South Dakota Gas Prices Drop 2 Cents, AAA Reports

Feb. 13, 2017 - Gas prices edged up higher fractions of a penny over the weekend to reach today’s average price of $2.28. This is seven cents less per gallon on the month and an increase of 58 cents per gallon compared to this same date last year.

 

“Gas prices have remained relatively steady this past month due to a well-supplied crude oil market,” said Marilyn Buskohl, spokeswoman for AAA South Dakota. “OPEC just released their monthly oil market report which surprisingly shows that participating countries implemented 90 percent of the agreed upon production cuts which took effect on New Year’s Day.  But despite these OPEC cuts, supplies are still healthy due to increased U.S. drilling and production.”

 

The average price of gasoline is continuing to steadily drop throughout South Dakota, with prices down to $2.22 in Sioux Falls. The statewide average is down 2 cents from a week ago, and 4 cents less per gallon month over month.

 

Current Price Averages per Gallon of Regular Gasoline

 

  • Sioux Falls – $2.22, down 12 cents in the past month … up 88 cents since 2/13/16
  • Rapid City – $2.31, up 8 cents in the past month … up 45 cents since 2/13/16
  • South Dakota – $2.32, down 2 cents in the past month … up 67 cents since 2/13/16
  • U.S. – $2.28, down 7 cents in the past month … up 58 cents since 2/13/16

 

SOURCE: www.GasPrices.AAA.com

 

Quick Stats

  • The nation’s top five most expensive markets are: Hawaii ($3.11), California ($2.87), Washington ($2.73), Alaska ($2.73) and Pennsylvania ($2.53).
  • Averages are down in many states, with the largest monthly savings experienced by: Delaware (-18 cents), Ohio (-17 cents), West Virginia (-16 cents), Illinois (-15 cents) and Wisconsin (-13 cents).

 

Midwest and Central States

Prices in the Central region remained relatively stable over the past week while parts of the Great Lakes region saw dramatic increases: Indiana (+12 cents), Michigan (+8 cents) and Ohio (+6 cents). Chicago gasoline spot prices jumped last week following reports of a fire at CITGO’s 185,200 b/d refinery in Lemont, Illinois. OPIS also reports unplanned maintenance at Husky Energy's 170,000 b/d refinery in Lima, Ohio. The latest EIA report shows that Midwest gasoline inventories climbed to 60.251 million bbl last week while gasoline production also increased to 2.435 million b/d.

 

Oil Market Dynamics

Monday morning crude oil prices slipped slightly despite reports that OPEC members cut 890,000 barrels of oil per day in January. OPEC’s Monthly Oil Market Report stated that participating countries successfully implemented 90 percent of the agreed production cuts they pledged in last year’s historic deal. It also showed that some producers, like Saudi Arabia, cut more than was originally required. In November of last year, OPEC and non-OPEC countries agreed to cut the amount of oil they were producing collectively by 1.8 million barrels per day for six months, starting on January 1.

Any gains this report may have resulted in have been tempered by the continued increase in U.S. drilling and production. According to Baker Hughes, over the past week the U.S. added eight more oil rigs- bringing the total count to 591, which is the highest number since October 2015.  Traders will continue to watch for cartel production compliance and any fluctuations in U.S. production. At the close of formal trading on the NYMEX, WTI was up 86 cents, settling at $53.86 per barrel.

 

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.

 

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.

 

www.AAA.com

www.facebook.com/AAASouthDakota

www.twitter.com/AAASouthDakota

 

AAA is North America’s largest motoring, leisure travel and safety advocacy organization with more than 56 million members. A not-for-profit, fully tax-paying organization, AAA South Dakota provides its nearly 96,900 South Dakota members with emergency roadside assistance and auto travel services. Plus, the auto club offers members and the general public a wide range of personal insurance, worldwide travel and financial services at branch offices across South Dakota and online at AAA.com.

 

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