Rising crude oil prices push up pump prices for consumers
(January 30, 2018) At $2.58, the national gas price is four cents more expensive on the week. Across the country, motorists in 47 states and Washington, D.C. have seen pump prices increase as much as 9 cents with the Great Lakes, Central, South and Southeastern states seeing the largest increases, according to AAA.
The Energy Information Administration (EIA) reports an increase on the week in gasoline demand and inventories.
“Compared to the first few weeks of January last year, consumer gasoline demand is noticeably higher, which is surprising giving the frigid winter much of the country has experienced this month,” said Jeanette Casselano of AAA.
“But demand isn’t the only factor driving prices up. Crude oil has been selling at very expensive rates the past few months. Those higher market prices are now trickling over to consumers at the pump.”
Nationally, gas prices are 10 cents more expensive than one month ago and 30 cents more than one year ago. On the month, Iowa (+18 cents) has seen the largest increase. Compared to one year ago, motorists in Indiana (+52 cents) top the list for the largest increase, while New Mexico (+15 cents) has seen the smallest increase in the country.
Quick Stats
The largest weekly changes in the top 10 markets are: North Dakota (+9 cents), California (+8 cents), Missouri (+8 cents), Indiana (+6 cents), Kansas (+6 cents), Oklahoma (+6 cents), Minnesota (+6 cents), Mississippi (+5 cents), Alabama (+5 cents) and Alaska (-5 cents).
The nation’s top 10 least expensive markets are: South Carolina ($2.33), Texas ($2.34), Alabama ($2.35), Mississippi ($2.36), New Mexico ($2.36), Arkansas ($2.37), Arizona ($2.37), Missouri ($2.38), Louisiana ($2.40) and Tennessee ($2.40).