Gas prices are as much as six cents cheaper in some states across the country on the week, which has pushed the national gas price average cheaper by a penny to $2.85 today. That average could have been even lower had a handful of Midwest states not seen prices increase by more than a nickel due to ongoing refinery maintenance.

“Gas prices are getting cheaper for the majority of motorists despite the fact that U.S. gasoline stocks sit at a 7 million bbl deficit year-over-year. Crude oil prices have remained relatively stable the past few months, which is one reason helping gas prices be cheaper than last year at this time,” said Jeanette Casselano, AAA spokesperson. “Today, motorists can find gas for $2.50 or less at nearly half of all gas stations in the country.”

Compared to last month, today’s national average ($2.85) is cheaper by a penny and is seven cents cheaper year-over-year.

Quick Stats

• The nation’s top 10 largest weekly changes are: Ohio (+11 cents), Michigan (+7 cents), Florida (-7 cents), Illinois (-5 cents), North Carolina (-4 cents), South Carolina (-4 cents), Delaware (-4 cents), Mississippi (-4 cents), Indiana (+3 cents) and Georgia (-3 cents).

• The nation’s top 10 least expensive markets are: Louisiana ($2.45), South Carolina ($2.45), Alabama ($2.45), Mississippi ($2.45), Arkansas ($2.50), Tennessee ($2.54), Missouri ($2.54), Oklahoma ($2.56), Texas ($2.57) and Kansas ($2.58).

Great Lakes and Central States

Amid refinery maintenance, gasoline stocks dropped by 700,000 bbl, squeezing total levels to 49.4 million bbl, according to the Energy Information Administration (EIA). This is not only the lowest level of the year, but a stock level historically only recorded in the second half of the year for the region and certainly not a level seen going into peak driving season. The draw was one of the reasons three states in the region were among the top five weekly increases in gas prices in the country: Ohio (+11 cents), Michigan (+7 cents) and Indiana (+3 cents). These jumps mostly wiped up any decreases seen last week for these three states.  All other states in the Great Lakes and Central States saw pump prices decline by as much as a nickel on the week.

Illinois ($2.97) remains the most expensive price in the region followed by Indiana ($2.84) and Michigan ($2.83). Missouri ($2.54) and Kansas ($2.58) carry the cheapest.

As previously reported, the region averages stock levels around 52 million bbl ahead of Memorial Day. With levels facing a 2.6 million bbl deficit, motorists should not be surprised if gas prices inch up this month, especially as refinery utilization remains under 90%.

Mid-Atlantic and Northeast

On the week, gas prices are cheaper across the Mid-Atlantic and Northeast states ranging from $3.00 in Pennsylvania to $2.54 in Tennessee. With a four cent decrease, Delaware and North Carolina saw the largest decreases in the region and rank among the top 10 weekly changes in the country.

Looking at prices compared to last month, the region has states appearing on both the top 10 list for the smallest and largest monthly changes in the country. The states with the largest changes in the last month are Rhode Island (+12 cents) and Massachusetts (+11 cents). While the states with the smallest changes in pump prices are Maryland (no change), Virginia (+1 cent), Washington, D.C. (no change) and West Virginia (no change). However, some states have prices cheaper month-over-month: Tennessee (-6 cents) and North Carolina (-4 cents).

Motorists paid less to fill up this past week as gasoline stocks drew by 700,000 bbl, but that might not be the case for long. The EIA reports total stocks measure at 59.9 million bbl, which is a 3.3 million bbl deficit compared to last year at this time. A bump in refinery utilization could help to plump up stock levels to keep gas prices stable.

South and Southeast

South and Southeast states are seeing some of the largest decreases in the country on the week with Florida (-7 cents), South Carolina (-4 cents), Mississippi (-4 cents) and Georgia (-3 cents) ranking among the largest pump price declines. With cheaper gas prices trending across the in the region, motorists can find gas for $2.50 or less at 49% of gas stations in South and Southeast states.

Compared to a month ago, gas prices are cheaper in all 10 South and Southeast states: Florida (-11 cents), Louisiana (-8 cents), South Carolina (-8 cents), Mississippi (-6 cents), Alabama (-5 cents), Oklahoma (-4 cents), Georgia (-4 cents), New Mexico (-3 cents) and Arkansas (-3 cent). Texas ($2.57) average is the same year-over-year.

Pump prices declined as gasoline stocks built by 1.5 million bbl in the region, which was the only in the country to see an increase. At 82.9 million bbl and a 94% regional refinery utilization, reported by the EIA, motorists in the South and Southeast can expect gas prices to trend stable if not cheaper in the week ahead. However, a small spike ahead of Memorial Day Weekend is not out of the question.

Rockies

While gas prices are more expensive on the week in Utah and Idaho, for the first time in weeks, none of these states landed on the top 10 list for largest weekly changes in the country. More so, gas prices increased by only two cents in Utah, Idaho and Wyoming, while Colorado ($2.84) and Montana ($2.86) prices held steady since last Monday. However, with a state average of $3.20 in Idaho and $3.19 in Utah, these states carry among the top 10 pump prices in the country.

Gasoline stocks in the Rockies region drew by 400,000 bbl to total levels at 6.3 million bbl. The draw might have been larger had regional refinery utilization not jumped by 10% to 93%. The increase in utilization helped to keep prices mostly stable despite gasoline stock levels not sitting this low since September 2017. Stock levels and utilization will be major factors determining the movement of gas prices in coming weeks, which is likely to trend more expensive.

West Coast

Pump prices in the West Coast region are the highest in the nation, with all seven states landing on the nation’s top 10 most expensive list today. California ($4.04) and Hawaii ($3.64) are the most expensive markets. Washington ($3.54), Nevada ($3.49), Alaska ($3.46), Oregon ($3.43) and Arizona ($3.14) follow. Prices in the region have seen mostly modest increases on the week, with Alaska (+2 cents) seeing the largest jump and California (-3 cents) seeing the largest decline.

The EIA’s recent weekly report for the week ending on May 10 showed that West Coast gasoline stocks fell again by approximately 700,000 bbl from the previous week and now sit at 26.4 million bbl. The current level is 3.3 million bbl less than last year’s level at this time. The West Coast may see continued price volatility and shrinking gasoline stocks this week, increasing pump prices for motorists in the region.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 11 cents to settle at $62.76. Crude prices increased last week due to rising global tensions that saw attacks on oil tankers in the Strait of Hormuz and on a Saudi Arabian oil pipeline. Those attacks only increased supply concerns that have been building due to the United States taking a tough line on sanctions against Iran and unrest in Venezuela and Libya leading to disruptions of supplies from those countries.

Crude prices will likely continue their ascent this week after OPEC and its partners met over the weekend to discuss compliance with the group’s 1.2 million b/d production reduction agreement that has been in place since January 2019. The group will formally decide if it will keep the agreement in place beyond June at next month’s meeting, but after this weekend’s compliance meeting, Saudi Energy Minister Khalid al-Falih said that there was consensus among participants to continue to drive down crude inventories for the remainder of the year.

In related news, EIA’s weekly petroleum report revealed that total domestic crude inventories increased by 5.4 million bbl to 472 million bbl. The current level is 39.7 million bbl more than last year at this time. Moreover, Baker Hughes, Inc. reported that the U.S. lost three rigs last week, bringing the total to 802, which is 42 fewer 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.

Gas prices are declining slowly but steadily across the country, pushing the national average down three cents on the week to $2.86. Today’s average is four cents cheaper than last month and the same price as one year ago. In fact, 25 states have gas price averages that are just a nickel or less expensive than this time last year.

Gas prices are decreasing despite the Energy Information Administration’s (EIA) latest reports which show an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out.

“This is the first time in three months gas prices have shown consistent signs of declining,” said Jeanette Casselano, AAA spokesperson. “However, there are many factors that could quickly push up prices in the coming weeks, including the impact of Chinese tariffs, weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel.  Pump price movements this week will indicate if motorists will continue to see cheaper gas prices or if this was just a one-week fad.”

Quick Stats

• The nation’s top 10 least expensive markets are: Alabama ($2.48), Louisiana ($2.49), Mississippi ($2.49), South Carolina ($2.49), Arkansas ($2.53) Oklahoma ($2.57), Texas ($2.57), Tennessee ($2.57), Missouri ($2.58) and Virginia ($2.61).

• The nation’s top 10 yearly changes are: California (+38 cents), Arizona (+20 cents), Nevada (+20 cents), Ohio (-18 cents), Delaware (-16 cents), Washington (+15 cents), Oregon (+14 cents), Kentucky (-14 cents), Michigan (-12 cents) and Alaska (+11 cents).

Great Lakes and Central States

On the week, all but one Great Lakes and Central region states saw gas prices decrease or stabilize with Ohio (-12 cents), Michigan (-10 cents) and Indiana (-9 cents) seeing the largest declines at a dime or more. These three states lead the region and country for the largest weekly pump price changes. With a four cent decrease, Iowa and Kentucky round out the top 10 list of all states with the largest weekly changes.  Illinois (+1 cent) was the only state in the region to see prices increase on the week and also carries the most expensive average at $3.02.

A handful of states in the region are also paying less to fill-up year-over-year. Motorists in Ohio   (-18 cents) are seeing the largest yearly difference followed by Kentucky (-14 cents), Michigan (-12 cents), Iowa (-9 cents) and Mississippi (-7 cents).

Gas prices trended cheaper this week as refinery utilization increased to 87.6% and gasoline stocks drew by about 500,000 bbl per EIA’s latest weekly reports. Total stocks continue to trend above the 50 million bbl level, which is about a 5 million bbl deficit year-over-year. However, should utilization continue to increase and hit/stay above the 90% mark, stocks could build to a stronger level that would allow gas prices to stabilize even more. Typically ahead of Memorial Day weekend, the region has recorded stock levels around 52 million bbl.

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with all seven states landing on the nation’s top 10 most expensive list. California ($4.07) and Hawaii ($3.63) are the most expensive markets. Washington ($3.53), Nevada ($3.49), Alaska ($3.44), Oregon ($3.42) and Arizona ($3.15) follow. Prices in the region have seen modest increases and decreases on the week, with California (-2 cents) seeing the largest decline and Alaska (+3 cents) seeing the largest increase.

The EIA’s recent weekly report for the week ending on May 3 showed that West Coast gasoline stocks fell again by approximately 400,000 bbl from the previous week and now sit at 27.1 million bbl. The West Coast may see continued price volatility and shrinking gasoline stocks this week, which will likely lead to more increases at the pump due to ongoing refinery maintenance that pushed prices over $4/gal in April.

Rockies

Gas prices range from $3.18 (Idaho) to $2.77 (Wyoming) across the Rockies region. Every state saw pump prices increase since last Monday with Utah (+7 cents) and Idaho (+6 cents) having the largest gains both in the region and the country.

Motorists are accustomed to seeing prices increase around this time of year, but are likely having sticker shock when they consider how much more prices are compared to last month: Utah (+57 cents), Idaho (+46 cents), Colorado (+20 cents), Montana (+18 cents) and Wyoming (+18 cents). All states rank among the top 12 with largest monthly changes in the country. Utah and Idaho top the nation’s rankings in that category.

Prices are not likely to get cheaper any time soon. Regional refinery utilization wiped out the prior week’s gains falling 4% to 83%, according to EIA data for the week ending May 3. Stocks drew, dropping regional totals below the 7 million bbl mark. At 6.7 million bbl, this is the first time the first week of May has seen levels this low since May 2015, when stocks were 6.8 million bbl

Mid-Atlantic and Northeast

All states in the Mid-Atlantic and Northeast region have cheaper, if not the same, gas prices as this time last year. Motorists in Delaware ($2.69) are seeing the most significant savings with the average being 16 cents cheaper year-over-year. This is the exception as most state’s averages are only as much as a nickel less to fill-up on the year.

On the week, all states are paying less at the pump with prices as much as six cents cheaper than last Monday. Pennsylvania ($3.02) carries the most expensive and Tennessee ($2.57) carries the least expensive in the region.  With a nearly 1.1 million bbl build, gasoline stock levels for the region measure at the 60.6 million bbl mark. EIA data reports this is the highest level since the end of March. The build, which was due in part to imports, helped to stabilize prices in the region on the week as regional refinery utilization plummeted from 92.5 to 83.9%. Refinery reports show that unplanned and planned maintenance is wrapping up, which should help to push utilization back up in coming weeks.

South and Southeast

Gas prices are as much as six cents cheaper on the week for all states in the South and Southeast region. Motorists in Florida (-7 cents) saw the largest decrease followed by South Carolina and Georgia – both which saw a four cent decrease. In the region, gas prices range from $2.70 – $2.48.

All 10 states in the region have cheaper year-over-year gas price averages. Some averages are at or trending close to a double-digit difference compared to a year ago: Florida (-11 cents), Alabama (-9 cents), New Mexico (-9 cents), Louisiana (-8 cents), Texas (-8 cents) and South Carolina (-8 cents).

Gasoline stocks drew, but only by about 500,000 million bbl, to bring the region’s total to 81.4 million bbl. The EIA reports this is the largest stock level of any region in the United States for the week ending May 3. In addition, this level is the highest seen regionally for the first week of May since 2016. Should stocks remain at/or above this level, motorists will likely see moderate fluctuation in pump prices for the next week or two. However, severe weather along the Texas coast at the end of last week caused issues at some refineries, but specifics were not available at the time this report was published. This could negatively impact refinery utilization in the coming week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased four cents to settle at $61.66. On the week, crude prices have moved lower because of global concerns around trade negotiations between the U.S. and China. This plus reports that two Saudi oil tankers were attacked in the Strait of Hormuz are likely to keep prices volatile this week. In related news, this week’s EIA petroleum status report revealed that crude stocks fell by 4 million bbl to 466.6 million bbl last week. While the new level is 32.8 million bbl lower than the level at this time in spring 2018, the step back is a reversal from the previous week that saw crude inventories climb by 10 million bbl. Contributing to the recent reduction in total domestic crude inventories was a slight reduction in domestic crude production to 12.2 million b/d and a drop in crude imports from 7.4 million b/d to 6.7 million b/d. The reduction in crude inventories occurred despite crude exports falling last week from 2.6 million b/d to 2.3 million b/d. In related news, Baker Hughes, Inc. reported that the U.S. lost two oil rigs last week, bringing the country’s total to 805. When compared to this time in 2018, there are 39 fewer rigs now.

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.

One week after the U.S. State Department announced the end of waivers for countries to import oil from Iran, increasing crude oil prices and pump prices show no signs of slowing down. With a four-cent jump on the week, today’s national gas price average sets a new high for the year at $2.88. This average may only be seven cents more than a year ago, but it is nearly 20 cents more than a month ago and 63-cents more expensive than at the beginning of the year.

“Gas prices are getting cheaper for the majority of motorists despite the fact that U.S. gasoline stocks sit at a 7 million bbl deficit year-over-year. Crude oil prices have remained relatively stable the past few months, which is one reason helping gas prices be cheaper than last year at this time,” said Jeanette Casselano, AAA spokesperson. “Today, motorists can find gas for $2.75 or less at nearly half of all gas stations in the country.”

Working with OPIS, AAA identified the median income for each county in the country broken down to an income by minute assuming a 40-hour workweek. The average gasoline price today was compared to the income per minute finding that counties in the Southeast have been hit the hardest, especially in some parts of Kentucky For example, in McCreary County, some workers are working an additional 4 minutes when compared to January in order to buy a gallon of gasoline.

With 17 states within a dime of or already at $3/gal or more, Americans can expect the national average to likely surpass 2018’s high of $2.97 set during Memorial Day weekend,” added Casselano.

Quick stats

• The nation’s top 10 largest weekly increases are: Utah (+13 cents), Delaware (+12 cents), Rhode Island (+10 cents), Idaho (+9 cents), Massachusetts (+9 cents), Alaska (+9 cents), Nevada (+9 cents), New Jersey (+8 cents), Connecticut (+8 cents) and West Virginia (+8 cents).

• The nation’s top 10 least expensive markets are: Alabama ($2.51), Mississippi ($2.53), Louisiana ($2.54), Arkansas ($2.56), South Carolina ($2.56), Missouri ($2.58), Oklahoma ($2.61), Tennessee ($2.62), Texas ($2.62) and Kansas ($2.63).

Rockies

While Montana, Colorado and Wyoming saw moderate weekly increases – a nickel or less —  Utah (+13 cents) and Idaho (+9 cents) continue to see more expensive gas prices. These two states rank among the top five in the country with the biggest weekly increase. More so, they carry among the top 15 most expensive gas price averages: Idaho ($3.02) and Utah ($2.94). At $2.72, Wyoming has the cheapest average in the region.

In the last month, the Rockies region has seen some of the most significant jumps: Utah (+55 cents), Idaho (+47 cents), Montana (+32 cents), Colorado (+28 cents) and Wyoming (+25 cents).

For the first time in more than a month, the region’s gasoline stocks increased, according to the latest Energy Information Administration (EIA) analysis. With a three percent increase in regional refinery utilization, stocks added 353,000 bbl to push the total to 7 million bbl. It’s too early to know if this is a trend, but the addition helped to keep jumps moderate for most of the states this past week.

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. California ($4.08) and Hawaii ($3.62) are the most expensive markets. Washington ($3.51), Nevada ($3.43), Oregon ($3.40), Alaska ($3.36) and Arizona ($3.12) follow. All prices in the region have increased on the week, with Alaska and Nevada seeing the largest gains at nine cents each.

The EIA’s recent weekly report for the week ending on April 19 showed that West Coast gasoline stocks fell for a sixth consecutive week by approximately 300,000 bbl from the previous week and now sit at 27.9 million bbl. If ongoing planned and unplanned refinery maintenance continues throughout the region, the West Coast may see continued price volatility and shrinking gasoline stocks.

Mid-Atlantic and Northeast

The majority of Mid-Atlantic and Northeast region states are starting to see large jumps at the pump week-over-week: Delaware (+12 cents), Rhode Island (+10 cents), Connecticut (+8 cents), New Jersey (+8 cents), Massachusetts (+9 cents), New Hampshire (+7 cents), Maine (+7 cents), West Virginia (+8 cents), New York (+7 cents) and Vermont (+5 cents).

Pennsylvania ($3.05) remains the only state in the region above the $3/gal mark, but a handful of others are just pennies away from being there: Connecticut ($2.99), Washington, D.C. ($2.96) and New York ($2.95).

As the EIA reports that regional refinery utilization jumped from 81.1% to 87.6%, gasoline stocks saw an addition of 860,000 bbl – the largest build of any region in the country for the week ending April 19. Despite the increase, overall stock levels are tight at 60 million bbl as we head toward summer.  

Great Lakes and Central States

Gas prices are fluctuating across the Great Lakes and Central region states. Overall, the majority of the states saw moderate changes at a nickel or less. Motorists in the region can find gas prices as expensive as $3.01 in Illinois to as cheap as $2.58 in Missouri.

It was surprising to see the region only have moderate changes considering gasoline stocks drew by nearly 1.3 million bbl and regional refinery utilization dropped one percentage point. At 50.5 million bbl, the EIA reports this to be the lowest level this year and at a 6 million bbl deficit year-over-year.

South and Southeast

Florida (-3 cents) was one of only three states in the country to see gas prices decline on the week. Though weekly increases were minimal, with Texas (+5 cents) seeing the largest jump in the region. Overall, gas prices range from as expensive as $2.73 in Georgia to as cheap as $2.51 in Alabama.

Compared to a year ago, gas price averages for South and Southeast states are only about a nickel more expensive with the exception of Oklahoma (+9 cents). South Carolina ($2.56), Mississippi ($2.53) and Georgia ($2.73) all have the same average, or within a penny, as last year at this time.

Gasoline stocks saw a substantial 1.8 million bbl draw, dropping levels to sit just above the 80 million bbl mark. This is a level to which the region has been accustomed as of late and is 2.2 million bbl less than this time last year. However, regional refinery utilization increased to 92.9% – the highest of any region in the country – which could help to contribute to builds in stocks in coming weeks.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI fell $1.91 to settle at $63.30. Crude prices dipped after Baker Hughes, Inc. revealed that the number of oilrigs in the U.S. fell significantly by 20, landing at 805 last week. Crude prices increased earlier in the week, and could move higher due to concerns about restricted global supply this week, following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran. Decreases in Iranian oil exports would tighten the supply in the global market, which has already seen decreases as a result of the ongoing U.S. sanctions against Iran and Venezuela, along with OPEC’s reduced production as a result of its 1.2-million b/d production reduction agreement with its partners. EIA’s weekly report revealed that total domestic crude inventories increased by 5.4 million bbl to 460.6 million bbl last week.

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 only a penny increase on the week, the national gas price average saw the smallest one-week jump since mid-February. For the last eight weeks, weekly jumps ranged anywhere between a nickel and a nearly a quarter.

“On the week, 30 states saw pump price increases or decreases of three cents or less which helped keep the national average relatively steady, but motorists shouldn’t get their hopes up just yet,” said Jeanette Casselano, AAA spokesperson. “Gasoline stocks nationwide continue to tighten, measuring below levels compared to the same time in the past three years. While imports are helping and West Coast refinery maintenance is nearly finished for the time being,  it’s too early to know if this is enough to keep state averages from leveling off just yet.”

Today’s national average is $2.84, which is a penny more than last Monday, 23 cents more expensive than last month, but only eight cents more than a year ago.

Quick stats

• The nation’s top 10 least expensive markets are: Alabama ($2.50), Mississippi ($2.51), Louisiana ($2.53), South Carolina ($2.53), Arkansas ($2.53), Texas ($2.57), Oklahoma ($2.59), Missouri ($2.59), Virginia ($2.60) and Tennessee ($2.60).

• The nation’s top 10 most expensive markets are: California ($4.03), Hawaii ($3.59),Washington ($3.46), Oregon ($3.36), Nevada ($3.34), Alaska ($3.26), Arizona ($3.04), Pennsylvania ($2.98), Illinois ($2.98) and Idaho ($2.92).

Rockies

On the week, Utah (+20 cents) and Idaho (+17 cents) saw substantial, and the nation’s largest, increases at the pump. With a nine-cent increase, Montana also lands on the top 10 list for largest jumps while Wyoming (+6 cent) and Colorado (+5 cents) saw more moderate increases.

For a few weeks recently, Utah ($2.81) was carrying among the cheapest gas prices in the country, but that is no longer the case as it ranks as the 17^th most expensive. Idaho ($2.92) carries the largest average for the region. Notably, compared to a year ago, both of these states have significantly cheaper gas prices: Utah (-20 cents) and Idaho (-12 cents).

Regional gasoline stocks have been steadily drawing for the past month, which is a driving factor toward more expensive pump prices. The Energy Information Admiration (EIA) reports total levels at 6.6 million bbl, which is 63,500 bbl deficit year-over-year. As regional refinery utilization dropped again from 83.6 percent to 81.3 percent, the draws will likely continue, supporting more gas price jumps this month.

West Coast

Pump prices in the West Coast region are the highest in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. California ($4.03) and Hawaii ($3.59) are the most expensive markets. Washington ($3.46), Oregon ($3.36), Nevada ($3.34), Alaska ($3.26) and Arizona ($3.04) follow. All prices in the region have increased on the week, with the exception of Hawaii and Nevada.

The EIA’s recent weekly report, for the week ending on April 12, showed that West Coast gasoline stocks fell for a fifth consecutive week by nearly 800,000 bbl from the previous week and now sit at 28.2 million bbl. OPIS reported at least six out of 10 refineries (four in Southern California and two in Northern California) experienced operational issues in the past few weeks. These issues have resulted in refinery utilization rates dropping below 80% for the first time in a little more than two years. If ongoing planned and unplanned refinery maintenance continues throughout the region, the West Coast may see continued price volatility and shrinking gasoline stocks.

Mid-Atlantic and Northeast

Half of the top 10 states with the lowest year-over-year gas price difference hail from the Mid-Atlantic and Northeast region. And, most are carrying the same average as this time last year including: Massachusetts ($2.74), Vermont ($2.76), New York ($2.88) and New Hampshire ($2.68). Delaware’s ($2.67) average is one penny more year-over-year.

On the week, prices increased as much as nine cents in the region. With increases, Pennsylvania ($2.98) and Washington, D.C. ($2.92) inch closer to the $3/gal mark.

After last week’s more than 3 million bbl decline, regional gasoline stocks only drew by 1 million bbl, as reported by the EIA. Levels are tight at a total of 59.2 million bbl. However, expected imports – including crude – in the weeks ahead should help to replenish supply and balance retail prices.

Great Lakes and Central States

In a change of events, five Great Lakes and Central region states saw gas price decreases on the week: Michigan (-9 cents), Ohio (-5 cents), Indiana (-4 cents), Kentucky (-3 cent) and Missouri (-1 cent). For the other nine states in the region, gas price averages increased as much as four cents since last Monday.

This region ranks second in the country (to the West Coast) to having some of the largest year-over-year gas price differences. These states land on this top 10 list: Wisconsin (+20 cents), Minnesota (+19 cents), Illinois (+16 cents) and Kansas (+14 cents).

The EIA reports that gasoline stocks drew by 415,000 bbl, dropping total regional levels to 51.8 million bbl. However, the EIA also reports that regional refinery utilization has increased from 86.5 percent to 92.4 percent indicating that the coming weeks could see increased production and stock levels. This could potentially help to keep gas prices stable.

South and Southeast

Gas prices are moderately fluctuating for most of the South and Southeast on the week with a handful seeing decreases or no change at the pump. Motorists in Florida (-5 cents) and Louisiana (-1 cent) are paying less to fill up while the following states saw prices stay steady since last Monday: Alabama ($2.50), Mississippi ($2.51), Texas ($2.57), Oklahoma ($2.59) and Georgia ($2.67). New Mexico was the exception in the region with a +13 cents increase.

The region was the only one to see gasoline stocks increase and by a fair amount (a little more than 1 million bbl), which includes imports. The build brings total regional levels to 82 million bbl, one of the highest levels in about a month. Regional refinery utilization remains relatively steady, around 90 percent, and the region is the only one to measure at a year-over-year surplus. All of this means that states in this region could see only moderate changes in retail prices through the end of the month.

Oil market dynamics

Due to Good Friday observance, markets were closed, but at the end of Thursday’s formal trading session on the NYMEX, WTI increased 24 cents to settle at $64.00. EIA data released last week reported total U.S. crude oil stockpiles dropped by 1.4 million bbl, to 455.2 million bbl. Crude imports to the U.S. also slowed. The most recent week’s import rate of 5.992 million b/d is almost 2 million b/d lower than the same week last year. EIA also reported that total U.S. gasoline inventories dropped by 1.2 million barrels

Monday morning crude oil was trending higher on reports that the U.S. State Department plans to end the use of waivers for countries to import oil from Iran in an attempt to end all oil exports from that country. In November of last year, the U.S. reimposed sanctions on exports of Iranian oil, however, waivers were granted to allow some countries to continue making limited oil purchases from Iran for six months. Secretary of State Mike Pompeo announced today that the administration will not renew sanctions waivers for the countries when they expire on May 2. Decreases in Iranian oil exports would tighten the supply in the global market, which has already seen decreases as a result of the U.S. sanctions against Iran and Venezuela, along with OPEC’s reduced production. Secretary Pompeo also stated that he has “had extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other major producers to ease this transition and ensure sufficient supply. This, in addition to increasing U.S. production, underscores our confidence that energy markets will remain well supplied.”  Should U.S. crude oil and gasoline stocks continue to drop and supply tighten, drivers could see gas prices continue to rise.

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.

Pump prices on the West Coast increased as much as 20 cents this past week, driving the national average up nearly 10 cents to $2.83 on the week. As stocks tighten out West due to unplanned and planned maintenance, California’s average jumped to $4.00, the most expensive state average this week and a price point not seen in the Golden State since July 2014.

“We are seeing very expensive gas prices for this time of year across the country,” said Jeanette Casselano, AAA spokesperson. “Motorists are seeing prices increase as gasoline stocks decreased substantially by 7.7 million bbl amid summer-like demand readings.”

Today’s national average is 3 cents more than last month and 12 cents more than a year ago.

Quick stats

• The nation’s top 10 largest weekly increases are: California (+20 cents), Nevada (+18 cents), Missouri (+13 cents), Oregon (+12 cents), Alaska (+12 cents), Washington (+12 cents), Utah (+12 cents), Colorado (+12 cents), Idaho (+11 cents) and Kansas (+11 cents).

• The nation’s top 10 least expensive markets are: Alabama ($2.50), Mississippi ($2.51), Arkansas ($2.52), South Carolina ($2.52), Louisiana ($2.54), Texas ($2.57), Virginia ($2.57), Oklahoma ($2.59), New Hampshire ($2.59) and Missouri ($2.60).

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. California ($4.00) and Hawaii ($3.55) are the most expensive markets. Washington ($3.39), Oregon ($3.28), Nevada ($3.26), Alaska ($3.15) and Arizona ($2.97) follow. All prices in the region have increased on the week, with California (+20 cents) and Nevada (+18 cents) seeing the largest increases in the region and country.

The Energy Information Administration’s (EIA) recent weekly report, for the week ending on April 5, showed that West Coast gasoline stocks fell for a fourth consecutive week by nearly 2 million bbl from the previous week and now sit at 29.04 million bbl. Ongoing planned and unplanned refinery maintenance throughout the region continues to shrink stocks. Total levels are approximately 2.4 million bbl lower than this time last year and could fall further this week depending on refinery maintenance turnaround.

Rockies

Gas prices are 6 to 12 cents more expensive on the week in the Rockies with three states landing on the top 10 list of largest weekly jumps: Utah (+12 cents), Colorado (+11 cents) and Idaho (+11 cents). With the increases, Idaho ($2.75) carries the most expensive average in the region, but ranks as the 24^th most expensive in the country. At $2.61, Utah and Wyoming carry the cheapest average in the region.

Compared to a month ago, state averages in the region are as much as 30-cents or more expensive: Idaho (+36 cents), Colorado (+34 cents), Montana (+31 cents), Utah (+30 cents), and Wyoming (+30 cents). However, compared to a year ago Utah and Idaho have cheaper averages.

Looking at the latest EIA report on refinery utilization and gasoline stocks, it’s likely that motorists in the region will continue to see gas prices increase. Regional stocks drew 235,000 bbl as regional refinery utilization dropped 90.5 percent to 83.6 percent. At 6.7 million bbl, gasoline stocks are at their lowest level of the year and lowest point since October 2018.

Mid-Atlantic and Northeast

As the region sees gasoline stocks tighten on the week, a handful of Mid-Atlantic and Northeast states saw significant increases at the pump: Pennsylvania (+9 cents), Tennessee (+8 cents), Rhode Island (+7 cents) and Connecticut  (+7 cents). With this past week’s increases Pennsylvania ($2.97) and Washington, D.C. ($2.92) inch closer to the $3/gallon mark and are on the top list for most expensive averages in the country.

Year-over-year, most states in the region have more expensive gas price averages except for Maine (-3 cents), New Hampshire (-1 cent) and Rhode Island (-1 cent). Whereas Delaware ($2.60) and Massachusetts ($2.65) have the same price compared to this time last year.

With a 3.2 million bbl draw, the region saw the largest of any in the country for the week ending April 5, according to EIA data. Total stocks now sit at 60.2 million bbl, which is the lowest level of the year, but on par with levels this time last year. Regional refinery utilization remains at 79 percent, but that is expected to increase throughout this month.

Great Lakes and Central States

With a dime or more increase, Missouri (+12 cents) and Kansas (+10 cents) had the largest one week increases among all Great Lakes and Central states and also both land on the top 10 list for largest weekly increases in the country. Within the region, gas prices range from $2.94 in Illinois to $2.60 in Missouri. 

Gasoline stocks have been consistently tightening in the Great Lakes and Central States since last January. At that time stocks measured at 61.5 million bbl, but the latest EIA report shows total levels today at 52.2 million bbl. This – as well as regional refinery maintenance and the switchover to summer blend gasoline – have caused pump prices to jump as much as 43-cents in the last month in the region.

South and Southeast

The South and Southeast remain home to the cheapest gas price averages in the country with seven landing on the top 10 list this week: Alabama ($2.50), Mississippi ($2.51), Arkansas ($2.52), South Carolina ($2.52), Louisiana ($2.54), Texas ($2.57) and Oklahoma ($2.59).

On the week, these states had the largest increase in pump prices in the region: Texas (+8 cents), Oklahoma (+8 cents), Louisiana (+8 cents), New Mexico (+7 cents), Florida (+7 cents) and Arkansas (+7 cents).

Gasoline stocks have been steadily declining since the beginning of February. According to EIA data, stocks have dropped from 90 million bbl on Feb 8, to 80.7 million bbl today. Compared to a year ago, stocks are only at a one million bbl deficit.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 31 cents to settle at $63.89. Oil prices increased last week, and will likely continue their ascent this week, as a weaker dollar helped to push crude prices up because of the increased number of dollars needed to purchase crude on the global market. Another contributing factor to the price jumps came from reports that there was a 534,000-b/d decline in crude production by OPEC members in March, led by Saudi Arabia cutting back by 324,000 b/d. The news underscores that OPEC and its partners are making reductions in service consistent with their 1.2 million b/d production reduction agreement, which is in place through June. OPEC has announced that it will not meet in April to discuss the pact; instead, it will meet on June 25 and 26 and may announce a decision to end or extend its agreement at that time.

In related news, EIA data revealed that total domestic crude inventories grew by 7 million bbl to 456.6.5 million bbl. Additionally, Baker Hughes Inc. reported that the U.S. gained two oilrigs last week, bringing the total to 833. When compared to last year at this time, there are 18 more rigs this 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 $2.74, the national gas price average increased a nickel on the week and is eight cents more than last year at this time. And compared to one month ago, gas prices are 28 cents more expensive. As demand holds steady and inventories continue to tighten, motorists continue to see gas prices increase in every region.

“Gas prices are increasing across the country, but these changes vary by region,” said Jeanette Casselano, AAA spokesperson. “On the week, motorists in the West Coast, Rockies, Great Lakes and Central regions are seeing some of the largest weekly increases while prices mostly east of the Mississippi have made more moderate jumps.”

As overall refinery utilization stands at 86% compared to 93% last year at this time, unexpected and planned maintenance continues to be one of the leading factors in why gas prices have continued to trend more expensive.

Quick stats

• The nation’s top 10 largest weekly increases are: California (+18 cents), Arizona (+15 cents), Alaska (+14 cents), Oregon (+11 cents), Washington (+11 cents), Montana (+10 cents), Nevada (+9 cents), North Carolina (+9 cents), West Virginia (+9 cents) and Ohio (+9 cents).

• The nation’s top 10 least expensive markets are: Mississippi ($2.44), Alabama ($2.44), Arkansas ($2.44), Louisiana ($2.45), South Carolina ($2.47), Missouri ($2.47), Texas ($2.48), Utah ($2.49), Virginia ($2.51) and Oklahoma ($2.51).

West Coast

Pump prices in the West Coast region are the highest in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. California ($3.80) and Hawaii ($3.51) are the most expensive markets. Washington ($3.27), Oregon ($3.16), Nevada ($3.07), Alaska ($3.03) and Arizona ($2.88) follow. All prices in the region have increased on the week, with California (+18 cents) and Arizona (+15 cents) seeing the largest increases in the region and country.

The Energy Information Administration’s (EIA) recent weekly report, for the week ending on March 29, showed that West Coast gasoline stocks fell slightly by 70,000 bbl from the previous week and now sit at 30.96 million bbl. Ongoing planned and unplanned refinery maintenance throughout the region, including at Valero’s 149,000-b/d refinery in Benicia, CA, have reduced stock levels in the region amid reports of HollyFrontier’s 100,000-b/d Navajo Refinery in New Mexico contributing to gasoline shortages in Arizona. Stocks are approximately 1.5 million bbl lower than this time last year and could fall further this week depending on refinery maintenance turnaround.

Rockies

Pump prices have made a more noticeable uptick throughout the Rockies region on the week: Montana (+10 cents), Utah (+8 cents), Idaho (+7 cents), Colorado (+5 cents) and Wyoming (+4 cents). Even with these increases, Utah ($2.49) continues to hold a spot on the top 10 list of lowest state averages. 

Compared to previous winters, the region saw mostly cheap gas price averages among adequate stock levels However, since the end of February stocks have decreased from 7.7 million bbl to 7 million bbl, per EIA. This squeeze will likely continue to contribute to jumps at the pump. Currently, the region sits at a 900,000 bbl year-over-year deficit. If stocks do not build, motorists filling up in the region can expect an expensive spring and summer with prices potentially hitting the $3/gal mark again.

Mid-Atlantic and Northeast

The majority of states in the Mid-Atlantic and Northeast region continue to see moderate weekly prices jumps. On the week, 9 of the 14 states had just one to three cents increases. However, a few state averages did jump more than a nickel this past week: North Carolina (+9 cents), West Virginia (+9 cents) and Pennsylvania (+7 cents).

Gas prices in the region range from $2.50 to $2.88. Among the Mid-Atlantic and Northeast states, three carry gas prices that are a quarter or less from hitting the $3/mark and rank among the top 15 states with the largest averages today: Pennsylvania ($2.88), Washington, D.C. ($2.86) and New York ($2.76). At $2.74, Connecticut is trending this way too.

Gasoline stocks drew just under 1 million bbl, according to EIA’s latest report. Levels measure at 63.5 million bbl, which is a 6 million bbl year-over-year surplus. That stock number has the potential to grow considering regional refinery utilization has been steadily rising since the beginning of March, jumping from 67.7% to 79%. However, should spring and summer demand rapidly increase, stock levels would chip away at the surplus and would likely cause more expensive pump prices.

Great Lakes and Central States

On the week, Ohio (+9 cents), Indiana (+7 cents) and South Dakota (+6 cents) saw the largest increase in the Great Lakes and Central states at more than a nickel. Meanwhile on the week, Missouri ($2.47) saw prices hold steady while Illinois ($2.87) ranks among the top 10 states with the highest averages in the country.

Compared to last month, gas prices are now nearly a quarter or more expensive for all states across the region. Illinois (+34 cents), Kentucky (+33 cents), Ohio (+32 cents), Wisconsin (+31 cents) and Indiana (+30 cents) carry among the top 10 largest monthly difference in gas prices of all states.

The latest EIA report shows stocks have steadily declined since mid-February in the region. With the latest 1 million bbl draw, stock levels have dropped to a new low for the year at 53.8 million bbl. Furthermore, EIA reports regional refinery utilization for the week ending March 29 is down three percentage points from the week prior. This could cause stocks to decrease even further in next week’s report and has the potential to cause jumps at the pump in coming weeks.

South and Southeast

All states in the region, with the exception of New Mexico (-4 cents), have more expensive gas prices compared to a year ago: Oklahoma (+10 cents), Florida (+9 cents), Arkansas (+6 cents) and Texas (+5 cents) carry the largest yearly differences.

At the start of the work week, gas price averages in the South and Southeast range from $2.70 in Florida to $2.44 in Mississippi. Oklahoma ($2.51) had the largest increase in the region at six cents while Florida (-3 cents) was the only state in the country to see prices decrease.

The South and Southeast region was the only one to see gasoline stocks build on the week with the addition of 605,000 bbl. The increase pushes total stock levels just above the 81 million bbl mark. Stocks are likely to decrease in spring and summer due to demand, pushing pump prices higher.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 98 cents to settle at $63.08. Oil prices climbed last week following strong U.S. economic data that reduced fears of a drop in global crude demand later this year. Moreover, escalating military actions in Libya – a major global crude producer and exporter – supported crude price increases amid concerns that crude exports from the country could be affected by the tension. Oil prices could climb even further this week as OPEC’s 1.2 million b/d production reduction agreement remains in place through June and the U.S. tightens its crude export sanctions against Iran and Venezuela.

In related news, EIA data revealed that total domestic crude inventories grew by 7.2 million bbl to 449.5 million bbl. Additionally, Baker Hughes Inc. reported that the U.S. gained 15 oilrigs last week, bringing the total to 831. When compared to last year at this time, there are 23 more rigs this 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.

The national gas price average has increased 44-cents since New Year’s Day, landing today’s average at $2.69. While that is seven-cents more expensive than last week and 27-cents more than last month, it is only four cents more expensive than last year. 

“Three months ago motorists could find gas for less than $2.50 at 78 percent of gas stations. Today, you can only find gas for that price at one-third of stations, which is likely giving sticker shock to motorists across the country,” said Jeanette Casselano, AAA spokesperson. “Gasoline stocks have been steadily decreasing since early February causing spikes at the pump that are likely to continue for the coming weeks.” 

On the week, 26 states saw gas prices increase a nickel or more with states in the West Coast, Great Lakes and Central region seeing the largest jumps. Despite the latest weekly increases, nearly two dozen states still have cheaper year-over-year averages.

Quick stats

• The nation’s top 10 largest weekly increases are: Florida (+13 cents), California (+12 cents), Indiana (+11 cents), Georgia (+11 cents), Idaho (+9 cents), Kentucky (+9 cents), Washington (+9 cents), Oregon (+8 cents), Nevada (+8 cents) and Ohio (+8 cents).

• The nation’s top 10 most expensive markets are: California ($3.61), Hawaii ($3.45), Washington ($3.16), Oregon ($3.05), Nevada ($2.98), Alaska ($2.89), Washington, D.C. ($2.83), Illinois ($2.82), Pennsylvania ($2.80) and Michigan ($2.76). 

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with most of the region’s states landing on the nation’s top 10 most expensive list. California ($3.61) and Hawaii ($3.45) are the most expensive markets. Washington ($3.16), Oregon ($3.05), Nevada ($2.98) and Alaska ($2.89) follow. Arizona ($2.73) is the only state in the region that is not on the 10 most expensive markets list. All prices in the region have increased on the week, with California (+12 cents) and Washington (+9 cents) seeing the largest increases.

The Energy Information Administration’s (EIA) recent weekly report, for the week ending on March 22, showed that West Coast gasoline stocks fell by 200,000 bbl from the previous week and now sit at 31.1 million bbl. Stocks are approximately 1.5 million bbl lower than this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Great Lakes and Central States

On the week, Indiana (+11 cents) was the only state in the region to see double-digit increases, with Kentucky (+9 cents), Ohio (+8 cents) and Illinois (+8 cents) just a few pennies away from that mark. Missouri ($2.47) was the only state in the region to see gas prices hold steady while Iowa (+2 cents) saw the smallest increase.

With this week’s pump jumps, the Great Lakes and Central region is the only region where all states have more expensive year-over-year gas prices. Wisconsin (+15 cents) and Illinois (+11 cents) carry the largest differences in gas prices in the region compared to a year ago.

Regional gasoline stocks continue to tighten with a 919,000 bbl draw, dropping totals for the region to a new low for the year: 54.8 million bbl. According to EIA data, stocks have not measured this low since the end of 2018. While levels are in line with the five-year average they are below the year-ago level of 58 million bbl. 

Mid-Atlantic and Northeast

New Jersey (+2 cents), West Virginia (+1 cent) and Tennessee (+1 cent) are the only states in the Mid-Atlantic and Northeast region to have more expensive gas prices year-over-year. Delaware (-10 cents), Maine (-7 cents) and Pennsylvania (-6 cents) carry the largest year-over-year difference.

The region saw moderate fluctuations on the week with eight states appearing on the top 10 list with the smallest change. Those states saw prices either hold steady or increase by up to two pennies: Delaware (no change), Maryland (no change), West Virginia (+1 cent), Pennsylvania (+1 cent), Maine (+1 cent), Rhode Island (+1 cent), Washington, D.C. (+1 cent) and North Carolina (+2 cents).

For a second week, the region was the only to see gas stocks build on the week. More so, the Mid-Atlantic and Northeast region is the only one to have a year-over-year surplus of stocks – (8.2 million surplus). With this week’s build of 572,000 bbl, total stocks sit at 64.5 million bbl according to EIA data.

South and Southeast

Pump prices are more expensive in every state in the region on the week. Florida (+13 cents) and Georgia (+11 cents) were two of only four states in the country to see gas prices jump by double-digits since last Monday. These two states also land on the top 10 list with the largest weekly increases. At the start of the week, prices in the region range from $2.74 in Florida to $2.42 in Alabama.

Inventories continue to tighten noticeably across the South and Southeast region, driving gas prices more expensive. This week saw a draw of 2.2 million bbl to drop levels to 80.8 million bbl. That is a stark 10 million bbl below the 90 million mark seen in January. Refinery maintenance exports and demand are all contributing factors to the continued draw in stocks.

Rockies

The Rockies are the only region in the country where all states carry a cheaper or same year-over-year gas price average: Utah (-28 cents), Idaho (-23 cents), Montana (-7 cents), Colorado (-1 cents) and Wyoming (same price). However, compared to a month ago all averages are nearly 20 cents or more expensive.

The EIA’s latest weekly report shows stocks decreased marginally by 104,000 bbl and still measure about 7 million bbl. Total regional stocks measure at the lowest level since the end of 2018 and sit at a nearly 850,000 bbl year-over-year deficit. Regional refinery utilization also dropped by 2 percent, which could bring stocks to continue to tighten in coming weeks causing prices to increase.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 84 cents to settle at $60.14 – the highest closing price seen this year. Oil prices increased last week, helping to establish solid price gains for the first quarter of 2019, as the market expects further tightening in global crude availability as a result of OPEC’s 1.2 million b/d production cut and the U.S. imposing sanctions on Iranian and Venezuelan crude exports. Moving into this week, prices will likely continue their ascent, with the combined effect of the tightening in the global crude oil market overshadowing concerns that the global economy is slowing, which could decrease global crude demand during the second half of 2019. Crude prices rallied despite new EIA data that showed total domestic crude inventories increased by 2.8 million bbl to 442.3 million bbl last week.

In related news, Baker Hughes Inc. reported that the U.S. lost eight oilrigs last week, bringing the total to 816. When compared to last year at this time, there are 19 more rigs this 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.

AAA Forecasts Spring National Gas Price Average to Reach $2.75

WASHINGTON (March 28, 2019) – Spring fever may be in the air, but American motorists already have summer road trips top of mind. AAA’s latest Gas Price survey found that if gas prices remain low, 1 in 3 Americans (33 percent) would likely plan another summer road trip while 27 percent would increase the distance of one – with Generation X more likely to do both than Baby Boomers. AAA expects the national gas price average this spring to reach $2.75, a savings of nearly 20-cents compared to last spring’s high of $2.92.

“Cheaper crude oil prices have helped to keep pump prices lower this winter,” said Jeanette Casselano, AAA spokesperson. “While we are seeing the national gas price average increase and mirror prices from this time last year, spring pump prices for the majority of motorists are not expected to elevate to the nearly $3/gal level of last May.”

However, motorists on the West Coast and in the Rockies region will likely see prices reach or exceeded $3/gal, which is similar to last year.

In addition to increasing the number or mileage of summer road trips, the AAA survey shows that Americans said lower gas prices would encourage them to spend or save more, but this varies based on generation and region:

• The majority of Millennials (53%) and Gen X (49%) would put aside money for savings as compared to Baby Boomers (44%).
• Generation X is more likely to increase shopping/dining out, drive more on a weekly basis or use more expensive gas as compared to compared to Baby Boomers.
• Motorists in the South (11%) and West (10%) say they would use more expensive gas while five percent of those in the Mid-West (5%) and seven percent in the Northeast (7%) would be willing to upgrade fuel type.

Springing Gas Prices

While the first few months of this year ushered in daily national gas price averages that were, at times, as much as 35-cents cheaper than a year ago, pump price since the middle of March have been mostly similar to pump prices this time last year. Today’s national gas price average is four-cents more expensive than a year ago.

“Historically, early spring triggers an increase in pump prices due to an increase in demand as Americans put the winter blues behind them and drive more. Another factor pumping up the price is the switchover to summer-blend gasoline, which is more expensive for refiners to produce,” added Casselano.

The difference between summer- and winter-blend gasoline involves the Reid Vapor Pressure (RVP) of the fuel. RVP is a measure of how easily the fuel evaporates at a given temperature. The more volatile a gasoline (higher RVP), the easier it evaporates. Summer-blend gasoline has a lower RVP to prevent excessive evaporation when outside temperatures rise. Reducing the volatility of summer gas decreases emissions that can contribute to unhealthy ozone and smog levels. A lower RVP also helps prevent drivability problems, especially in older vehicles. Summer-blend is more expensive to produce and that cost is passed on to the consumer each spring.

Oil Dynamics

Motorists benefitted this winter from lower crude prices, which comprises approximately 50 percent of the prices paid at the pump. Crude prices ranged between $48 and $56 this winter, while winter 2018 saw consistent prices between $60 and $65. This difference helped to keep pump prices mostly cheaper this winter, but crude prices are likely poised to increase this spring possibly back to $65, which will propel gas prices higher as gasoline demand increases across the country.

Moreover, moving into spring, crude prices will likely increase as the Organization of the Petroleum Exporting Countries (OPEC) continues to implement its agreement with other global crude producers to cut production by 1.2 million b/d, which remains in effect through June. OPEC has announced that it will not meet in April to discuss the pact; instead, it will meet on June 25 and 26 and may announce a decision to end or extend its agreement at that time. OPEC and its partners will likely look toward global pricing trends around the time the cuts are set to expire as well as global crude demand forecasts, and how well members of the reduction pact have adhered to the production cuts to determine if it should extend its pact beyond June. If it does and crude prices rise dramatically, American motorists could see pump prices spike later in the summer. 

Additionally, U.S.-imposed sanctions meant to curtail crude exports from Iran and Venezuela will likely tighten global supply and help crude prices inch up this spring. The exact price impact will be determined by how stringently the U.S. enforces the sanctions. Some market observers believe the U.S., which is now the world’s leading crude producer, could help meet global demand because of its newfound export prowess. However, growth in domestic demand for crude, particularly during the high demand driving season this summer, may limit just how much the U.S. is able to contribute to the global crude market.

Summer Look Ahead

AAA expects summer 2019 gas prices to be on par with prices during summer 2018, with May seeing the highest prices of the year. Heading into summer, a variety of factors, including U.S. supply-demand levels, U.S. production and crude prices will help better shape the summer forecast. 

Visit GasPrices.AAA.com for national and state gas price averages and trends.

AAA provides more than 59 million members with automotive, travel, insurance and financial services through its federation of 34 motor clubs and nearly 1,100 branch offices across North America. Since 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for safe mobility. Drivers can request roadside assistance, identify nearby gas prices, locate discounts, book a hotel or map a route via the AAA Mobile app. To join, visit AAA.com.

With an eight-cent jump on the week, at $2.62, the national average continues to trend more expensive since mid-February. While today’s national average is nearly a quarter more expensive than last month, it is only two cents more expensive than last year at this time.

“Thanks to increasing demand and tightening gasoline stocks across the country, March gas prices came in like a lion and will not go out like a lamb,” said Jeanette Casselano, AAA spokesperson. “State gas price averages are very similar to a year ago give or take a few pennies, which means some motorists are paying among the most expensive averages seen this time of year in the last five years.”

On the week, every state except Florida (no change) saw gas prices increase, some as much as 16 cents, with the Great Lakes and Central region seeing the most states with double-digit jumps on the week.

Quick stats

The nation’s top 10 largest weekly increases are: Missouri (+15 cents), California (+14 cents), Indiana (+14 cents), Arizona (+14 cents), New Mexico (+12 cents), Michigan (+12 cents), Ohio (+12 cents), Illinois (+11 cents), Kansas (+11 cents) and Oregon (+10 cents).

The nation’s top 10 least expensive markets are: Utah ($2.34), Alabama ($2.36), Mississippi ($2.37), Arkansas ($2.37), Louisiana ($2.38), South Carolina ($2.40), Wyoming ($2.40), Texas ($2.41), Virginia ($2.42) and Oklahoma ($2.43).

Great Lakes and Central States

Jumping a dime or more, six Great Lakes and Central States land on this week’s top 10 list with the largest increases: Missouri (+15 cents), Indiana (+14 cents), Michigan (+12 cents,) Ohio (+12 cents), Illinois (+11 cents) and Kansas (+11 cents). In the region, Kentucky (+3 cents) saw the smallest increase.

Gas prices range from $2.74 to $2.43. Illinois ($2.74) and Michigan ($2.70) carry the largest state averages in the region and are among the top 10 most expensive in the country this week.

The Great Lakes and Central States region saw the second largest decrease in gasoline stocks this week with a draw of 1 million bbl, per the Energy Information Administration’s (EIA) latest data report. The decrease drives total stocks down to 55.7 million bbl, the lowest measure on count this year, and keeps gas prices pushing more expensive.

Rockies Region

This week, Utah ($2.34) carries the cheapest gas price average in the country while Wyoming ($2.40) ranks as the 7th least expensive. This is a vast juxtaposition to last year when both states routinely ranked as some of the most expensive state gas price averages. This winter, most of the Rockies region has seen significantly cheaper gas prices likely due to strong inventory levels and lower demand. Year-over-year, gas prices are as much as a quarter cheaper in the region. However, this isn’t expected to be the case throughout the spring and summer as gas prices are expected to return to the more expensive levels of last year.

On the week, most states in the region saw gas prices increase significantly: Wyoming (+8 cents), Idaho (+8 cents), Colorado (+8 cents), Montana (+7 cents) and Utah (+3 cents).

Gasoline stocks dipped by 68,000 bbl, wiping out the prior week’s gains. Stocks now measure at 7.3 million bbl. The EIA reports that regional refinery utilization jumped up from 89 to 90.1 percent indicating that stocks could build in coming weeks

Mid-Atlantic and Northeast

Gas price averages in the Mid-Atlantic and Northeast states are as much as a six cents cheaper in Delaware to three cents more expensive in Tennessee as compared to last year. For states that have more expensive gas prices, it’s only by a few pennies, though spring demand could likely drive all states averages more expensive year-over-year.

This week, gas prices range from $2.42 to $2.81. Motorists in Tennessee (+9 cents) saw the region’s largest increase in pump prices while West Virginia (+1 cents) saw the smallest.

The Mid-Atlantic and Northeast region was the only area to see gas stocks increase on the week, albeit it 442,000 bbl. Even with the build, EIA reports stocks continue to measure at the 63 million mark which helped most of the region see moderate gas price changes this past week.

South and Southeast

Florida ($2.61) was the only state to not see any change in their gas price average in the country and region. All other states saw gas prices increase with averages in New Mexico (+12 cents), South Carolina (+10 cents) and Texas (+9 cents) seeing the largest weekly change.

Even as gas prices continue to increase, Alabama ($2.36), Mississippi ($2.37), Arkansas ($2.37), Louisiana ($2.38), South Carolina ($2.40), Texas ($2.41) and Oklahoma ($2.43) carry among the cheapest averages in the country.

EIA data shows that the South and Southeast had the largest draw in stocks in the country with 2.4 million bbl, dropping totals to 83 million bbl, which is the lowest reading since the end of November 2018. Stocks have drawn sharply from February’s 90 million bbl reading to today. The consistent decrease since February — which is partly attributed to exports — has caused gas prices to increase throughout the region.

West Coast

Pump prices in the West Coast region are among the highest in the nation, with most of the region’s states landing on the nation’s top 10 most expensive list. California ($3.49) and Hawaii ($3.40) are the most expensive markets. Washington ($3.07), Oregon ($2.96), Nevada ($2.89) and Alaska ($2.83) follow. Arizona ($2.67) is the only state in the region that dropped from the 10 most expensive markets list. All prices in the region have increased on the week, with California (+14 cents), Arizona (+14 cents) and Oregon (+10 cents) seeing the largest jumps.

EIA’s recent weekly report showed that West Coast gasoline stocks fell by 1.5 million bbl from the previous week and now sit at 31.3 million bbl. Stocks are approximately 1.5 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased 94 cents to settle at $59.04. U.S. stock market losses dragged oil prices lower despite new data from EIA that revealed that total domestic crude inventories fell by nearly 10 million bbl to 439.5 million bbl. The larger-than-expected drawdown could be a sign of higher crude prices in the near future in light of crude export sanctions on Iran and Venezuela and OPEC’s 1.2 million b/d production reduction agreement which is in place with other major global crude producers through June 2019. Crude prices could rise this week if there is another major drawdown. Pump prices will likely follow suit as the country enters the late spring and summer driving seasons.

In related news, Baker Hughes Inc. reported that the U.S. lost nine oilrigs last week, bringing the total to 824. When compared to last year at this time, there are 20 more rigs this 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 $2.54, the national gas price average is 7 cents more expensive on the week and 23-cents more than last month. However, today’s price is just as expensive as the same day a year ago. In fact, for the first time since the end of November last year, the national gas price average the past four days was identical or a penny more expensive year-over-year.

“Since early February, gasoline demand has been steadily increasing while stocks have been gradually decreasing causing more expensive pump prices across the country,” said Jeanette Casselano, AAA spokesperson. “The good news is most motorists are not paying more than they were a year ago to fill up.”

While the national gas price average is the same price year-over-year, only 20 states can say the same. Across the country, the yearly difference ranges from as much as 25-cents cheaper to 10-cents more expensive.

Quick stats

• The nation’s top 10 largest weekly increases are: Kentucky (+16 cents), Florida (+15 cents), Missouri (+10 cents), Delaware (+10 cents), Wisconsin (+10 cents), Maryland (+9 cents), Texas (+9 cents), Iowa (+9 cents), Colorado (+9 cents) and Kansas (+9 cents).

• The nation’s top 10 least expensive markets are: South Carolina ($2.30), Mississippi ($2.30), Arkansas ($2.30), Alabama ($2.30), Utah ($2.31), Missouri ($2.32), Texas ($2.32), Wyoming ($2.32), Louisiana ($2.33) and New Mexico ($2.33).

Mid-Atlantic and Northeast

Three Mid-Atlantic and Northeast states land on the top 10 most expensive gas price average list in the country with two states just a quarter away from hitting the $3/gal mark: Washington, D.C. ($2.75), Pennsylvania ($2.75) and New York ($2.66). On the week, gas prices are as much as a dime more expensive with Delaware seeing the largest jump.

Month-over-month, five states in the region have averages that are a quarter of more expensive: West Virginia (+30 cents), North Carolina (+27 cents), Maryland (+27 cents), Virginia (+25 cents) and Tennessee (+25 cents).

The Energy Information Administration’s (EIA) weekly data puts total stocks for the region at 63.5 million bbl following a draw of 1.4 million bbl for the week ending March 8. This is the lowest regional stock level seen this year and is a 4 million bbl year-over-year deficit. The tightened stocks can be attributed to exports as well as to planned and unplanned refinery maintenance during the winter season. As maintenance wraps up and refineries increase runs, stocks levels are expected to increase in coming weeks, which will hopefully help to stabilize gas prices.

Great Lakes and Central States

State gas price averages in the Great Lakes and Central States are as much as 16-cents more expensive on the week, but 33-cents more expensive on the month. In fact, six states appear on the top 10 list for largest month-over-month increases: Iowa (+33 cents), Minnesota (+32 cents), Kentucky (+31 cents), Wisconsin (+29 cents), Nebraska (+29 cents) and North Dakota (+29 cents).

Other notable moves on the week: With a nickel increase on the week, Illinois ($2.62) now carries the 10^th most expensive gas price average in the country and highest in the region. Ohio (-9 cents) was the only state in the region and country to see gas prices decrease on the week.

As regional refinery utilization holds steady, gasoline stocks took a large 1.5 million bbl draw on the week, according to the latest EIA data. The sustained drop in stocks since mid-February continues to be a driver toward more expensive gas prices. Total stocks sit at 56.8 million bbl, which is the lowest for the year and a 3.2 million bbl deficit over this time last year.

South and Southeast

One week after being the only state in the country to see a pump price decrease, Florida (+15 cents) saw the second largest increase in the country this past week. Also joining Florida on the top 10 weekly change list is Texas (+9 cents). New Mexico (+4 cents) saw the smallest increase of all the South and Southeast states.

While gas prices have been steadily increasing in the South and Southeast, only four state averages are more expensive year-over-year by a dime or less: Florida (+8 cents), Alabama (+2 cents), Mississippi (+2 cents) and Texas (+1 cent).

Since the beginning of February regional gasoline stocks have consistently tightened. The EIA’s latest data reports show that the South and Southeast region had the largest draw of any region in the country with 1.7 million bbl. Total stocks register at 85.5 million bbl. While one of the lowest levels this year for the region, it is comparable to levels at this time last year.

Rockies Region

Despite increasing gas prices, two states from the region carry among 10 of the cheapest gas price averages in the country: Utah ($2.31) and Wyoming ($2.32). On the week gas prices are 4 to 9 cents more expensive across the region.

Of the Rockies region states, all but Colorado land on the top 10 list of states for the largest difference in year-over-year gas prices: Montana (-20 cents), Idaho (-17 cents), Utah (-11 cents) and Wyoming (-9 cents).

With a 59,000 bbl add, gasoline stocks bumped up to a total of 7.4 million bbl, which is low compared to historic data for this time of year. However, stocks have held steadily above the 7 million mark all year and helped to keep gas prices on the cheaper side.

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with most of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.35) and California ($3.34) are the most expensive markets. Washington ($2.96), Nevada ($2.86), Oregon ($2.85) and Alaska ($2.81) follow. Arizona ($2.53) is the only state in the region that dropped from the 10 most expensive markets list. All prices in the region have increased on the week, with Oregon (+5 cents) seeing the largest jump.

EIA’s recent weekly report showed that West Coast gasoline stocks remained virtually unchanged from the previous week and now sit at 32.78 million bbl. Stocks are approximately 350,000 bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week. In related news, the Phillips 66 Carson refinery near Los Angeles reported a fire at one of its crude processing units on Friday, which caused the 139,000 b/d refinery to close the unit while the fire is under investigation.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 9 cents to settle at $58.52. Oil prices took a hit last week as the market continued to have concerns about the global economy slowing this year, which could weaken global crude demand later this year. Moving into this week, prices will likely remain volatile following news from OPEC that it will not hold a meeting this April regarding its crude reduction pact with other global crude producers. Instead, OPEC will meet on June 25-26 to allow the cartel more time to determine if it should work with its partners to extend the crude production reduction agreement beyond June.

Prices were also volatile last week after new data from EIA revealed that total domestic crude inventories declined last week by 3.8 million bbl to 449.1 million bbl, which is roughly 20 million bbl higher than last year’s level at this time. Some market observers believe increased crude production from the U.S., which hit 12 million b/d last week, will help to meet global crude demand as global supply tightens due to OPEC’s 1.2 million b/d reduction agreement in place for the first six months of 2019 and U.S.-imposed sanctions on crude exports from Iran and Venezuela – two major global crude producers.       

In related news, Baker Hughes Inc. reported that the U.S. lost one oilrig last week, bringing the total to 833. When compared to last year at this time, there are 33 more rigs this 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.