(May 5, 2020) State gas price averages increased for less than a dozen states in the last week, but they were large enough jumps to push an increase to the national average. At $1.78, today’s average is a penny more expensive than last week, 16 cents less than a month ago and $1.11 cheaper than last year at this time, according to AAA.

“As some states begin to re-open businesses, those states will likely see demand increase and pump prices will likely follow suit,” said Jeanette Casselano, AAA spokesperson. “Although U.S. gasoline demand has incrementally increased, it remains below 6 million barrels a day.”

On the week, the Great Lakes and Central region saw double-digit increases in a few states, but the bulk of the country saw decreases of a nickel or less. Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.

Quick Stats

    •    The nation’s top 10 largest weekly changes are: Wisconsin (+27 cents), Ohio (+19 cents), Indiana (+16 cents), Michigan (+13 cents), Iowa (+7 cents), Illinois (+6 cents), Kentucky (+6 cents), Utah (-6 cents), Montana (-6 cents) and Wyoming (-5 cents)

    •    The nation’s top 10 least expensive markets are: Oklahoma ($1.37), Arkansas ($1.39), Missouri ($1.44), Kansas ($1.46), Wisconsin ($1.46), Mississippi ($1.48), Kentucky ($1.49), Texas ($1.49), Michigan ($1.53) and Tennessee ($1.54). 


   
At the end of Friday’s formal trading session, WTI (West Texas Intermediate) increased by 94 cents to settle at $19.78 per barrel. Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease, as demand for gasoline moves up and the 9.7 million barrels a day production reduction agreement between the Organization of the Petroleum Exporting Countries and other major crude producers, including Russia, takes effect this month and next month.

For this week, crude prices may continue to rise if EIA’s report this week shows continued growth in gasoline demand and crude production and storage data show that global rebalancing efforts are helping to stabilize the market, as global crude demand remains low due to the ongoing COVID-19 pandemic.