National Gas Price Average Nears $2 a Gallon

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National Gas Price Average Nears $2 a Gallon

05/27/2020

NATIONAL REPORT — The national gas price average is close to hitting the $2 per gallon mark weeks after hitting a low of $1.76 in April.

On May 26, the national average reached $1.96, which is 87 cents cheaper than the end of May 2019, but 8 cents higher than a week ago and 19 cents higher than last month, reported AAA.

Fluctuations in crude oil demand are the primary reasons for fuel price increases.

"Americans have seen significantly cheaper-than-normal gas prices the past two months. However, those low prices — as well as crude oil prices — have been pushing more expensive," said Jeanette Casselano, AAA spokesperson. "While motorists will see pump prices continue to increase, AAA does not expect the summer average to be as expensive as last year's season."

The United States could see a spike in gas prices due to the Atlantic hurricane season that runs June 1 through Nov. 30. AAA reported that the National Oceanic and Atmospheric Administration have predicted that the 2020 season will have above-average activity.

The 10 states with the largest weekly increases include Colorado (16 cents), Utah (15 cents), Kentucky (14 cents), Idaho (12 cents), Minnesota (12 cents), Michigan (11 cents), North Dakota (11 cents), Missouri (11 cents), Indiana (10 cents) and Delaware (10 cents).

Markets with the top 10 largest monthly increases are Wisconsin (71 cents), Ohio (58 cents), Michigan (55 cents), Indiana (51 cents), Illinois (44 cents), Kentucky (40 cents), Iowa (40 cents), Minnesota (33 cents), Idaho (28 cents) and Oklahoma (27 cents).

Regional changes include:

Great Lakes & Central States

A dozen Great Lakes and Central states saw gas prices increase by 10 cents or more on the week, with Kentucky (14 cents), Minnesota (12 cents), North Dakota (11 cents), Missouri (11 cents) and Wisconsin (10 cents) seeing the largest spikes.

Although state gas price averages in the region are more expensive than one month ago, they remain 75 cents to a dollar cheaper than one year ago.

South & Southeast

Florida ($1.88) and Oklahoma ($1.63) saw the largest weekly increases in the region, while Louisiana saw the smallest increase at just 2 cents.

The region also remained home to the lowest state gas price averages, with Mississippi ($1.58), Arkansas ($1.61), Texas ($1.62), Alabama ($1.63), Louisiana ($1.63) and Oklahoma ($1.64) seeing the lowest prices in the region and the country.

Mid-Atlantic & Northeast

Five Mid-Atlantic and Northeast states have averages of $2 per gallon or more: Pennsylvania ($2.22), New York ($2.18), Washington, D.C., ($2.13), New Jersey ($2.02) and Maryland ($2.01). Virginia has the lowest state average in the region at $1.75.

Week over week, the region saw prices rise between 2 cents and 8 cents.

Rockies

Three states in this region appeared on the top 10 list of the largest weekly increases: Colorado (16 cents), Utah (15 cents) and Idaho (12 cents). Wyoming and Montana saw smaller increases at 5 cents and 1 cent, respectively.

Idaho ($2.13) and Utah ($2.17) are currently the only states in the region with an average above $2 per gallon.

West Coast

Arizona (8 cents), Alaska (7 cents) and California (6 cents) saw the largest price increases in the region on the week.

Hawaii ($3.17) and California ($2.86) remain the most expensive markets in the country, followed by Washington ($2.50), Oregon ($2.43), Nevada ($2.41), Arizona ($2.16) and Alaska ($2.14).

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