January Gas Price Trends Indicate a More Expensive Year at the Pump
January 22, 2018 - Today’s national gas price average is $2.54, which is only one cent more than last week. The Energy Information Administration (EIA) reports that while gasoline demand modestly decreased (146,000 b/d), gasoline inventory increased by 3.6 million bbl. Combined, these two factors resulted in minimal impact on the national average this week. On the week, gas prices increased for 41 states with Florida seeing the largest jump at the pump with a nine-cent increase.
South Dakota’s statewide average today is $2.49, two cents higher week-over-week and fourteen cents higher than one year ago.
“For consumers, the question is how high are gas prices going to go in 2018,” said Marilyn Buskohl, AAA spokesperson. “Since 2014, gas prices decreased as much as 20 cents in the first three weeks of the year. This year, gas prices are five cents more than on January 1 of this year, a possible indication that prices in 2018 will likely be more expensive than last year.”
Today, motorists can find gas for $2.50 or less at 58 percent of gas stations nationwide.
Central and Great Lakes Region
Motorists in five Great Lakes and Central states are among the minority in the country seeing pump price decreases on the week: Indiana (-12 cents), Michigan (-10 cents), Ohio (-8 cents), Illinois (-6 cents) and Kentucky (-5 cents). All other states in the region are paying one to five cents more at the pump for a gallon of regular gasoline compared to last Monday.
While a few states in the region are welcoming cheaper gas prices this week, there are no cost savings at the pump compared to this time last year - gas prices are as much as 37 cents more expensive. Indiana (+37 cents), Michigan (+32 cents), Ohio (+27 cents) and Illinois (+25 cents) are among the top 10 states in the country with the largest yearly increase.
After two weeks of decreases, gasoline inventory built by 2.6 million bbl on the week. The increase was the largest of any region in the country. Total stocks sit at a healthy 84 million bbl.
Oil Market Dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI dropped 58 cents to settle at $63.37. Oil prices slid after EIA’s latest petroleum report underscored that domestic crude production in the U.S. continues to grow.
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
Who's in the Driver's Seat? The Transformation of Transportation
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