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Jan 8, 2018 | Fuel
The national gas price average has held steady at $2.49 for nine straight days. Many motorists across the country are seeing more expensive gas prices at most six cents on the week, while prices are cheaper for a select few states: Indiana (-10 cents), Ohio (-7 cents), Michigan (-6 cents), Kentucky (-4 cents), Illinois (-2 cents), Colorado (-1 cent), Montana (-1 cent), New Mexico (-1 cent) and Washington, D.C. (-1 cent).
“On average, gas prices are 12 cents more expensive than a year ago. However, on the week consumer demand for gasoline decreased. If this continues, gas prices will decrease in the weeks ahead,” said Jeanette Casselano, AAA spokesperson.
Motorists can find gas for $2.50 or less at 64 percent of gas stations nationwide. The cheapest gas can be found in Missouri ($2.23).
Locally, South Jersey motorists are paying an average of $2.52 for a gallon of unleaded fuel. This is 2 cents more per gallon than last week ($2.50), 9 cents more than this time last month ($2.43), and 12 cents more than this time last year ($2.40).
Quick Stats
Mid-Atlantic and Northeast
Gas prices are increasing by the day in the Mid-Atlantic and Northeast. On the week, price jumps range from six to one cent. Vermont (+5 cents) saw the largest jump in the region and the country. Washington, D.C. was the only state in the region to see prices decrease, albeit by one cent.
Similar to this time last year, four states have among the top 10 most expensive gas price averages in the country. In fact, gas prices in these states are as much as 17 cents more expensive at the start of 2018: Connecticut (+17 cents), Washington, D.C. (+12 cents), New York (+12 cents) and Pennsylvania (+11 cents).
Despite artic temperatures and violent winter weather, there have been no real supply issues in the region since gasoline inventories are ample. With a small build (55,000 bbl.), gasoline inventory levels continue to top 58 million bbl. However, the region is at a 7 million bbl. deficit compared to this time last year.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI decreased 57 cents to settle at $61.44.
Although the market dropped slightly last week, end of the year gains were significant according to the EIA. Among the 2017 U.S. crude highlights were:
These facts have given the market greater optimism about the potential of prices continuing to climb in 2018, as OPEC’s agreement to reduce production will remain in effect through the end of this year and will help to restrain growing inventories. However, growing U.S. production amid higher global demand growth has given some pause to these optimistic market observations. U.S. production rates in coming months will give a clearer picture. The latest weekly active rig count report from Baker Hughes, Inc. found the U.S. dropped by five rigs to land at 742.
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.