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

Gas Prices Continue to Decline 

May 20, 2019 - Gas prices are as much as six cents cheaper in some states across the country on the week, which has pushed the national gas price average cheaper by a penny to $2.85 today. That average could have been even lower had a handful of Midwest states not seen prices increase by more than a nickel due to ongoing refinery maintenance.

“Gas prices are getting cheaper for the majority of motorists despite the fact that U.S. gasoline stocks sit at a 7 million bbl deficit year-over-year. Crude oil prices have remained relatively stable the past few months, which is one reason helping gas prices be cheaper than last year at this time,” said Marilyn Buskohl, AAA spokesperson. “Today, motorists can find gas for $2.75 or less at nearly half of all gas stations in the country, which was not the case three months ago when only 10% of stations were at that price point.”

South Dakota Average Gas Prices:

Current Avg.

$2.770

Yesterday Avg.

$2.780

Week Ago Avg.

$2.775

Month Ago Avg.

$2.770

Year Ago Avg.

$2.813

 

Compared to last month, today’s national average ($2.85) is cheaper by a penny and is seven cents cheaper year-over-year.

Quick Stats

  • The nation’s top 10 largest weekly changes are: Ohio (+11 cents), Michigan (+7 cents), Florida (-7 cents), Illinois (-5 cents), North Carolina (-4 cents), South Carolina (-4 cents), Delaware (-4 cents), Mississippi (-4 cents), Indiana (+3 cents) and Georgia (-3 cents).

     

  • The nation’s top 10 least expensive markets are: Louisiana ($2.45), South Carolina ($2.45), Alabama ($2.45), Mississippi ($2.45), Arkansas ($2.50), Tennessee ($2.54), Missouri ($2.54), Oklahoma ($2.56), Texas ($2.57) and Kansas ($2.58).

Central States and Great Lakes Region

Amid refinery maintenance, gasoline stocks dropped by 700,000 bbl, squeezing total levels to 49.4 million bbl, according to the Energy Information Administration (EIA). This is not only the lowest level of the year, but a stock level historically only recorded in the second half of the year for the region and certainly not a level seen going into peak driving season. The draw was one of the reasons three states in the region were among the top five weekly increases in gas prices in the country: Ohio (+11 cents), Michigan (+7 cents) and Indiana (+3 cents). These jumps mostly wiped up any decreases seen last week for these three states.  All other states in the Great Lakes and Central States saw pump prices decline by as much as a nickel on the week.

Illinois ($2.97) remains the most expensive price in the region followed by Indiana ($2.84) and Michigan ($2.83). Missouri ($2.54) and Kansas ($2.58) carry the cheapest.

Oil market dynamics

 

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 11 cents to settle at $62.76. Crude prices increased last week due to rising global tensions that saw attacks on oil tankers in the Strait of Hormuz and on a Saudi Arabian oil pipeline. Those attacks only increased supply concerns that have been building due to the United States taking a tough line on sanctions against Iran and unrest in Venezuela and Libya leading to disruptions of supplies from those countries.

Crude prices will likely continue their ascent this week after OPEC and its partners met over the weekend to discuss compliance with the group’s 1.2 million b/d production reduction agreement that has been in place since January 2019.

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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