While pump prices appear to be stabilizing after a month of increases, gas prices are much higher than this time last year.
The national average price of gas remained steady over Memorial Day Weekend, standing still at $2.97 for five straight days. Meanwhile crude oil prices dropped, AAA reported.
“At the start of the holiday weekend, reports indicated that OPEC may raise production levels to help ease global supply concerns. The announcement immediately brought down the price of crude – which has dropped nearly $3/bbl since Thursday,” said Jeanette Casselano, AAA spokesperson. “This is welcome news to motorists who have not only seen pump prices increase, on average, 16 cents since the beginning of May, but are paying the highest prices to fill up since 2014.”
Some 17 states now have an average price of gas at or above $3 per gallon, while four additional states— Indiana, Maryland, New Mexico and Massachusetts—are just cents away from $3 gas, AAA pointed out.
Wisconsin (+27 cents) and Colorado (+26 cents) saw the biggest monthly increases, but a handful of states were close behind with similar double-digit price climbs.
California ($3.74) followed by Hawaii ($3.71) lead the nation with the most expensive gas.
In the South and Southeast Louisiana had the smallest gas price increase (+53 cents) compared to last year, while New Mexico (+67 cents) had the largest year-over-year increase in price. In the Northeast, Connecticut (+64 cents) and Rhode Island (+63 cents) are seeing the largest gas price increases in the region compared to last year.
