(February 14, 2017) Gas prices edged up higher fractions of a penny over the weekend to reach today’s average price of $2.28. This is seven cents less per gallon on the month and an increase of 58 cents per gallon compared to this same date last year, according to AAA.

Gas prices have remained relatively steady the past month due to a well-supplied crude oil market. Today the Organization of the Exporting Petroleum Countries (OPEC) released their Monthly Oil Market Report showing that participating countries implemented 90 percent of the agreed upon production cuts, which took effect on January 1, 2017. Despite production cuts by OPEC, the market remains overfed due to increased U.S. drilling and production.

Quick Stats

    • The nation’s top five most expensive markets are: Hawaii ($3.11), California ($2.87), Washington ($2.73), Alaska ($2.73) and Pennsylvania ($2.53).
    • Averages are down in many states, with the largest monthly savings experienced by: Delaware (-18 cents), Ohio (-17 cents), West Virginia (-16 cents), Illinois (-15 cents) and Wisconsin (-13 cents).



Gas prices on the West Coast remain the highest in the nation, with all states in the region landing on the list of top 10 most expensive U.S. markets: Hawaii ($3.11), California ($2.87), Washington ($2.73), Alaska ($2.73), Oregon ($2.52) and Nevada ($2.51). Prices in the region have crept higher due to some refinery maintenance last week.

OPIS reports that Chevron shutdown two production units at its 295,000-b/d refinery in El Segundo, Calif., for unplanned maintenance last Monday, while the company’s 257,200-b/d Richmond, Calif., refinery was also closed last week due to a reported problem with production equipment.

According to the latest Energy Information Administration (EIA) report, West Coast gasoline inventories dropped by 339,000 bbl to 30.305 million bbl. This was the third consecutive week of production declines in the region.