Pump prices show steady decline on average over past week

(October 25, 2016) The average price for gas has fallen for 15 of the last 16 days, for a total savings of 4 cents per gallon. The national average currently sits at $2.22 per gallon, which is two cents less than one week ago, one cent more than one month ago and 1 cent more year-over-year, according to weekly statistics compiled by AAA.

The National average is down 17 cents per gallon versus the 2016 peak price of $2.39 reached in June.

This year’s seasonal refinery maintenance continues across the United States and select regional markets are still under pressure as a result of planned and unplanned maintenance. The West Coast is enduring the fall turnaround season but is still feeling the impacts of shutdowns at the PBF’s Torrance, California refinery. Similar pressure is still being felt on the East Coast with rumors of refinery outages in the Philadelphia area.

Although gasoline demand typically retreats during the fall due to lower driving demand and the switchover to winter-blend gasoline, continued unplanned outages could create volatility and put pressure on the national average in the near term, AAA predicts.

Quick Stats

    • The biggest weekly price decreases are reflected in Ohio (-12 cents), Michigan (-12 cents), Illinois (-6 cents), Wisconsin (-5 cents), Kentucky (-5 cents), Georgia (-4 cents), South Carolina (-4 cents), Tennessee (-4 cents), Oklahoma (-3 cents) and Kansas (-3 cents).

    • The nation’s top 10 most expensive markets are: Hawaii ($2.89), California ($2.78), Washington ($2.73), Alaska ($2.63), Oregon ($2.55), Nevada ($2.51), Idaho ($2.46), District of Columbia ($2.45), Pennsylvania ($2.40) and Montana ($2.37).