The price of gasoline on Monday is higher than it was a year ago by just over a penny. In itself that doesn’t seem like a big deal, but it marks the first time in 833 days that the price of gas on a given day is higher than it was on the same date a year earlier.
The national average gasoline price Monday morning was $2.22 a gallon, compared with $2.234 a week ago, $2.211 a month ago and $2.208 a year ago. The most common price for a gallon of regular gas in the United States is $2.099, up from $1.999 a year ago.
There are no U.S. gas stations charging more than $4.00 a gallon for gas, and just 0.1% charging between $3.50 and $4.00 a gallon. No gas station is charging less than $1.75 a gallon, and more than 80% are charging between $2.00 and $2.25 a gallon.
The five states where prices changed the most last week were Ohio (down 12.4 cents), Michigan (down 12.1 cents), Utah (up 5.8 cents), Wisconsin (down 5.1 cents) and Illinois (down 4.6 cents).
The five states where average gasoline prices were cheapest were Oklahoma ($1.97), Arkansas ($2.02), New Jersey ($2.03), Ohio ($2.03) and South Carolina ($2.04). Eight other states posted average prices below $2.10 a gallon: Texas, Kansas, Mississippi, Tennessee, Louisiana, Alabama, Virginia and Michigan.
The five states posting the highest averages were Hawaii ($2.855), California ($2.78), Washington ($2.725), Alaska ($2.591) and Oregon ($2.533). Only one other state, Nevada, had a price above $2.50 a gallon.
Gasoline prices have dropped below $2.10 a gallon in 10 states: Oklahoma ($2.00), Texas ($2.006), New Jersey ($2.009), Arkansas ($2.042), Louisiana ($2.052), Missouri ($2.055), Mississippi ($2.058), South Carolina ($2.069), Kansas ($2.078) and Alabama ($2.099).
Getting off to a rough start in electronic trading this week, West Texas Intermediate (WTI) crude oil for December delivery traded down about 1% at $50.32, after closing at $51.00 on Friday. Both crude oil and refined products inventories remain well above their five-year averages.