Third Week of Continued Falling Gas Prices

Jeanette Casselano and Megan Foster

Monday, May 15, 2017

Today’s national average is $2.34/gallon. This price is a penny cheaper than one week ago, seven cents less than a month ago, but +12 cents more than a year ago. The latest Energy Information Association (EIA) report shows that gasoline demand increased by 252,000 barrels on the week. Despite the jump in demand, the continued oversupply of gasoline caused prices in most parts of the country to drop or remain steady with the exception of some states in the Great Lakes and Central regions, where prices increased by a penny or more.

Locally, South Jersey motorists are paying an average of $2.28 for a gallon of unleaded gas. This represents a 2-cent decrease from last week ($2.28), and a 9-cent decrease in the past month. However, , today’s price is 24 cents per gallon higher than this time last year.

In coming weeks, the onset of summer travel is likely to increase demand which might help dip into high gasoline stocks; however, it may not be enough demand to increase prices significantly.

Quick Stats

• The nation’s top ten markets with the most expensive gas: Hawaii ($3.06), California ($2.98), Alaska ($2.90), Washington ($2.88), Oregon ($2.73) and Nevada ($2.68), Pennsylvania ($2.57), Idaho ($2.54), Washington, D.C. ($2.51) and New York ($2.50).

• The nation’s top ten markets with the biggest changes in the last week include: Indiana (+9 cents), Ohio (+7 cents), Michigan (+7 cents), Delaware (-5 cents), Kentucky (+5 cents), Florida (-5 cents), South Carolina (-4 cents), Alabama (-4 cents), North Carolina (-4 cents) and Pennsylvania (-4 cents).