The national average for a gallon of regular gasoline rose a nickel since the previous week to hit $3.48 as of March 30. Robust demand for gasoline and rising oil prices are the driving factors for the recent uptick in pump prices.
“Oil prices finally crested and have now settled above the $70 per barrel mark after weeks of hovering just below it,” said Andrew Gross, AAA spokesperson, “and gas demand is very robust. These two factors will cause drivers to see prices increase for now.”
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.96 million to 9.15 million b/d over the same week. Meanwhile, total domestic gasoline stocks decreased substantially by 2.9 million bbl to 226.7 million bbl. Increased demand amid tighter supply has contributed to pushing pump prices higher. If demand continues to rise, pump prices will likely follow suit.
The March 30 national average of $3.48 is 13 cents more than a month ago but 75 cents less than a year ago.
Since March 23, these 10 states have seen the largest changes in their averages: Indiana (+15 cents), Ohio (+14 cents), Colorado (?14 cents), Delaware (+12 cents), Iowa (+12 cents), Kentucky (+12 cents), Illinois (+11 cents), Michigan (+11 cents), Arizona (+10 cents) and Texas (+9 cents).
The nation’s top 10 least expensive markets: Mississippi ($3.01), Arkansas ($3.06), Oklahoma ($3.06), Kansas ($3.06), Missouri ($3.10), Alabama ($3.14), South Carolina ($3.15), Louisiana ($3.15), Texas ($3.15) and Montana ($3.19).
Source: AAA
Abby Andrews