National gas price average holds steady; highest prices in two years

(October 3, 2017) At $2.55, the national gas price average is just two cents cheaper on the week and the most expensive pump price seen at start of October since 2015, when motorists where paying $2.29 for a gallon of unleaded, AAA reported today.

“When fall arrives, motorists expect gas prices to be cheaper than they were in the summer. That’s just not the case this year,” said Jeanette Casselano, AAA spokes
person.

“Back-to-back hurricanes packed a punch to Gulf Coast refineries’ gasoline production and inventory levels. As they play catch-up, gas prices are going to be higher than we’d like to see.”

Today, Gulf Coast refineries are building toward resuming normal operations, but it could take some longer than others to return to pre-hurricane production rates. The Energy Information Administration (EIA) reports that Gulf Coast utilization rates are up nearly 12 percent to 85 percent of capacity since last week. As utilization rates increase and operations improve, gas prices will drop.

“While the market continues to be volatile, post-hurricanes, AAA expects gas prices to slowly, but steadily drop by up to 10 cents in the coming month,” added Casselano.

Across the country, the majority of states saw prices at the pump drop as much as eight cents on the week — with Mid-Atlantic and Northeast states benefiting the most. While five Great Lakes and Central States are paying up to 11 cents more for gas. Today, motorists can find gas for $2.50 or less at 56 percent of gas stations in the country.

Quick Stats

    The nation’s top 10 markets with the largest weekly changes are: Indiana (+11 cents), Ohio (+9 cents), Michigan (+9 cents), Delaware (-8 cents), Illinois (+7 cents), New Jersey (-6 cents), Maryland (-6 cents), Georgia (-6 cents), Florida (-6 cents) and Maine (-6 cents).

    The nation’s top ten most expensive markets are: Hawaii ($3.11), California ($3.10), Alaska ($2.99),Washington ($2.99),Oregon ($2.83), Connecticut ($2.78), Nevada ($2.77), Washington, D.C. ($2.77), Pennsylvania ($2.76) and Idaho ($2.76).