(June 18, 2019) The national average of a gallon of gas dropped six cents on the week, following a consistent downward trend since Memorial Day. The decline is unusual for this time of year. Pump prices usually trickle higher during the summer months due to increased demand, according to AAA.

However, the latest Energy Information Administration (EIA) report reveals that total domestic gasoline inventories jumped a million barrels last week, helping to push pump prices lower. According to OPIS, strong production output and increased imports have helped gasoline storage levels grow consistently over the past four weeks.

“Growing gasoline inventories are contributing to relief at the pump as we head into summer,” said Jeanette Casselano, AAA Spokesperson. “Current U.S. inventories sit at nearly 235 million barrels, which is helping to feed growing demand.”

According to the latest EIA report, gasoline demand reached 9.877 million barrels a day 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 barrels a day). Today’s national average is $2.68, which is six cents cheaper than last week, 17 cents less than last month and 20 cents less than the same time last year.



Quick Stats

The nation’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) and 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) and New York ($2.86).