As of March 9, the national average for a gallon of regular gasoline increased nearly a dime since the previous week to $3.46. However, this price pop could be short-lived, as demand and the global cost of oil have fallen recently.
“Less expensive oil and fewer people fueling usually combine to lower pump prices,” said Andrew Gross, AAA spokesperson. “However, there is some upward pricing pressure at the moment due to the switch to summer blend gasoline, which may add about five to 10 cents per gallon. But if demand and oil costs remain low, this recent price bounce may fade.”
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.11 million to 8.56 million b/d over the same week. Meanwhile, total domestic gasoline stocks decreased by 1.1 million bbl to 238.1 million bbl. Although gas demand has declined, fluctuating oil prices have increased pump prices amid tighter supply.
The March 9 national average of $3.46 is three cents more than a month ago but 79 cents less than a year ago.
Since March 2, these 10 states have seen the largest changes in their averages: Michigan (+25 cents), Arizona (+22 cents), Kentucky (+17 cents), New Mexico (+17 cents), Ohio (+15 cents), South Carolina (+15 cents), Wisconsin (+14 cents), Delaware (+13 cents), Texas (+13 cents) and Indiana (+13 cents).
The nation’s top 10 least expensive markets: Mississippi ($3.00), Missouri ($3.05), Texas ($3.06), Oklahoma ($3.08), Arkansas ($3.08), Kansas ($3.09), Louisiana ($3.10), Alabama ($3.10), Tennessee ($3.14) and Kentucky ($3.14).
Source: AAA
Abby Andrews