Increase in National Gasoline Price Average Slows BIGGLY Week over Week

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The nation’s average price of gasoline has risen 5.1 cents over the last week and stands at $4.48 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is up 37.3 cents from a month ago and is $1.40 per gallon higher than a year ago. The national average price of diesel rose 0.2 cents in the last week and stands at $5.623 per gallon.

“Average gasoline prices declined in just six states over the last week, led by the Great Lakes region, where motorists in states like Michigan and Ohio saw prices fall sharply, while Indiana experienced even steeper relief after the state temporarily waived both its excise and use taxes on gasoline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Those declines helped pull the national average lower by roughly eight cents over the last several days after oil prices eased mid-week on optimism that the U.S. and Iran could reach a deal. However, that optimism has since largely unraveled, with talks appearing to stall and President Trump signaling the latest proposal is unacceptable, helping push oil prices higher again in Sunday electronic trade. As a result, many states could see another round of price cycling in the days ahead, potentially sending the national average toward the $4.65-per-gallon mark if oil continues climbing. In addition, diesel prices across much of the Great Lakes region are nearing new record highs as ongoing refinery issues continue to disproportionately impact diesel production. Should geopolitical tensions escalate further, fuel prices could rise even more sharply in the weeks ahead.”

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In early Monday trade, WTI crude oil was up $2.95 per barrel to $98.37 per barrel, though still below last week’s $105.33 level, while Brent crude rose $3.07 to $104.36 per barrel, also down from $112.03 per barrel a week earlier.

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The SPR fell 5.2 million barrels to 392.7 million barrels.

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The states with the lowest average prices: Oklahoma ($3.93), Mississippi ($3.96), and Arkansas ($3.97).

The states with the highest average prices: California ($6.10), Washington ($5.72), and Hawaii ($5.60).

Biggest weekly changes: Indiana (-44.0¢), Alaska (+18.6¢), Ohio (-15.2¢), Delaware (+14.9¢), Georgia (+13.9¢).

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The states with the lowest average diesel prices: Oklahoma ($4.99), Texas ($5.06), and Louisiana ($5.06).

The states with the highest average diesel prices: California ($7.42), Hawaii ($7.14), and Washington ($6.78).

Biggest weekly changes: Colorado (-13.7¢), Florida (-12.4¢), Nebraska (+12.4¢), Texas (+10.6¢), Wyoming (+10.6¢).

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By comparison, last Monday the reported week over week increase was 38.2 cents per gallon.

Also, just to contrast from a different source, AAA is reporting today’s nation wide average for Regular being $4.520/gallon, reflecting an increase of 6.3 cents per gallon from their reported average last Monday.