The average U.S. price for a gallon of regular gasoline dipped by just over a penny in the past week to $2.85, according to the latest data from GasBuddy. The price had been steady for two weeks before this week’s drop. 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 nearly four cents a gallon, and it remains 50 cents a gallon higher year over year. Last month the national average was $2.89, while the year-ago average was $2.349.
Retail gasoline prices slipped in 37 states this week, rose in 12 states, and saw no change in one other.
Patrick DeHaan, head of petroleum analysis at GasBuddy, said:
Yet again, average gas prices have remained fairly quiet. This summer has been remarkably mum at pumps with most states seeing prices move in an uncharacteristically small summer range of 10-20 cents per gallon or less. Oil prices continue to be range-bound between $67 and around $73 per barrel as of late as competing factors weigh on oil prices at very similar times. Oil inventories have continued to decline, but gasoline inventories remain healthy, and with summer drawing to a close and gasoline demand set to step down, we may see additional relief coming barring any disruptions to the flow of oil or gasoline such as a major hurricane.
According to GasBuddy, states where prices moved most last week were: Michigan (up 11 cents); Ohio (down 8 cents); Indiana (down 6 cents); Florida (up 5 cents); Kentucky (down 5 cents); Idaho (up 4 cents); Delaware (down 3 cents); and Georgia, Nebraska and Maryland (down 2 cents).
States with the lowest average prices last week included: South Carolina ($2.54); Mississippi ($2.55); Alabama ($2.56); Arkansas ($2.57); Oklahoma ($2.58); Texas ($2.60); Louisiana ($2.61); and Missouri, Virginia and Tennessee ($2.62).
The highest average prices per gallon last week were reported from Hawaii ($3.70); California ($3.59); Washington ($3.36); Alaska ($3.34); Oregon ($3.26); Idaho ($3.20); Nevada ($3.16); Utah ($3.10); Pennsylvania ($3.05); and Connecticut ($3.04).
West Texas Intermediate crude oil for September delivery traded down about 2.6% just after the noon hour Monday at $65.90, while Brent for October delivery traded at $71.35. The price differential (spread) between WTI and Brent crude increased by $0.72 to $5.45 a barrel week over week.