(May 12, 2023) WASHINGTON, D.C. — The national average for a gallon of gas drifted lower by just four cents since last week to $3.53. The lackluster movement can be attributed to higher demand for gasoline but a lower cost for oil canceling each other out, according to AAA's weekly report.

“Increasing demand for gasoline would usually drive pump prices higher,” said Andrew Gross, AAA spokesperson, “but the cost for oil has remained low lately, so drivers should benefit from stable pump prices as Memorial Day drawers near.”

According to new data from the Energy Information Administration (EIA), gas demand grew substantially from 8.62 to 9.30 million barrels a day last week. The spike is higher than some market observers expected; the estimate could be revised when EIA releases final demand measurements for May. Meanwhile, total domestic gasoline stocks decreased by 3.2 million barrels to 219.7 million barrels. Higher demand and a reduction in stocks have slowed pump price decreases.

Today’s national average of $3.53 is seven cents less than a month ago and 87 cents less than a year ago.

Quick stats

Since last Thursday, these 10 states have seen the largest changes in their averages: Ohio (+13 cents), Indiana (+11 cents), Oklahoma (−10 cents), Florida (−9 cents), Nebraska (−8 cents), Michigan (−8 cents), Colorado (−8 cents), Missouri (−8 cents), North Dakota (−8 cents) and North Carolina (−7 cents).

The nation’s top 10 least expensive markets: Mississippi ($2.99), Louisiana ($3.08), Texas ($3.09), Alabama ($3.09), Arkansas ($3.11), South Carolina ($3.15), Oklahoma ($3.16), Tennessee ($3.16), Missouri ($3.21) and Georgia ($3.24).