The average U.S. price for a gallon of regular gasoline remained unchanged over the past week at $2.86 according to the latest data from GasBuddy. The previous week experienced the first increase in three weeks. Pump prices reached a year-to-date high of $2.97 on the Friday ahead of the Memorial Day holiday and had been declining slowly ever since.
Month over month the price is down a penny by a gallon and remains about 52 cents a gallon higher year over year. Last month the national average was $2.868 while the year-ago average was $2.339.
Retail gasoline prices rose in 29 states this week, fell in 19 states, and saw no change in 2 others.
Patrick DeHaan, head of petroleum analysis at GasBuddy, said:
The national average price of gasoline jumped to start last week before slowly tapering off during the latter half, but remains very close to their week ago levels. Oil prices have held under $70 per barrel, giving promise that gas prices will continue to hold south of $3 per gallon near where they have spent much of the summer so far. With several bullish and bearish factors weighing on oil prices, you may see gas prices stuck in some sort of late summer blues before motorists see more sizable relief coming after Labor Day. Refiners continue to hum along meeting high demand with few kinks, leading to gas prices that have remained between $2.80-$2.89 per gallon the entire summer thus far.
According to GasBuddy, states where prices moved most last week were: Michigan (down 9 cents); Delaware (up 7 cents); Georgia (up 4 cents); Indiana (down 4 cents); Tennessee, Wyoming, North Carolina, Idaho, and South Dakota (up 3 cents); and Nebraska ( up 2 cents)
States with the lowest average prices last week included: Mississippi ($2.56); Alabama and South Carolina ($2.57); Louisiana and Arkansas ($2.58); Oklahoma ($2.59); Texas ($2.62); Kansas and Virginia ($2.63); and Tennessee ($2.64).
The highest average prices per gallon last week were reported from Hawaii ($3.74); California ($3.60); Washington ($3.38); Alaska ($3.35); Oregon ($3.27); Nevada ($3.17); Idaho ($3.11); Utah and Pennsylvania ($3.06); and Connecticut ($3.04.
WTI crude oil for September delivery traded up about 0.8% just after the noon hour Monday at $69.02 while Brent for October delivery traded at $73.75. The price differential (spread) between WTI and Brent crude decreased by $0.14 to $4.73 a barrel week over week.