Gas Prices on the Decline as Demand Weakens & Supply Strengthens

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Gas Prices on the Decline as Demand Weakens & Supply Strengthens

12/12/2017
National Gas Price Average 12/11/17

NATIONAL REPORT — Drivers across the U.S. are seeing lower prices at the pump.

According to AAA, the national average price for a gallon of gasoline dropped 2 cents on the week to $2.46. While the East Coast and Midwest states are seeing the largest drops in gas prices — as much as 6 cents — in the last week, a small number of states that historically experience ongoing volatility are seeing increases: Indiana (11 cents), Michigan (8 cents), Ohio (4 cents), Hawaii (1 cent) and Illinois (1 cent). 

Drivers can expect pump prices to continue to drop heading into the holiday season as supply strengthens and fall gasoline demand weakens, AAA reported.

“Nationally, gas prices are 10 cents cheaper on the month and will continue to drop as we count down the days to the holidays,” said Jeanette Casselano, AAA spokesperson. “AAA expects gasoline demand to weaken throughout the winter, which translates to better prices at the pump.”

Taking a quick look, the top ten states with the largest weekly changes are: Indiana (up 11 cents), Michigan (up 8 cents), Kentucky (down 6 cents), Ohio (up 4 cents), Delaware (down 4 cents), Maine (down 4 cents), Kansas (down 4 cents), Iowa (down 4 cents), Wisconsin (down 4 cents) and New Mexico (down 3 cents).

On the other hand, the nation’s top ten least expensive markets are: Oklahoma ($2.19), Alabama ($2.20), South Carolina ($2.21), Mississippi ($2.21), Arkansas ($2.22), Missouri ($2.22), Texas ($2.22), Tennessee ($2.25), Louisiana ($2.27) and Virginia ($2.27).

Prices in the West Coast region are among the highest in the country. Six states in the region are on the top ten most expensive list for gasoline prices: Hawaii ($3.29), Alaska ($3.21), California ($3.13), Washington ($2.95), Oregon ($2.80) and Nevada ($2.68). However, on the week, gas prices in these states are down at least 2 cents, while Hawaii’s price increased by 1 cent.

In the Central and Great Lakes region, gas prices range from $2.22 (Missouri) to $2.51 (Michigan). In many states, drivers are paying as much as 5 cents less at the pump compared to last Monday, except for those filling up in Indiana (up 11 cents), Michigan (up 8 cents) and Ohio (up 4 cents).

On the week, most South and Southeast states are seeing moderate gas price drops from 2-3 cents. The region is home to the top five states with the cheapest gas in the country: Oklahoma ($2.19), Alabama ($2.20), South Carolina ($2.21), Mississippi ($2.21) and Texas ($2.22). Florida has the most expensive gas of all the states in the region at $2.41, which is about 20 cents more than one year ago.

Even though gas prices drop for every state in the Mid-Atlantic and Northeast region, two states have the top 10 largest declines: Delaware (4 cents) and Maine (4 cents). Despite recent declines, Washington, D.C. ($2.70) averages among the most expensive gasoline in the region along with Pennsylvania ($2.73), Connecticut ($2.67) and New York ($2.65).

Compared to one month ago, motorists in the Mid-Atlantic and Northeast are paying less for a gallon of gasoline, with Delaware (-14 cents) seeing the largest regional drop, AAA reported.

Across the Rockies, motorists are paying 2 to 3 cents less at the pump on the week: Idaho (3 cents), Utah (3 cents), Colorado (3 cents), Wyoming (2 cents) and Montana (1 cent). The most expensive gas in the region is found in Montana ($2.62) and Idaho ($2.61).

Compared to this time last year, Montana (43 cents), Colorado (42 cents), Wyoming (40 cents) and Minnesota (36 cents) land on the top 10 list of states with largest year-over-year increases.

Top Ten Largest Weekly Changes in Gas Prices
Top Ten Least Expensive Markets

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