Prices Around the Nation
According to AAA, national average as of Aug. 15 was $3.95, 62 cents less than a month ago, but 77 cents more than a year ago.
The nation's top 10 largest weekly decreases were Maine (19 cents), Colorado (18 cents), West Virginia (16 cents), Arizona (15 cents), Illinois (15 cents), New Mexico (14 cents), Florida (13 cents), Nebraska (13 cents), Arkansas (13 cents) and Kansas (13 cents).
The nation's top 10 least expensive markets were Texas ($3.45), Arkansas ($3.47), Tennessee ($3.50), Oklahoma ($3.50), South Carolina ($3.50), Georgia ($3.51), Mississippi ($3.52), Kansas ($3.53), Missouri ($3.53) and Alabama ($3.54).
At the close of the formal trading session on Aug. 12, West Texas Intermediate (WTI) decreased by $2.25 to settle at $92.09. WTI oil is another benchmark used by oil markets, representing oil produced in the United States.
Although crude prices declined at the end of the week due to concerns that an economic slowdown could cause crude demand to stagnate or decline, prices rose earlier in the week after the U.S. Bureau of Labor Statistics reported a smaller than expected increase in inflation last month at 8.5 percent. The rise in market optimism helped to boost prices despite EIA reporting that total domestic crude supply increased by 5.4 million barrels. For this week, oil prices could continue to decline if demand concerns persist, AAA noted.