Gasoline Demand Dips, Gas Prices Continue to Drop

At $2.52, the national gas price average is the cheapest pump price seen this February. The national gas price average for the month of February is $2.56, which is 29-cents more expensive than the $2.28 average of February 2017. On the week, gas prices decreased 1 cent.

“Gas prices continue to trend cheaper for the majority of motorists as demand for consumer gasoline declines for a second week,” said Jeanette Casselano. “Even with the small drop-off, demand continues to register above 9 million b/d, which is a four percent year-on-year increase, according to the Energy Information Administration’s latest report.

Locally, South Jersey motorists are paying an average of $2.53 for a gallon of unleaded gas, a 5-cent drop from last week ($2.58). Today’s price is also 7 cents less than one month ago ($2.60), but is 28 cents more than one year ago ($2.25).

Quick Stats

• The largest weekly changes are: Indiana (-9 cents), Florida (-5 cents), Michigan (+5 cents), Kentucky (+4 cents), New Jersey (-4 cents), Ohio (+4 cents), South Carolina (-3 cents), New Mexico (-3 cents), Maryland (-3 cents) and Tennessee (-3 cents).
• The nation’s top ten least expensive markets are: Texas ($2.25), South Carolina ($2.25), Mississippi ($2.26), Alabama ($2.26), Missouri ($2.29), Arkansas ($2.30), Ohio ($2.30), Tennessee ($3.31), New Mexico ($2.32) and Oklahoma ($2.33).

Mid-Atlantic and Northeast

Gas prices are 1-4 cents cheaper across the Mid-Atlantic and Northeast region. New Jersey (-4 cents), Maryland (-3 cents), Tennessee (-3 cents), Delaware (-3 cents), Virginia (-3 cents) and Vermont (-3 cents) saw the largest changes on the week. Despite the drops, motorists in the region are seeing very expensive prices at the pump. In the Mid-Atlantic and Northeast region, the majority of states have gas averages between $2.34 (Virginia) up to $2.81 (Pennsylvania).