Gas prices have bounced back across much of the land: the national average has risen nearly 3 cents per gallon to $2.55 per gallon according to GasBuddy, which surveys nearly 135,000 gas stations nationwide.
“Gas prices remained mostly in check over the last week, yet the national average pushed higher as seasonal factors continue to weigh on the market, led by jumps at the pump in some Great Lakes states over the weekend,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The national average now stands at its highest level in over a month and is likely to continue moving higher in the weeks ahead as demand continues to recover from the winter blues and the transition to summer gasoline kicks into high gear. Overall, gas prices this spring will come in some 10-25% higher than a year ago, removing billions of dollars from other areas of the economy that will instead be funneled to the pump.”
Oil prices have risen slightly in the last week to $62.13 per barrel, up 76 cents versus prices in early trade last Monday on little change in fundamentals over the last week. Weekly data from the U.S. Energy Information Administration last Wednesday showed a large 5 million barrel increase in crude oil inventories, initially pushing oil prices down as a result, before recovering. Large builds in oil inventories aren’t uncommon during the spring as refiners slow down processing as upgrades and maintenance takes place ahead of the flurry of demand during the summer driving season. Gasoline inventories, however, posted the exact opposite, falling 6.3 million barrels to a similar level from a year ago, likely for similar reasons. Additionally, winter-spec fuels are likely being moved out of the system to make room for EPA-mandated summer blends that will soon be required. All five regions of the country saw gasoline inventories declining for this reason. Total petroleum inventories remain consistently under their year-ago level with last week’s numbers lagging by 10.5% versus 2017, likely due in bulk to OPEC’s oil production cuts.
Looking state-by-state, the largest weekly changes in average gas prices were seen in: Illinois (+8 cents), Michigan (+7 cents), Georgia (+6 cents), Kentucky (+6 cents), Maryland (+5 cents), Tennessee (+5 cents), Nevada (+5 cents), Delaware (+5 cents), Utah (+5 cents) and West Virginia (+5 cents).
States with the lowest average gasoline prices: Missouri ($2.27), Mississippi ($2.27), South Carolina ($2.28), Alabama ($2.28), Arkansas ($2.29), Texas ($2.31), Oklahoma ($2.33), Louisiana ($2.33), Tennessee ($2.34) and Wyoming ($2.36).
States with the highest average gasoline prices: Hawaii ($3.51), California ($3.41), Alaska ($3.06), Washington ($3.03), Oregon ($2.94), Nevada ($2.85), Pennsylvania ($2.74), New York ($2.67), Connecticut ($2.65) and Michigan ($2.64).
