Gas prices are expected to remain relatively steady over the coming weeks.
After experiencing nearly two months without a decrease in fuel prices, the average price of gasoline has fallen on the week.
According to a report from AAA, gas prices have increased for 28 of the past 35 days, and drivers across the country are paying 13 cents more per gallon on the month. The recent drop in fuel prices was only approximately one cent, leaving the current average at $2.04 per gallon, which is the lowest price for this day since 2009. Prices are also about 35 cents per gallon lower than at this point last year.
The national average has been above $2 per gallon over the last 19 consecutive days, but prices are likely to fluctuate over the coming months as retailers continue to switch to summer-blend fuels. AAA has reported that refineries are increasing utilization rates as spring maintenance season comes to an end, and domestic gasoline inventories are reporting an increase; therefore, additional supply is expected to enter the market, just in time for the busy summer driving season. The above factors are expected to help pump prices remain relatively steady in the coming weeks, barring any disruptions or shortages in supply.
Data from AAA has revealed that California and Hawaii are the only two states reporting averages above $2.50, with averages of $2.77 and $2.61, respectively. Conversely, there are still 21 states sporting retail averages below $2 per gallon, including Missouri and Oklahoma, where consumers are paying the nation’s lowest averages of $1.80 and $1.82, respectively.