Gas price increase kicks off busy summer driving season

(May 31, 2017) Gas prices are averaging $2.37 this week — one cent more than a week ago, two cents more than a month ago and five cents more than a year ago. Rising gasoline demand has resulted in dropping gasoline inventories across the country, according to the latest Energy Information Administration’s (EIA) report, according to the weekly report by AAA.

Last week, U.S. demand for gasoline jumped 252,000 barrels a day to 9.7 million b/d, the highest level this year, while gasoline inventories dropped by 800,000 barrels. If the trend continues, consumers can expect to see summer gasoline prices potentially return to the high prices seen in April, when the national average for a gallon of gasoline was $2.42.

Quick Stats

The nation’s top 10 markets with the biggest changes in the last week include: Ohio (-7 cents), Utah (+6 cents), Indiana (-6 cents), Delaware (+6 cents), Michigan (-6 cents), Missouri (+5 cents), Kansas (+4 cents), Iowa (+4 cents), Maryland (+4 cents) and Colorado (+4 cents).
The nation’s top 10 markets with the most expensive gas include: California ($3.10), Hawaii ($3.07), Alaska ($2.90), Washington ($2.87), Nevada ($2.74), Oregon ($2.73), Idaho ($2.59), Pennsylvania ($2.58), Washington, D.C. ($2.55) and Connecticut ($2.51).
Gasoline prices vary significantly within the country due to, among other factors, regional supply and demand, gasoline specification requirements and taxes.