Gas prices reach 2017 high
(April 18, 2017) The national average price for a gallon of regular unleaded gasoline is $2.41, two cents more expensive than one week ago, 12 cents more than one month ago and 30 cents more than one year ago. The national average is at its highest price this year and has now increased for 20 consecutive days, according to AAA's weekly gas report.
Pump prices in 43 states and Washington D.C. have moved higher over the last week. This increase was most prevalent in the East Coast region where refiners wrapped up seasonal turnaround resulting in significant prices increases last week.
• The nation’s top 10 least expensive markets are: South Carolina ($2.13), Mississippi ($2.17), Tennessee ($2.18), Alabama ($2.18), Arkansas ($2.18), Oklahoma ($2.18) Missouri ($2.19), Louisiana ($2.21), Kansas ($2.23) and Virginia ($2.23).
• The nation’s top 10 markets with the largest monthly increases include: Indiana (+18 cents), Texas (+18 cents), Michigan (+17 cents), Kentucky (+17 cents), Ohio (+16 cents), Illinois (+16 cents), Florida (+15 cents), Wisconsin (+15 cents), Colorado (+15 cents) and Delaware (+14 cents).
The country’s six most expensive gas prices continue to reside on the West Coast (Hawaii $3.06), California ($3.01), Washington ($2.90), Alaska ($2.90), Oregon ($2.75) and Nevada ($2.69). Compared to this time last year, four West Coast states are experiencing some of the country’s biggest year-over-year price jumps: Washington (+58 cents), Alaska (+57 cents), Oregon (+54 cents) and Hawaii (+45 cents).
South Carolina ($2.13), Mississippi ($2.17), Tennessee ($2.18), Alabama ($2.18), Arkansas ($2.18), and Louisiana ($2.21) are posting some of the cheapest prices for gasoline in the country despite recent increases in each state’s respective average price.
As we enter into the high-drive season of summer, the demand for gas will increase, dipping into crude oil storage across the country and leading to increases at the pump through September. The latest EIA report shows regional refining capacity increased 102,000 b/d in the Gulf Coast last week while gasoline inventories dropped by 1.8 million bbl.