Gas Price Trends Showing No Relief
Monday, February 5, 2018 - The national gas price average has increased for the sixth consecutive week, landing today’s national average at $2.61. That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.
“Every motorist in the country is paying more at the pump year-over-year. At $2.58 cents, South Dakota is seeing an increase of 24 cents compared to the same time last year,” said Marilyn Buskohl, AAA South Dakota spokesperson. “Strong demand coupled with steadily rising oil prices means filling up will continue to cost consumers more this month. In fact, the last time the national gas price average was this high, but under $3/gallon in February was in 2010.”
Central and Great Lakes Region
On the week, gas prices are less volatile than we have seen in the Great Lakes and Central region since the start of the year. While prices increased for most states, from 1 to 6 cents, a few states saw no change (Wisconsin) or a 1-cent decrease at the pump: Illinois and Missouri.
In the region, 10 of 13 states are selling gas for $2.50 or more: Michigan ($2.67), Iowa ($2.64), North Dakota ($2.63), Illinois ($2.62), Nebraska ($2.62), Indiana ($2.60), Minnesota ($2.58), South Dakota ($2.58), Wisconsin ($2.54) and Kentucky ($2.51). Missouri ($2.38) and Ohio ($2.45) have the lowest gas price average in the region.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI decreased 35 cents to settle at $65.45. Last week’s losses, which were buoyed by a stronger dollar, may extend into this week after EIA’s latest weekly report revealed that crude inventories grew by an astonishing 6.8 million b/d.
The crude oil growth may give the market some pause as it assesses the long-term impact of OPEC’s production reduction agreement, which remains in effect through the end of 2018. Countries outside of the agreement, such as the U.S., have seen production grow as global demand has grown, enabling these countries to export more oil while OPEC and its allies reduce production.
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
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