Gas prices remain stable despite record low demand

(February 7, 2017) The national average price of regular unleaded gasoline remained relatively stable over the past week, settling at today’s price of $2.27 per gallon. Although today’s average remains flat compared to one week ago, drivers are paying 10 cents less per gallon month-over-month, and 52 cents more per gallon year-over-year, according to weekly statistics by AAA.

Pump prices have been pressured higher overall due to cuts in oil production globally, but increased U.S. production and low demand has led to a leveling out of prices over the last couple of weeks.

The U.S. Energy Information Administration’s (EIA) latest weekly estimates of U.S. gasoline demand show that January 2017 figures are down 6 percent from January 2016 and are at their lowest standing for the first month of the year since 2012.

Quick Stats

    • The nation’s top five most expense markets are: Hawaii (3.11), California ($2.83), Washington ($2.73), Alaska ($2.72) and the District of Colombia ($2.55).

    • The nation’s top five least expensive markets are: South Carolina ($2.03), Alabama ($2.06), Tennessee ($2.06), Ohio ($2.07) and Mississippi ($2.07).

    • The top five markets with the most dramatic year-over-year increases in gas prices include: Minnesota (+71 cents), Michigan (+68 cents), New Jersey (+67 cents), Illinois (+67 cents) and Kansas (+66 cents).