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Gas Prices on the Rise for Half of the Country

03/05/18
Fuel

Following three weeks of pump price declines, half of the country is seeing gas prices climb as much as 9 cents on the week. At $2.53, the national gas prices average is one cent more than last Monday with 25 states seeing gas prices increases. That being said, today 63% of motorists in the United States can fill up for $2.50/gallon or less.

“2018 has seen fluctuating crude oil prices, strong gasoline demand and new U.S. oil production records creating a volatile gas price market from month to month for consumers,” said Jeanette Casselano. “Typically, March brings more expensive pricing as days get longer, weather gets warmer and refineries gear up to switch over to pricier summer blends.”

Locally, South Jersey motorists are paying an average of $2.50 for a gallon of unleaded gas. This represents a 3-cent decrease from last week ($2.53), and an 18-cent drop in the past month ($2.68). However, today’s price is 27 cents per gallon than this time last year ($2.68).

Quick Stats

  • The largest weekly changes are: Ohio (+9 cents), Indiana (+8 cents), Georgia (+5 cents), Alaska (+4 cents), Kansas (+4 cents), Michigan (+4 cents), South Carolina (+3 cents), Oregon (+3 cents), Illinois (+3 cents) and New Jersey (-3 cents).
  • The nation’s top ten most expensive markets are: Hawaii ($3.50), California ($3.35), Alaska ($3.06), Washington ($3.00), Oregon ($2.90), Nevada ($2.79), Pennsylvania ($2.79), Washington, DC ($2.73), New York ($2.71) and Connecticut ($2.69).

Mid-Atlantic and Northeast

Gas prices increased in only two states in the Mid-Atlantic and Northeast region on the week: North Carolina (+2 cents) and Tennessee (+1 cent). Gas prices decreased 1 to 3 cents in all other states with New Jersey seeing the largest drop. 

Six states land on the 10 top list for largest year-over-year gas price change, paying as much as 30-cents more for a gallon or regular: Massachusetts (+31 cents), Rhode Island (+31 cents), Vermont (+30 cents), New Jersey (+30 cents), Connecticut (+29 cents) and New Hampshire (+28 cents). At 19 cents more, North Carolina is seeing the smallest year-over-year change at the pump in the region.

Gasoline inventories remain above the 65 million bbl mark despite a second week of declines. The region is facing a 10 million bbl deficit compared to this week last year, according to EIA data. 

Oil market dynamics

After losses throughout last week, WTI increased 26 cents to settle at $61.25 at the close of Friday’s formal trading session on the NYMEX, The losses earlier in the week came after EIA's petroleum report revealed that crude oil inventories grew by 3 million bbl last week. Moreover, crude runs at refineries inched up to 15.9 million b/d, marking slower than expected growth. At the same time, domestic crude production continues to boom at 10.3 million b/d, which could cause inventories to continue to increase. If they do, oil prices may take a further hit when EIA's weekly petroleum report week is released on Wednesday. Additionally, the U.S. gained an active oil rig last week, bringing the current total to 800.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.