Crude Oil Price Increases Start to Push Up Pump Prices
WASHINGTON, D.C. — The national gas price average rose 1 cent week-over-week to $2.25 per gallon of regular gasoline, marking the first price increase since October 2018.
Crude oil prices are a significant factor in the change, according to the AAA Newsroom.
"The price of crude oil has been slowly, but steadily increasing since the beginning of the year, which is starting to push up pump prices," said Jeanette Casselano, spokesperson for AAA. "The price per barrel increased $3 from last Monday to close on Friday to settle at $51 per barrel."
The previous week also saw a notable build in U.S. gasoline stocks and a small increase demand, according to AAA. Overall demand has been low lately, contributing to the growth in stocks and continued lower gas prices despite increasing crude oil prices.
The current national average is still 14 cents cheaper on the month and 28 cents cheaper on the year.
The top 10 monthly decreases in average gas price were seen in Montana (33 cents), Idaho (32 cents), Colorado (32 cents), Wyoming (31 cents), Utah (29 cents), Hawaii (27 cents), South Dakota (24 cents), North Dakota (22 cents), New Mexico (21 cents) and Minnesota (20 cents).
Additionally, the top 10 largest yearly decreases occurred in Michigan (57 cents), Illinois (53 cents), Iowa (49 cents), Indiana (48 cents), Wisconsin (45 cents), Nebraska (45 cents), Ohio (44 cents), Kentucky (43 cents), Minnesota (41 cents) and Kansas (40 cents).
Other key findings from AAA include:
- Gas prices are rising across the Great Lakes and Central states with the largest weekly jumps seen in Ohio (8 cents), Indiana (8 cents), Missouri (7 cents), Michigan (6 cents), Iowa (6 cents) and Kentucky (4 cents).
- All states in the Rockies region, minus Montana, appear on the top 10 list of states with the biggest weekly changes. These states also saw some of the largest weekly price decreases for the second week.
- Gas prices are fluctuating in the South and Southeast, with increases and decreases as much as four cents on the week. Despite this, the majority of states in these regions continue to see the cheapest gas prices, with seven states appearing on the top 10 least expensive gas prices: Arkansas ($1.90), Mississippi ($1.92), Alabama ($1.92), Louisiana ($1.92), Oklahoma ($1.93), Texas ($1.92) and South Carolina ($1.95).
- West Coast state gas prices are among the highest in the nation, but all state averages in the region moved lower on the week, with Alaska and Washington seeing the biggest drops at 8 cents and 5 cents, respectively.