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

National Gas Price Averages Jumps Seven Cents on the Week

March 18, 2019 - At $2.54, the national gas price average is 7 cents more expensive on the week and 23-cents more than last month. However, today’s price is just as expensive as the same day a year ago. In fact, for the first time since the end of November last year, the national gas price average the past four days was identical or a penny more expensive year-over-year.

“Since early February, gasoline demand has been steadily increasing while stocks have been gradually decreasing causing more expensive pump prices across the country,” said Marilyn Buskohl, AAA spokesperson. “The good news is most motorists are not paying more than they were a year ago to fill up.”

South Dakota Average Gas Prices:

Current Avg.

$2.46

Yesterday Avg.

$2.47

Week Ago Avg.

$2.37

Month Ago Avg.

$2.20

Year Ago Avg.

$2.54

 

While the national gas price average is the same price year-over-year, only 20 states can say the same. Across the country, the yearly difference ranges from as much as 25-cents cheaper to 10-cents more expensive.

Quick stats

  • The nation’s top 10 largest weekly increases are: Kentucky (+16 cents), Florida (+15 cents), Missouri (+10 cents), Delaware (+10 cents), Wisconsin (+10 cents), Maryland (+9 cents), Texas (+9 cents), Iowa (+9 cents), Colorado (+9 cents) and Kansas (+9 cents).
  • The nation’s top 10 least expensive markets are: South Carolina ($2.30), Mississippi ($2.30), Arkansas ($2.30), Alabama ($2.30), Utah ($2.31), Missouri ($2.32), Texas ($2.32), Wyoming ($2.32), Louisiana ($2.33) and New Mexico ($2.33).

Central States

State gas price averages in the Great Lakes and Central States are as much as 16-cents more expensive on the week, but 33-cents more expensive on the month. In fact, six states appear on the top 10 list for largest month-over-month increases: Iowa (+33 cents), Minnesota (+32 cents), Kentucky (+31 cents), Wisconsin (+29 cents), Nebraska (+29 cents) and North Dakota (+29 cents).

As regional refinery utilization holds steady, gasoline stocks took a large 1.5 million bbl draw on the week, according to the latest EIA data. The sustained drop in stocks since mid-February continues to be a driver toward more expensive gas prices.

Oil market dynamics

 

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 9 cents to settle at $58.52. Oil prices took a hit last week as the market continued to have concerns about the global economy slowing this year, which could weaken global crude demand later this year. Moving into this week, prices will likely remain volatile following news from OPEC that it will not hold a meeting this April regarding its crude reduction pact with other global crude producers. Instead, OPEC will meet on June 25-26 to allow the cartel more time to determine if it should work with its partners to extend the crude production reduction agreement beyond June.

Prices were also volatile last week after new data from EIA revealed that total domestic crude inventories declined last week by 3.8 million bbl to 449.1 million bbl, which is roughly 20 million bbl higher than last year’s level at this time. Some market observers believe increased crude production from the U.S., which hit 12 million b/d last week, will help to meet global crude demand as global supply tightens due to OPEC’s 1.2 million b/d reduction agreement in place for the first six months of 2019 and U.S.-imposed sanctions on crude exports from Iran and Venezuela – two major global crude producers.       

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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