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Aug 12, 2014 | Fuel
The national average price for regular unleaded gasoline has continued its downward trend despite high-profile conflicts in overseas oil producing countries and declining domestic refinery production. Today’s national average is $3.48 per gallon, which is two cents less than one week ago,14 cents less than one month ago and seven cents less than the same date last year.
In South Jersey, the average price for a gallon of unleaded gas is $3.27, which is six cents less than one week ago. The price is 25 cents less than one month ago, and 19 cents less an one year ago. Over the past two weeks, the price in New Jersey has dropped 10 cents per gallon, the largest decrease in the country.
The falling national average is largely mirrored at the state level, where drivers in all but a handful of states are paying less at the pump over the last few weeks. Consumers in Hawaii ($4.32), Alaska ($4.10) and California ($3.91) continue to pay the highest prices per gallon, yet week-over-week declines were recorded in each of the nation’s top 10 most expensive markets. Over the past 14 days, average retail prices have dropped in 42 states and Washington D.C. Conversely, the price has increased in eight Midwestern and Central states, led by Ohio (+13 cents), Indiana (+11 cents) and Michigan (+11 cents). These increases can be traced back to refinery problems and maintenance at several facilities supplying the region: two in Kansas (Holly Frontier in El Dorado and the Coffeyville plant); BP’s refinery in Whiting, Ind.; and ExxonMobil’s refinery in Joliet, Ill.; which is running at reduced rates while conducting work.
Today’s month-over-month comparison shows that drivers in 46 states and Washington D.C. are enjoying a savings at the pump, with the largest price reductions occurring in Washington D.C. (-22 cents), Delaware (-21 cents), West Virginia (-20 cents) and California (-20 cents). In 39 states of these states and Washington D.C., the savings are a dime or more per gallon.
Year-over-year discounts are reflected in the price per gallon in 40 states and Washington D.C., with 27 states and Washington D.C. showing savings in the double-digits. The mid-continent states of Kansas (-21 cents), South Dakota (-21 cents) and North Dakota (-20 cents) posted the largest year-over-year savings, followed by Delaware (-19 cents) and Rhode Island (-18 cents). On the other side of this trend, motorists in 10 states are paying more per gallon versus this time last year, with drivers in Nevada paying the highest premium: 10 cents per gallon.
Last week President Obama announced that the U.S. would begin airstrikes in Iraq, in response to the continuing escalation of violence by the group known as ISIL (Islamic State of Iraq and Levant). Iraq is the world’s seventh-largest oil producer and a disruption in production could impact the global supply. Tensions between Russia and Ukraine, and the situation Libya also remain front of mind for many, although none of these occurrences have resulted in a disruption to supply. Ultimately, despite these geopolitical headlines, oil prices continue to trade near multi-month lows. The price of West Texas Intermediate (WTI) settled 43 cents higher at $98.08 per barrel at the close of formal trading today, which is slightly lower than the price to begin last week and equal to the lowest settlement to begin a week since the start of February.