U.S. gas demand jumps as supply declines and prices go up two cents

(July 31, 2018) As U.S. gasoline demand strengthened and supply declined, the national gas price average jumped two-cents on the week to land at $2.86. According to the latest Energy Information Administration (EIA) report, total crude inventories fell on the week and now register at 405 million barrels which is 80 million barrels lower than levels at the same time last year, according to AAA's weekly report.

“As crude and gasoline inventories tighten, motorists can expect gas prices to trend higher and remain volatile,” said Jeanette Casselano, AAA spokesperson. “On the week, pump prices increased as much as 11-cents for some states with others seeing decreases of up to four-cents.”

While today’s gas price average is one-cent less than last month, it is 55-cents more than a year ago and crude oil prices are up $20/barrel compared to this time last year.

Quick Stats

    The nation’s top 10 most expensive markets are: Hawaii($3.78), California ($3.62), Washington ($3.40), Alaska ($3.37), Oregon ($3.29), Nevada ($3.20), Idaho ($3.11), Utah ($3.09), Connecticut ($3.07) and Washington, D.C. ($3.05).

    The nation’s top 10 largest weekly changes are: Michigan (+11 cents), Indiana (+9 cents), Ohio (+8 cents), Kentucky (+6 cents), Illinois (+4 cents), Kansas (+4 cents), Delaware (-4 cents), New Mexico (-3 cents), West Virginia (+3 cents) and South Carolina (+3 cents).