Marilyn Buskohl
Public Affairs Director
O: (605) 310-4614
C: (605) 367-3964
Marilyn.buskohl@aaasd.org

Pump Prices Stabilizing as National Average Sees

Largest Weekly Decline in Three Months 

May 13, 2019 - Gas prices are declining slowly but steadily across the country, pushing the national average down three cents on the week to $2.86. Today’s average is four cents cheaper than last month and the same price as one year ago. In fact, 25 states have gas price averages that are just a nickel or less expensive than this time last year.

Gas prices are decreasing despite the Energy Information Administration’s (EIA) latest reports which show an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out.

South Dakota Average Gas Prices:

Current Avg.

$2.775

Yesterday Avg.

$2.790

Week Ago Avg.

$2.777

Month Ago Avg.

$2.715

Year Ago Avg.

$2.745

 

“This is the first time in three months gas prices have shown consistent signs of declining,” said Marilyn Buskohl, AAA spokesperson. “However, there are many factors that could quickly push up prices in the coming weeks, including the impact of Chinese tariffs, weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel.  Pump price movements this week will indicate if motorists will continue to see cheaper gas prices or if this was just a one-week fad.”

Quick Stats

  • The nation’s top 10 least expensive markets are: Alabama ($2.48), Louisiana ($2.49), Mississippi ($2.49), South Carolina ($2.49), Arkansas ($2.53) Oklahoma ($2.57), Texas ($2.57), Tennessee ($2.57), Missouri ($2.58) and Virginia ($2.61).

     

  • The nation’s top 10 yearly changes are: California (+38 cents), Arizona (+20 cents), Nevada (+20 cents), Ohio (-18 cents), Delaware (-16 cents), Washington (+15 cents), Oregon (+14 cents), Kentucky (-14 cents), Michigan (-12 cents) and Alaska (+11 cents).

Central States and Great Lakes

On the week, all but one Great Lakes and Central region states saw gas prices decrease or stabilize with Ohio (-12 cents), Michigan (-10 cents) and Indiana (-9 cents) seeing the largest declines at a dime or more. These three states lead the region and country for the largest weekly pump price changes. With a four cent decrease, Iowa and Kentucky round out the top 10 list of all states with the largest weekly changes.  Illinois (+1 cent) was the only state in the region to see prices increase on the week and also carries the most expensive average at $3.02.

Oil market dynamics

 

At the close of Friday’s formal trading session on the NYMEX, WTI decreased four cents to settle at $61.66. On the week, crude prices have moved lower because of global concerns around trade negotiations between the U.S. and China. This plus reports that two Saudi oil tankers were attacked in the Strait of Hormuz are likely to keep prices volatile this week. In related news, this week’s EIA petroleum status report revealed that crude stocks fell by 4 million bbl to 466.6 million bbl last week. While the new level is 32.8 million bbl lower than the level at this time in spring 2018, the step back is a reversal from the previous week that saw crude inventories climb by 10 million bbl.

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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TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

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