest increases at two cents each.

After a steady decline over the past month, gasoline stocks in the region grew during the week ending on April 27, according to the Energy Information Administration (EIA). At 30.5 million bbl, stocks grew by approximately 1 million bbl. Storage levels are now roughly 500,000 bbl more than the same time last year.

Great Lakes and Central

A few of the states in this region — Ohio (-8 cents), Michigan (-7 cents) and Kentucky (-5 cents) — land on this week’s top 10 states with the biggest decreases in pump prices. However, the majority of states in the Great Lakes and Central region saw increases: Indiana (+6 cents), Wisconsin (+4 cents), Illinois (+2 cents), Kansas (+2 cents) and Minnesota (+2 cents).

This week, motorists in Indiana (+66 cents) have the largest year-over-year gas price difference in the country. Illinois (+52 cents) and Michigan (+51 cents) join Indiana on the top 10 list of states with the highest year over year increase. South Dakota (+31 cents) ranks as the state with the smallest year-over-year difference in the country and the region below Minnesota (+36 cents) and North Dakota (+35 cents).

Gasoline inventories in the Great Lakes and Central states have declined steadily for eight weeks. With the latest draw of 340,000 bbl, total inventories sit at 56.2 million bbl, which are on par with levels in April 2017.

South and Southeast

Gas prices are cheaper, albeit it a few cents, in South Carolina (-2 cents), Florida (-1 cent) and Georgia (-1 cent), while prices remained flat on the week in Texas and Oklahoma. Among the South and Southeast states, New Mexico (+2 cents) saw the largest jumpin prices in the last seven days while motorists in Mississippi ($2.54), Alabama ($2.56), Texas ($2.60) and Oklahoma ($2.52) saw no change in pump prices.

Oklahoma ($2.52), Arkansas ($2.53) and Mississippi ($2.54) are the three states in the country with the cheapest state gasoline averages.

Inventories took a slight draw (600,000 bbl) on the week, but remain close to the 82 million mark. Total inventories sit nearly 2 million bbl more than this time last year.

Mid-Atlantic and Northeast

On the week, Pennsylvania’s gas price average held steady at $3.02, while Connecticut ($2.98), New York ($2.95) and Washington, D.C. ($2.95) inch closer toward the $3 mark. In the region, gas prices moderately increased on the week with the largest jump of four cents in Washington, D.C. On the flip-side, North Carolina and West Virginia saw decreases of a penny on the week while gas prices in Maryland ($2.79), Virginia ($2.62), Delaware ($2.76) and Tennessee ($2.89) held steady.

At $2.89, New Jersey’s gas price average is 51-cents more expensive on the year – the largest year-over-year difference in the Mid-Atlantic and Northeast region.

Gasoline inventories grew by a substantial 1.3 million bbl on the week, according to the EIA. At 62 million bbl total, Mid-Atlantic and Northeast inventories are at their highest levels in nearly two months.

Rockies

Wyoming (+6 cents) and Montana (+3 cents) land on this week’s top 10 states with the largest weekly increases. Idaho ($3.11) and Utah ($3.09) continue to carry the most expensive prices in the region at $3.10. Even with a 2-cent increase, Colorado ($2.66) has the cheapest average in the Rockies region.

With a 100,000 bbl draw, total gasoline inventories dropped to their lowest level of the year totaling 7.2 bbl, according to the latest EIA data. Regional inventory sits nearly 600,000 bbl below levels at the end of April 2017.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.29 cents to settle at $69.72 – a new high for the year. Oil prices ticked up higher last week following reports that President Trump will potentially decline to recertify the Iran nuclear deal on May 12 and may impose new sanctions on the country. Iranian Foreign Minister Mohammad Javad Zarif respondedthat the country is unwilling to renegotiate the deal it set with the U.S. in 2015 under the Obama Administration. The decision to not recertify the deal could increase tensions in the volatile region, leading to global supply disruptions. Crude prices are likely to continue climbing as the May 12 deadline for the recertifying draws near and it becomes increasingly likely that the U.S. will decline to renew it.

Additionally, EIA’s weekly petroleum status report noted that U.S. crude production hit another record high at 10.62 million b/d. The growth in production occurred alongside growth in crude inventories, which grew by 6.2 million bbl last week. At 436 million bbl, inventories are nearly 92 million bbl lower than they were at this time last year.

Domestic crude production will likely see continued growth through 2018 – supported by a steady increase in active oil rigs. Baker Hughes, Inc. reported that last week, the U.S. added nine rigs, placing the total at 834. The total rig count is now 131 more than the figure at the same time last year.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Hitting $2.81, today’s national gas price average has reached the highest price per gallon since November 2014. That year, pump prices averaged $3.34, peaking at $3.70 in April and bottoming out at $2.25 in December. This year’s pump prices will not be reminiscent of 2014, but for motorists, filling-up is packing an unwanted punch to wallets.

“Motorist have been spoiled the past few years with inexpensive gas prices,” said Jeanette Casselano, AAA spokesperson. “We expect prices to continue increasing, potentially another 10 cents, through Memorial Day and then will likely stabilize during the summer, with the understanding that if demand spikes, prices are likely to follow.”

On the week, gasoline demand took a notable drop from its record high the previous week, falling by 774,000 b/d, according to the Energy Information Administration (EIA). At 9.083 million b/d, gasoline demand is now more in line with rates typically seen during the spring driving season.

Today’s national gas price average is 16-cents more expensive than last month and 43-cents more expensive that last year at this time.

Quick Stats

• The nation’s top 10 states with the largest weekly increases are: Missouri (+9 cents), Delaware (+9 cents), Iowa (+8 cents), Utah (+7 cents), Georgia (+7 cents), New Jersey (+7 cents), Wyoming (+7 cents), Kentucky (+7 cents), Nebraska (+7 cents) and Wisconsin (+7 cents).
• The nation’s top 10 most expensive markets are: Hawaii ($3.61), California ($3.61), Washington ($3.29), Alaska ($3.25), Nevada ($3.23), Oregon ($3.19), Utah ($3.09), Idaho ($3.09), Pennsylvania ($3.02) and Connecticut ($2.95).

West Coast

Pump prices in the West Coast region are among the highest in the nation: Hawaii ($3.61), California ($3.61), Washington ($3.29), Alaska ($3.25), Nevada ($3.23) and Oregon ($3.19). On the week, prices in the region are mostly up; with Nevada (+7 cents) leading the way and Alaska (+2 cents) seeing  the smallest gain.

When looking at year-on-year increases, California (+62 cents) tops the list of all states in the country, followed by Arizona (+55 cents), Hawaii (+54 cents), Nevada (+52 cents), Oregon (+43 cents), Washington (+38 cents) and Alaska (+32 cents).

For the fifth consecutive week, gasoline stocks in the region have fallen. At 29.6 million bbl for the week ending on April 20, inventories in the region are at their lowest point since November 2017. Although stocks are below the level they were at last year, they are still higher than the five year average for the region.

Great Lakes and Central

Missouri (+9 cents)has the largest one-week jump at the pump in the nation and the region. Iowa (+8 cents), Wisconsin (+7 cents) and Kentucky (+7 cents) also land on the top 10 states list with the largest increase. At $2.92, Michigan carries the most expensive gas price average in the region followed by Illinois ($2.87), Indiana ($2.78), Ohio ($2.75) and Kentucky ($2.74).

Comparing pump prices to those this time last year, Indiana motorists are paying 53-cents more to fill-up. This is the most expensive year-over-year difference in gas prices of any state in the region.

In the coming days, some regional states may see prices spike a little higher than other surrounding states – including Wisconsin ($2.68), Michigan ($2.92) and Minnesota ($2.61) – following fires that broke out at Husky Energy’s refinery in Superior, Wisconsin, last Thursday. The impact on prices (short or long term) will be determined by the extent of damage to the refinery. According to the company’s website, the 50,000 b/d refinery processes light had heavy crude oil, in addition to asphalt, gasoline, diesel and heavy fuel oils.

With a 430,000 bbl draw, inventories in the region fall to 56.6 million bbl according to the latest EIA data.

South and Southeast

Motorists in South Carolina (+48 cents) and Georgia (+47 cents) are paying nearly 50-cents more a gallon to fill-up compared to one year ago and are among the top 10 states with the largest year-over-year change. Notably, at this time last year, South Carolina carried the cheapest gas in the country. Fast-forward to today, the Palmetto state’s average is $2.57, which is the eight cheapest in the country. In the region, Oklahoma ($2.52), Arkansas ($2.52), Mississippi ($2.54), Louisiana ($2.54), and Alabama ($2.56) all have cheaper gas price averages than South Carolina  and are the cheapest in the country.

On the week, Georgia’s ($2.73) state average took the biggest jump in the region with a 7-cent increase, but Florida ($2.74) and New Mexico ($2.76) sell the most expensive gas among all South and Southeast states.

The region saw a 1.5 million bbl add, the largest build of any region on the week according to the EIA. That bumps gasoline inventories to 82.5 million bbl – 3.3 million above levels at this time last year.

Mid-Atlantic and Northeast

Gas prices have spiked as much as 15 cents in the last 14 days for five Mid-Atlantic and Northeast states including: Rhode Island (+17 cents), Connecticut (+17 cents), New Jersey (+18 cents), Massachusetts (+15 cents) and Delaware (+15 cents).

In the region, motorists are finding prices $2.81 or more in nine states: Pennsylvania ($3.02), Connecticut ($2.95), New York ($2.94), Washington, D.C. ($2.91), New Jersey ($2.89), Rhode Island ($2.83), Vermont ($2.82) and Maine ($2.82) and Massachusetts ($2.81). The cheapest state average is $2.62 in Virginia.

Gasoline inventories saw a  544 million bbl gain after last week’s draw. Inventories have remained above the 60 million bbl mark throughout the month of April. The latest EIA data shows overall inventories are the region lag 6 million bbl behind totals last year at this time.

Rockies

Compared to one month ago, motorists in Utah (+41 cents) and Idaho (+31 cents) have seen the largest jump in gas prices in the country. On the month, prices have increased across the region: Wyoming (+17 cents), Colorado (+14 cents) and Montana (+11 cents).

At $3.09 in Utah and Idaho, gas prices are at their highest point since November 2014. With summer tourist season ahead, prices are likely to  continue to rise across the region.

Gasoline inventories added 82,000 bbl on the week after three weeks of straight declines, according to the latest EIA data. Gasoline inventories have been typically lower for April this year compared to past years, but not alarming deficits.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 9-cents to settle at $68.10. Following EIA’s report that revealed crude inventories moved higher by 2.2 million bbl, oil prices were mostly stable last week, but remained near the three year highs they reached earlier this month.

Total U.S. crude oil output increased to 10.586 million b/d. The big news in U.S. crude production this week is in exports, which surged to 2.331 million b/d last week – the highest weekly estimate ever on record from the EIA. The new record high bested the last record, which was set in mid-February of this year. Records are a direct result of the federal ban on crude exports being lifted in 2015.

Crude production in the U.S. is likely to continue its ascent. It has grown considerably alongside the total number of active rigs. According to Baker Hughes, the total number of rigs increased by five last week, bringing the total to 825. There are 128 more rigs this year than last year at this time.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

The Energy Information Administration’s (EIA) latest data registers consumer gasoline demand at 9.857 million b/d. That is the highest level ever on record for the month of April and exceeds typical summer demand measurements. As demand skyrockets, gas prices increased across the country on the week with five states seeing double-digit jumps. The national average ticked up a nickel to $2.76.

“Pump prices are causing sticker shock across the country,” said Jeanette Casselano, AAA spokesperson. “Gas is selling at $2.26 or more at every gas station in America. More so, 13 percent of stations have pump prices set at $3 or more.”

West Coast states primarily have the most expensive gas price averages ($3+). However, on the east coast, Pennsylvania ($2.97) is inching closer to that same threshold.
Today’s national gas price average ($2.76) is 17-cents more expensive than last month and 34-cents more expensive that last year at this time.

Quick Stats

• The nation’s top 10 states with the largest weekly increases are: Florida (+11 cents), Rhode Island (+11 cents), Connecticut (+10 cents), New Jersey (+10 cents), Michigan (+10 cents), Ohio (+10 cents), Utah (+8 cents), Massachusetts (+8 cents), New Hampshire (+8 cents) and New York (+7 cents).
• The nation’s top 10 most expensive markets are: Hawaii ($3.59), California ($3.58), Washington ($3.25), Alaska ($3.23), Nevada ($3.18), Oregon ($3.16), Idaho ($3.05), Utah ($3.02), Pennsylvania ($2.97) and Connecticut ($2.89).

West Coast

Pump prices in the West Coast are among the most expensive in the country: Hawaii ($3.59), California ($3.58), Washington ($3.25), Alaska ($3.23), Nevada ($3.18), Oregon ($3.16) and Arizona ($2.79). On the week, all prices are up in each state. Arizona (+6 cents) and Nevada (+5 cents) lead the pack, while Hawaii and Oregon saw their averages for unleaded regular gasoline increase by two cents each.

The EIA’s latest report registers total gasoline inventories in the region down by 1 million bbl to 30.4 million bbl. This draw was the highest one-week decline in five weeks. West Coast gas stocks now sit 400,000 bbl higher than their level this time last year.

Great Lakes and Central

With this week’s increases, gas price averages in the region are as much as 35-cents more expensive than this time last year: Michigan (+35 cents), Indiana (+34 cents), Kentucky (+33 cents), Illinois (+33 cents) and Ohio (+30 cents). South Dakota (+22 cents) has the smallest year-over-year change in the region and the country.

On the week, Michigan and Ohio saw prices jump by a dime – the largest increases in gas price averages in the region and among the top 10 states in the country on the week. With a one-cent increase, Missouri saw the smallest increase in the region and the country. Overall, gas prices ranges from $2.87 in Michigan to $2.46 in Missouri.

Inventories remain above 57 million bbl, with the EIA reporting an 800,000 bbl decline on the week.

South and Southeast

With an 11-cent increase, Floridians ($2.74) are seeing not only the largest pump price jump in the country and among the South and Southeast states, but the most expensive price in the region. At $2.72, New Mexico has the second highest gas price average in the region followed by Georgia ($2.66). All other states in the region have an average of $2.56 or less.

On the week, all states saw prices increase, just not double-digits like Florida: New Mexico (+6 cents) Louisiana (+5 cent), South Carolina (+5 cents), Alabama (+5 cents), Mississippi (+4 cents), Texas (+4 cents), Arkansas (+4 cents), Oklahoma (+3 cents) and Georgia (+1 cent).

With a 680,000 bbl draw, gasoline inventories sit just above 81 million bbl, which is 2 million more than this time last year.

Mid-Atlantic and Northeast

Six Mid-Atlantic and Northeast states land on this week’s top 10 list with the largest increases with three of them seeing prices jump double-digits: Rhode Island (+11 cents), Connecticut (+10 cents), New Jersey (+10 cents), Massachusetts (+8 cents), New Hampshire (+8 cents) and New York (+7 cents).

Pennsylvania’s ($2.97) gas price average is trending to hit $3 potentially this week. However, it will likely be the only state in the region to reach this mark. Most other states are still 11-cents or more cheaper than Pennsylvania: Connecticut ($2.89), New York ($2.88), Washington, D.C. ($2.87) and New Jersey ($2.82)

After last week’s 3 million bbl add, this week the EIA reports the region drew 200,000 bbl. Inventories sit at 60 million bbl in total, more than 4 million bbl below levels in April of last year.

Rockies

For the first time since summer 2015, Idaho ($3.05) and Utah ($3.02) have seen gas prices exceed the $3 mark, landing both states on the top 10 list with the most expensive gas price average. This week, gas price increases varied across the region: Utah (+8 cents), Idaho (+6 cents), Montana (+4 cents), Wyoming (+3 cents) and Colorado (+2 cents). Even with the increase, Wyoming’s ($2.59) average is 46-cents cheaper than the most expensive state in the region.

For a third week, inventories declined but remain above the 7 million bbl level, according to the latest EIA data.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased nine cents to settle at $68.38, which is the second highest close for WTI since Dec. 1, 2014.

The market saw increased volatility on Friday morning due to President Trump’s tweet that criticized OPEC’s efforts to restrict global crude supply and raise the price per barrel, but later in the day, crude prices rebounded to the highs they experienced  earlier in the week. The jump in price per barrel occurred after Wednesday’s EIA weekly report revealed that crude inventories across the U.S.  dropped by a combined 1.1 million bbl. They now sit at 427.6 million bbl – nearly 105 million bbl lower than their level in mid-April 2017. If EIA’s report this week reveals another inventory draw, crude prices are likely to continue climbing.

The year-over-year decline in oil inventories is a result of OPEC’s agreement with large non-OPEC producers to reduce crude production by 1.8 million b/d which was put into place inJanuary 2017. The agreement is supposed to remain in effect until the end of 2018. However, last week Russian Energy Minister Alexander Novak said that producers in the agreement may begin easing output curbs sooner because the agreement has cleared out the glut of crude that the producers aimed to reduce. Saudi Arabia, a leading member of the cartel, is likely to push back on any efforts to end the production reduction agreement prior to the end of the year because WTI prices could reach $80-$100 by that time. Representatives from both countries are likely to discuss the matter at OPEC’s upcoming meeting in Vienna, Austria on June 20 and 21.

In related news, Baker Hughes reported that the U.S. gained five active oil rigs last week, bringing the total to 820. The total is up 132 rigs when compared to the rig count at this time last year.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

At $2.71, gas prices are at their most expensive point in nearly three years and continue to climb. On the week, the national average increased a nickel. Motorists in six west coast states are paying more than $3/gallon. Across the country, only 27 percent of gas stations are selling gas for $2.50 or less.

“Expensive crude oil prices, unrest in the Middle East, strong domestic demand, record production rates and global oil supply surplus have created the perfect storm to drive spring gas prices toward new heights,” said Jeanette Casselano, AAA spokesperson. “Consumers can expect gas prices to increase another 5 to 10 cents this season, but the national average is not expected to reach the $3 mark.”

Today’s gas price average is 18-cents more than a month ago and 30-cents more than a year ago.

“AAA forecast that two-thirds of the 88 million families taking vacation this summer plan to drive to their destination. With more expensive gas prices on the horizon, travelers should plan now for the additional costs,” added Casselano.

Quick Stats

• The nation’s top 10 largest increases from one year ago are: California (+55 cents), Utah (+54 cents), Hawaii (+50 cents), Idaho (+49 cents), Arizona (+45 cents), Nevada (+43 cents), Oregon (+38 cents), Georgia (+36 cents), Indiana (+35 cents) and Tennessee (+34 cents).
• The nation’s top 10 least expensive markets are: Oklahoma ($2.43), Arkansas ($2.44), Missouri ($2.45). Mississippi ($2.46), Louisiana ($2.47), South Carolina ($2.48), Alabama ($2.49), Kansas ($2.49), Texas ($2.49) and Minnesota ($2.51).

West Coast

Drivers in the West Coast region are paying some of the highest gasoline prices in the nation: Hawaii ($3.56), California ($3.55), Washington ($3.23), Alaska ($3.20), Oregon ($3.14) and Nevada ($3.13). On the week, all average prices for unleaded regular gasoline in the West Coast states are up. Arizona (+7 cents) is not only seeing the largest increase in its average price in the region, but lands on the top 10 list of states paying the highest prices this week. Prices are significantly more expensive compared to a year ago with many states paying more than or nearly 50-cents more to fill up: California (+55 cents), Hawaii (+50 cents) and Arizona (+45 cents).

According to the Energy Information Administration’s (EIA) latest report for the week ending on April 6, gasoline inventories in the region fell by 600,000 bbl to 31.4 million bbl. This draw marks the third consecutive draw in the region. Although inventories continue to drop, they are now approximately 1.5 million bbl higher than they were at this time in 2017.

Great Lakes and Central

Gas prices are more expensive on the week across all states in the Great Lakes and Central region. With a 6 cent or more increase, three states land on this week’s top 10 list with the largest increases: Michigan (+10 cents), Illinois (+7 cents) and Missouri (+7 cents).

The average gas price in the region is $2.60 with Missouri ($2.45) selling the cheapest and Michigan ($2.78) selling the most expensive gasoline.

Gasoline inventories remained relatively stable on the week in the Great Lakes and Central region. In total, inventories dropped by 26,000 bbl. This marks the fifth week of inventory declines. However, at 58 million bbl in total, inventories are 2 million bbl stronger than early April 2017.

South and Southeast

Excluding New Mexico ($2.63), Georgia ($2.64) and Florida ($2.62), all states in the South and Southeast region are paying the cheapest gas prices in the country. At $2.43, Oklahoma has the lowest gas price average in the country, which is 29-cents more expensive than the lowest price average this time last year, which was held by South Carolina ($2.14).

With a 7-cent jump, Georgia and Texas tied for the region’s largest increase on the week.

The EIA reports a decline in stocks for a second week in the South and Southeast with inventories dropping 1.5 million bbl – the largest decrease of all regions. Overall, total inventories register at 82 million bbl.

Mid-Atlantic and Northeast

West Virginia (+8 cents) tops the region with the largest jump in gas prices for a consecutive week. North Carolina, Tennessee and Virginia saw the second largest changes (+6 cents) among the Mid-Atlantic and Northeast states. Delaware ($2.61) was the only state in the region and country to see the gas price average hold steady.

Pennsylvania ($2.92) is just 8-cents away from hitting the $3/mark. Prices in the state hit a high of $2.90 in both June 2015 and September 2017, but have not risen above that threshold since November 2014.

Gasoline inventories in the region jumped for a second week, adding a substantial 3 million bbl, according to the latest EIA data. This was the only build in inventories of any region in the country on the week. With the upward notch, total gasoline inventories register just above the 61 million bbl mark.

Rockies

Utah (+13 cents), Colorado (+10 cents) and Idaho (+10 cents) top this week’s top 10 list with the largest increases in the country. Both Idaho ($2.99) and Utah ($2.94) are pennies away from reaching the $3 mark, which either state has not seen since summer of 2015. Both states also land on the top 10 states list with the most expensive gas prices.

On the week, gas prices jumped 5 cents in Wyoming and 3 cents in Montana. Prices are expected to continue to climb as tourist season approaches in the Rockies. Motorists filling up in the region this summer can expect gas prices to be at least 40 cents or more expensive than last summer.

Gasoline inventory continued to drop this past week, falling by 500,000 bbl. Total inventories sit at 7.5 million bbl, the lowest for early April since 2015.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI settled at $67.39. Last week, WTI traded at the highest levels since December 2014 and are expected to continue to build momentum this week. Oil prices edged higher last week following new concerns about tension in the Middle East. Following the weekend’s air strikes in Syria, it’s likely prices will go higher. Although Syria is not a major oil producer, tension in the country could ripple to other countries in the region and restrict global oil supply flows.

In its latest report, EIA data for the week ending on April 6 shows domestic crude production in the U.S. hit a new record high of 10.53 million b/d. The increased output led crude storage levels to grow by 3.3 million bbl to 428.6 million bbl. With Baker Hughes, Inc. reporting that the U.S. added seven oil rigs last week – bringing the total to 815 – crude production in the U.S. is likely to continue growing.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Gas prices have held at their highest price of the year – $2.66 – for one week. And motorists are seeing fluctuating prices at the pump from state to state with jumps as high as 12-cents in Utah and declines as much as 7-cents in Michigan since last Monday.

“Gas prices are only a penny away from topping the $2.67 high of 2017,” said Jeanette Casselano, AAA spokesperson. “The price is likely to increase as spring brings warmer weather and the switchover to summer blend gasoline, but hopefully we will only see mild jumps in coming weeks.”

Gas prices have edged higher this week following the Energy Information Administration’s (EIA) latest weekly report that showed gasoline inventories dropped by 1.1 million bbl. Additionally, demand for gasoline remains robust at 9.2 million b/d and is more in line with demand levels at the same time in 2017.

Quick Stats

• The largest yearly increases are: California ($3.52, +54 cents), Hawaii ($3.52, +47 cents), Idaho ($2.89, +44 cents), Utah ($2.81, +42 cents), Arizona ($2.67, +40 cents), Nevada ($3.07, +40 cents), Oregon ($3.10, +35 cents), Maine ($2.66, +33 cents), Rhode Island ($2.64, +33 cents) and South Carolina ($2.43, +32 cents).
• The nation’s top ten most expensive markets are: California ($3.52), Hawaii ($3.52), Washington ($3.19), Alaska ($3.17), Oregon ($3.10), Nevada ($3.07), Idaho ($2.89), Pennsylvania ($2.87), Washington, DC ($2.83) and Utah ($2.81).

West Coast

Pump prices in this region are among the highest in the nation: California ($3.52), Hawaii ($3.52), Washington ($3.19), Alaska ($3.17), Oregon ($3.10) and Nevada ($3.07). On the week, all average prices for unleaded regular gasoline in these states are up, with Nevada (+6 cents) and Alaska (+4 cents) leading the pack. California, Washington and Oregon each increased by two cents.

EIA reported that gasoline stocks in this region decreased by 600,000 bbl for the week ending on March 30 – the second consecutive weekly decline in stocks. However, when compared to this time last year, they were approximately 2.5 million bbl higher.

Great Lakes and Central

On the week, nine states in the region are paying less to fill up: Michigan (-7 cents), Iowa (-2 cents), Nebraska (-2 cents), Missouri (-2 cents), Indiana (-2 cents), Minnesota (-1 cent), Wisconsin (-1 cent), Kansas (-1 cent), and Illinois (-1 cent). Not all states are seeing cheaper prices; Ohioans are paying 6 cents more to fill up since last Monday.

Gas price averages are volatile across the Great Lakes and Central states with a 31-cent disparity between the highest prices in Illinois ($2.70) to the cheapest in Missouri ($2.39).

Gasoline inventories dropped for a fourth week, lowering total inventories to 57.8 million bbl. This total is in-line with levels from a year ago.

South and Southeast

New Mexico (+4 cents) saw the largest price increase among the South and Southeast states on the week while Florida (-3 cents) and Oklahoma (-2 cents) lead the region in price declines.

Also seeing relief at the pump with 1 cent price declines: South Carolina, Georgia, Texas and Louisiana.

Compared to one year ago, prices are as much as a quarter or more expensive to fill up in the region: South Carolina (+32 cents), Alabama (+30 cents), Georgia (+30 cents) New Mexico (+27 cents) and Mississippi (+25 cents).

Gasoline stocks dropped 1 million bbl on the week. At 83.2 million bbl, total inventories sit at the lowest level since early February this year, but nearly 5 million bbl more than this time last year, according to EIA data.

Mid-Atlantic and Northeast

On the week, gas prices in the region slightly increased with West Virginia (+4 cents) seeing the largest jump at the pump. Only Washington, D.C.  (-1 cent) motorists are seeing a decline. Three states held their gas prices since last Monday: Virginia ($2.47), Connecticut ($2.74) and Massachusetts ($2.62).

Nearly half (12) of the 25 states in the country selling gas for $2.60 or more are Mid-Atlantic and Northeast states. The most expensive include: Pennsylvania ($2.87), Washington, D.C., ($2.83) New York ($2.76), Connecticut ($2.74) and New Jersey ($2.69).

Jumping 1 million bbl, gasoline inventories are at 57.4 million bbl, according to the latest EIA data. Despite carrying the third highest inventory of all the regions, the Mid-Atlantic and Northeast totals are 8.5 million bbl behind this time last year.

Rockies

Utah (+12 cents), Idaho (+9 cents) and Wyoming (+3 cents) land on this week’s top 10 list with the largest increases in the country. Gas prices also inched higher in Montana (+1 cent). Colorado’s ($2.51) gas price average held steady since last Monday. With the latest increase, Utah ($2.81) has seen gas prices jump by a 26-cents inside of two weeks. However, at $2.89, Idaho is carrying the most expensive gas price average in the Rockies.

Gasoline inventory fell below the 8-million bbl mark for the first time since early February and is likely to follow historical trends and drop further into the spring and summer.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased $1.48 to settle at $62.06. Oil prices slid backward amid fears of a trade war between the U.S. and China, as both countries issued trade threats to increase tariffs on key goods produced in each country. If the threats continue this week, the price of WTI will likely take a further hit alongside the equities market in the U.S.

This news follows EIA reporting that crude exports hit a record high of 15.2 million bbl for the week ending on March 30. The last record high occurred in October 2017. Another record high for domestic crude production of 10.5 million b/d last week contributed to the U.S. shipping more oil to other countries.

Additionally, Baker Hughes, Inc. reported that the U.S. gained 11 active oil rigs last week, raising the total number to 808. Increased U.S. crude output will likely put renewed focus on global crude supplies, as OPEC’s production reduction agreement with non-OPEC producers, including Russia, remains in effect. In fact, last week Russia’s Energy Minister Alexander Novak said that Moscow is considering cooperating with OPEC to curb global oil supplies indefinitely after the agreement expires at the end of the year. Since the agreement has been in place, OPEC and its partners have worked to reduce their combined output by 1.8 million b/d.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Gas prices are edging up across the country as the market continues to purge winter-blend gasoline to make room for summer storage. At $2.66, the national gas price average is 5-cents more expensive on the week and 11-cents more expensive than two weeks ago.

“Today, only 38 percent of U.S. gas stations are selling gasoline for $2.50 or less and that percentage will likely dwindle in coming weeks,” said Jeanette Casselano, AAA spokesperson. “The holiday weekend, strong demand and preparation for summer gasoline are all factors that have driven and will continue to drive higher gas prices into early spring.”

In spite of price fluctuations, gasoline demand fell to 9.2 b/d according to the latest Energy Information Administration data – the lowest point for the month of March, but remains strong for this time of year.

Quick Stats

• The nation’s top 10 largest weekly increases are: Utah (+14 cents), Kentucky (+10 cents), Missouri (+9 cents), Florida (+9 cents), Arizona (+9 cents), Idaho (+8 cents), Georgia (+8 cents), Nevada (+8 cents), New Mexico (+7 cents) and Indiana (+7 cents).
• The nation’s top 10 most expensive markets are: Hawaii ($3.52), California ($3.51), Washington ($3.17), Alaska ($3.13), Oregon ($3.09), Nevada ($3.01), Pennsylvania ($2.86), Washington, DC ($2.83), Idaho ($2.80) and New York ($2.77).

West Coast

Drivers in West Coast states are paying the highest pump prices in the nation: Hawaii ($3.52), California ($3.51), Washington ($3.17), Alaska ($3.13), Oregon ($3.09) and Nevada ($3.01). On the week, all drivers in these states saw an increase in prices at the pump. Arizona (+9 cents) saw the largest leap, while Hawaii (+1 cent) saw the smallest.

At 1.59 million b/d, last week’s total gasoline production rate is nearly 60,000 b/d less than the rate last year at this time. According to the EIA’s latest weekly report, total gasoline inventories in the region declined by 36,000 b/d last week to sit at 32.7 million bbl.. However, inventories may decline further with this week’s scheduled planned maintenance at the Phillips 66 Los Angeles Refinery, which can produce up to 147,000 b/d of gasoline.

Great Lakes and Central

Gas prices are more expensive on the week across the Great Lakes and Central region with three states landing on this week top 10 list with the biggest increases: Kentucky (+10 cents), Missouri (+9 cents) and Indiana (+7 cents). Nebraska ($2.56) was the only state in the region to see no change at the pump this week.

Kentucky (+37 cents) and Indiana (+35 cents) are the leading states in the region with the largest year-over-year increase. Ohio (+17 cents) has the region’s and country’s lowest year-over-year difference in gas prices.

With a nearly 500,000 bbl draw, gasoline inventories continue to sit above the 58 million bbl mark. The region carries the second-highest inventory level in the country – second to the South and Southeast’s 84 million bbl.

South and Southeast

At nearly a dime increase, Florida (+9 cents) has the fourth largest gas price jump in the country and the highest in the South and Southeast on the week. Georgia (+8 cent) and New Mexico (+7 cents) also saw large jumps. Despite the increases, the South and Southeast continue to carry the least expensive gas prices averages in the country: Arkansas ($2.38), Mississippi ($2.40), Oklahoma ($2.42), Alabama ($2.43), Texas ($2.43) Louisiana ($2.44) and South Carolina ($2.44).

Motorists in South Carolina are paying 40-cents more for a gallon of gas compared to the beginning of April 2017. This is the third highest year-over-year increase of any state in the country. Georgia (+38 cents) has the fifth highest increase compared to this time last year.

The region was the only one to see a jump in gasoline inventories. With an addition of 418,000 bbl, inventories total above 84 million bbl, according to the EIA.

Mid-Atlantic and Northeast

Pump prices are up as much as 7 cents across the Mid-Atlantic and Northeast region on the week. Pennsylvania (+7 cents) and Maine (+6 cents) saw the largest increases. Pennsylvania ($2.86) and Washington, D.C.  ($2.83) carry the most expensive prices while Virginia ($2.47) and Tennessee ($2.46) sell the least expensive.

Compared to one year ago, Tennessee (+39 cents), Maine (+38 cents), New Jersey (+37 cents) and Massachusetts (+36 cents) motorists are paying significantly more to fill up at the pump.

With a 3.3 million bbl draw, the Mid-Atlantic and Northeast region saw the largest drop in inventory on the week, according to EIA data. At 56 million bbl in total, inventories sit 10 million bbl below this time last year.

Rockies

Utah (+14 cents) and Idaho (+8 cents) land on this week’s top 10 states with the largest increase on the week. At $2.80, Idaho’s gas price average is the ninth most expensive in the country and the most expensive in the Rockies region. Eleven cents cheaper, Utah ($2.69) has the second highest gas price average in the region. On the week, pump prices jumped 4-cents in Colorado, three cents in Wyoming and remained stabled in Montana ($2.58).

Utah (+24 cents) and Idaho (+23 cents) also rank as two of the three leading states in the country with gas prices nearly a quarter more than this time last month.

The EIA reports that gasoline inventories in this region were unchanged on the week, remaining at 8 million bbl.

Oil market dynamics

The NYMEX was closed on Friday due to the holiday. On Thursday, WTI increased 56 cents to settle at $64.94. The increase was led by Baker Hughes active rig count report that revealed the U.S. dropped seven active rigs last week, bringing the total to 797. Price gains were tempered by EIA’s weekly report showing that total crude oil inventories grew by 1.5 million bbl last week. Moreover, domestic crude hit another top record for weekly production at 10.4 million b/d. If this week’s EIA report shows another inventory build, driven by record-setting oil production, prices may move lower as it may signal that global crude supplies may be on the rise again.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

With the arrival for spring, gas prices immediately became more expensive nationwide. The national gas price average is $2.61, which is a nickel more expensive on the week. Six states are seeing double-digit increases: Idaho (+16 cents), Utah (+14 cents), Delaware (+13 cents), New Mexico (+12 cents), South Carolina (+10 cents) and Maryland (+10 cents). As prices soar, the Energy Information Administration (EIA) reports that demand dropped to 9.3 million b/d as gasoline stocks dipped (1.7 million b/d) on the week.

“Right now we are seeing the market starting to purge winter-blend gasoline to make room for summer-blend,” said Jeanette Casselano, AAA spokesperson. “The jump in gas prices is just the beginning for the season. AAA forecasts the national gas price average will be as much as $2.70/gallon this spring and summer.”

Today’s national gas price average ($2.61) is nine cents more than a month ago and 33 cents more expensive than this time last year.

Quick Stats

• The nation’s top 10 largest weekly increases are: Idaho (+16 cents), Utah (+14 cents), Delaware (+13 cents), New Mexico (+12 cents), South Carolina (+10 cents), Maryland (+10 cents), Alabama (+9 cents), Oregon (+9 cents), Michigan (+9 cents) and Washington (+9 cents).
• The nation’s top 10 least expensive markets are: Missouri ($2.31), Mississippi ($2.35), Arkansas ($2.36), Alabama ($2.37), Louisiana ($2.39), Texas ($2.39), South Carolina ($2.40), Oklahoma ($2.40), Tennessee ($2.41) and Ohio ($2.42).

West Coast

Pump prices in West Coast states are among the highest in the nation: Hawaii ($3.51), California ($3.47), Alaska ($3.09), Washington ($3.14), Oregon ($3.05) and Nevada ($2.93). On the week, all drivers in these states saw an increase in prices at the pump. Washington (+9 cents) and Oregon (+9 cents) saw the largest jumps, while Nevada (+7 cents) and California (+6 cents) were close behind. Alaska (+2 cents) and Hawaii (+1 cent) saw the smallest increases.

According to the EIA’s latest weekly report, total gasoline stocks in the region increased last week by 400,000 bbl. They now sit at 32.8 million bbl, which is approximately 4.2 million bbl more than last year’s level at this time.

Great Lakes and Central

Gas prices rose sharply in the Great Lakes and Central region on the week. Michigan (+9 cents) and Nebraska (+9 cents) saw the largest increase followed by Indiana (+8 cents), Iowa (+7 cents) and Illinois (+7 cents).

Within the region and the country, Ohio is the outlier seeing gas prices drop one cent since last Monday.

North Dakota ($2.57) was the only state to see prices remain stable in the region in the last week, but continues to be among the most expensive among the Great Lakes and Central. Coincidentally, the state is one of only two in the region to see a gas price drop on the compared to last month: North Dakota (-3 cents) and Minnesota (-2 cents). All other states are paying more to fill up compared to February 2018 with three states paying a considerable amount more on the month: Michigan (+22 cents), Indiana (+21 cents) and Illinois (+15 cents).

For a second week, gasoline inventories dropped. According to EIA data, the region took a 1.3 million bbl draw to register at 58.8 million bbl. Overall, inventory levels stand just below this time last year, but about 3.5 million bbl above the five-year average for this time of year.

South and Southeast

Three states from the South and Southeast region land on the top 10 list with the biggest change with two of them seeing at least an increase of a dime: New Mexico (+12 cents), South Carolina (+10 cents) and Alabama (+9 cents). Texas (+8 cents) and Mississippi (+7 cents) also saw large jumps on the week. Gas prices range from as cheap as $2.35 in Mississippi to as expensive as $2.55 in Florida.

Compared to March 2017, motorists in South Carolina are seeing the biggest difference in gas prices of all states in the region at 38 cents more a gallon. Prior to Hurricane Harvey, the state typically ranked as the cheapest gas prices in the country week after week. While it has occasionally re-taken the cheapest spot since the hurricane prices in the state have fluctuated.

With a 1 million bbl decrease, gasoline inventories fall below the 84 million mark. However, total inventories are at a 4 million bbl surplus compared to last March, according to the EIA.

Mid-Atlantic and Northeast

In the Mid-Atlantic and Northeast region, all states are paying more on the week with motorists in Delaware (+13 cents) and Maryland (+10 cents) seeing double-digit increases at the pump. Washington, D.C. ($2.80), Pennsylvania ($2.80) and New York ($2.73) tout the most expensive prices in the region and could trend closer to the $3/gallon mark this spring.

Paying nearly 40-cents more, four states in the region land on the top 10 list with the biggest changes year-over-year: Tennessee (+37 cents), Delaware (+37 cents), Vermont (+36 cents) and Maryland (+36 cents).

Gasoline inventories increased by a small 206,000 bbl on the week, but still sit at 59.7 million bbl. This is the first year since 2014 that March inventories sit below 60 million bbl. Year-over-year, inventories are at an 8.5 million bbl deficit in the region, according to EIA data.

Rockies

With a 16-cent increase, Idaho saw the biggest spike in gas prices in the region and in the country on the week. The state also ranks as the 10^th most expensive state to fill up in nationwide. The spike brings Idaho’s gas price average ($2.72) to the most expensive in the region. Utah (+14 cents) saw the second largest spike in the country and in the region on the week. Motorists in Colorado (+5 cents) and Wyoming (+3 cents) are paying more on the week while Montana’s ($2.58) average saw no change.

With a 77,000 bbl add, gasoline inventories continue to register above 8 million bbl. Inventory totals for the region are about 278,000 bbl ahead of this time last year, according to the EIA.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.58 to settle at $65.88. The futures market for crude oil rallied last week after EIA’s report revealed crude inventories fell for the third consecutive week. Crude oil inventories dropped 2.6 million barrels from the previous week, and storage levels across the country now total 428.3 million barrels. When compared to last March, current domestic crude inventories are 104.8 million barrels lower. This year-over-year change could be attributed to higher than usual gasoline demand in the U.S. for this time of the year, which has also coincided with growing crude and gasoline exports from the U.S.

The lowering crude data also signaled that OPEC’s production reduction agreement with other large producers, including Russia, is helping to drain global crude supplies and lift the price per barrel. The reduction agreement will be in effect through the end of 2018, and it may extend into 2019. Last week in an interview, Saudi Arabia’s Energy Minister Khalid al-Falih said that OPEC would need to continue coordinating with non-OPEC countries in the agreement on what measures to take to curb global crude supplies in 2019. This news contributed to the WTI rally that occurred at the end of last week. The supply reduction agreement, which has been in place since January 2017, has helped participating countries remove 1.8 million b/d from global crude supplies. While the agreement has been in place there has been a reduction in the global supply in crude — which has also helped to lift the price. An extension of the current agreement will likely push prices up and supplies down further.

Meanwhile, U.S. crude production continues to boom. According to EIA’s data last week, production in the U.S. hit another record high of 10.41 million b/d. As another sign of expanded crude production growth in the U.S., Baker Hughes reported that the U.S. gained four active oil rigs last week, bringing the total to 804. The total is 152 more rigs than last year at this time.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.