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Summer is Here… But Gas Prices are Dropping

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The American Automobile Association (AAA) reports that the national gas price average has continued to drop since Memorial Day… and that’s quite unusual for this time of year. Gas prices typically inch higher during the summer because of greater demand, but gasoline inventories are increasing which is helping to lower the pump price.

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According to the Energy Information Administration (EIA), gasoline demand reached 9.877 million b/d last week – the 6th highest weekly count on record. Current demand levels are on par with volumes seen this same time last year (9.879 million b/d).

AAA reports that the country’s top 10 largest monthly decreases are:

  • Ohio (-29 cents)
  • Michigan (-28 cents)
  • Indiana (-26 cents)
  • California (-23 cents)
  • Mississippi (-21 cents)
  • Kentucky (-21 cents)
  • Illinois (-21 cents)
  • Tennessee (-19 cents)
  • North Carolina (-19 cents)
  • Oklahoma (-19 cents)

The nation’s top 10 most expensive markets are:

  • California ($3.81)
  • Hawaii ($3.64)
  • Washington ($3.41)
  • Nevada ($3.41)
  • Alaska ($3.38)
  • Oregon ($3.28)
  • Idaho ($3.10)
  • Utah ($3.09)
  • Arizona ($2.97)
  • New York ($2.86)

The American Automobile Association (AAA) reports the following regional statistics:

  • Great Lakes and Central States

Gas prices dropped by 4 cents or more across most of this region, with Michigan (-12 cents), Illinois (-9 cents), Oklahoma (-9 cents) and Ohio (-7 cents) landing on the list of top 10 largest weekly declines.

Compared to last month, all motorists in the Great Lakes and Central states are seeing a cost savings at the pump. The states seeing the largest drops are: Ohio (-29 cents), Michigan (-28 cents), Indiana (-26 cents), Kentucky (-21 cents), Illinois (-20 cents), Tennessee (-19 cents) and Oklahoma (-19 cents).

  • Mid-Atlantic and Northeast

While prices have dropped on the week, some states are still paying high prices at the pump. New York ($2.86), Connecticut ($2.85), Pennsylvania (2.84) and Washington D.C. ($2.80) all land on the top 15 list of most expensive prices in the country. Within the region, gas prices range from $2.86 in New York to $2.43 in Virginia.

  • Rockies

Prices have fallen across the region between 2 to 5 cents on the week. Despite the declines, Idaho ($3.10) and Utah (3.09) both land on the top 10 list of most expensive states in the country. At $2.78, Colorado carries the cheapest average in the region.

  • South and Southeast

Prices in the region continued to move down on the week. Drivers in the Southeast saw some of the largest regional discounts, with Florida (-9 cents), South Carolina (-8 cents) and North Carolina (-7 cents) all landing on the top 10 list of largest weekly declines. Texas (-31 cents), Mississippi (-31 cents), Louisiana (-31 cents), Georgia (-28 cents), Alabama (-28 cents) and Arkansas (-28 cents) all land on the list of top 10 largest yearly declines.

  • West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with all seven states landing on the top 10 most expensive list today. California ($3.81) and Hawaii ($3.64) are the most expensive markets. Washington ($3.41), Nevada ($3.41), Alaska ($3.38), Oregon ($3.28) and Arizona ($2.97) follow. Pump prices in the region have mostly decreased on the week, with Arizona (-6 cents) seeing the largest drop.

 

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