Gasoline demand dips, prices continue to drop

(February 28, 2018) As the month draws to a close, the national gas price average of $2.52 is the cheapest pump price seen in February. The national gas price average for February is $2.56, which is 29-cents more expensive than the $2.28 average of February 2017. On the week, gas prices decreased 1 cent, according to AAA.

“Gas prices continue to trend cheaper for the majority of motorists as demand for consumer gasoline declines for a second week,” said Jeanette Casselano.

“Even with the small drop-off, demand continues to register above 9 million barrels a day, which is a four percent year-on-year increase, according to the Energy Information Administration’s latest report.

While cheaper gas prices are welcomed by motorists, AAA does not expect the trend to continue and will issue a Spring Gas Price Report later this week.

Quick Stats

    The largest weekly changes are: Indiana (-9 cents), Florida (-5 cents), Michigan (+5 cents), Kentucky (+4 cents), New Jersey (-4 cents), Ohio (+4 cents), South Carolina (-3 cents), New Mexico (-3 cents), Maryland (-3 cents) and Tennessee (-3 cents).

    The nation’s top 10 least expensive markets are: Texas ($2.25), South Carolina ($2.25), Mississippi ($2.26), Alabama ($2.26), Missouri ($2.29), Arkansas ($2.30), Ohio ($2.30), Tennessee ($3.31), New Mexico ($2.32) and Oklahoma ($2.33).