Increased U.S. oil production pushes pump prices lower
(January 25, 2017) The national average price of gas continues to decline as U.S. oil production increases. Monday's average price of $2.31 per gallon represents a decrease of three cents per gallon on the week, four cents per gallon on the month, and prices have moved lower for 14 of the past 15 days, according to weekly statistics by AAA.
Despite this recent trend lower, retail averages are up by 46 cents per gallon as compared to one year ago.
Quick Stats
• The nation’s top five least expensive markets are: South Carolina ($2.07), Tennessee ($2.11), Alabama ($2.11), Mississippi ($2.11) and Indiana ($2.12).
• The states with the largest weekly decreases in gas prices include: Ohio (-13 cents), Michigan (-12 cents), Indiana (-8 cents), Illinois (-8 cents) and Kentucky (-6 cents).