High Consumer Demand Chipping Away at National Gasoline Inventory

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High Consumer Demand Chipping Away at National Gasoline Inventory

11/16/2017
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WASHINGTON, D.C. — Strong fall consumer gasoline demand has continued into November, chipping away at national gasoline inventory.

According to AAA Newsroom, the Energy Administration (EIA) reported total gasoline inventories fell by 3.3 million barrels. The national average gas price has increased 9 cents in 13 days to $2.65 as of Nov. 13.

"Compared to the first half of November last year, gas prices this November are on average 39-cents more expensive," said Jeanette Casselano, AAA spokesperson. "However, while November gas prices have come in like a lion, AAA expects them to go out like a lamb."

While gas prices rose in the majority of states across the United States on the week, only four states saw double-digit fluctuations: Florida and Alaska saw average increases of 13 and 12 cents per gallon, respectively, while prices fell 13 cents in Indiana and 10 cents in Ohio.

On the West Coast, which continues to sell the most expensive gas in the country, average gas prices rose as high as 12 cents on the week: Alaska $3.21 (an increase of 12 cents per gallon), Oregon $2.85 (7 cents), California $3.24 (3 cents), Hawaii $3.22 (5 cents), Washington $2.99 (5 cents), Arizona $2.40 (2 cents) and Nevada $2.74 (1 cent).

Gas prices remain volatile in the Great Lakes and Central states, with drivers in six states paying less on the week: Indiana (13 cents), Ohio (10 cents), Illinois (6 cents), Wisconsin (2 cents), Missouri (2 cents) and Kentucky (1 cent). Other states in the region saw modest increases, with Nebraska leading the way with a 5-cent increase. The most expensive gas in the region is sold in Michigan ($2.74) and Illinois ($2.72), while the least expensive is found in Kansas ($2.40) and Missouri ($3.36), AAA said.

In the South and Southeast, gas prices rose 9 cents on average, with the largest increase occurring in Florida (13 cents), followed by Oklahoma (5 cents). Despite this, gas is still relatively cheap in the region, with seven states in the area appearing on the week's list of top 10 states with the least expensive gas: Alabama ($2.26), Mississippi ($2.27), South Carolina ($2.29), Louisiana ($2.30), Arkansas ($2.31), Texas ($2.31) and Oklahoma ($2.35).

Every state in the Mid-Atlantic and Northeast region is paying more for a gallon of gasoline on the week, with the largest increases occurring in North Carolina and New Jersey, at 6 cents for both. The most expensive gas in the region is in Pennsylvania ($2.79) and Washington, D.C. ($2.74), both of which are on the top 10 highest gas prices list. The cheapest gas in this region is in Virginia ($2.32) and Tennessee ($2.34).

Drivers in the Rockies are paying less on the week in Utah and Idaho, which saw declines of 3 cents and 1 cent, respectively. Gas prices increased in Colorado (3 cents), Montana (3 cents) and Wyoming (1 cent). On the month, gas prices fell 11 cents in Utah and 7 cents in Idaho.

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