While gas prices dipped this week, AAA predicts prices will begin climbing again soon.
The national gas price average dipped two cents to $2.90 on Monday, June 18, 60 cents more expensive than this time last year, but only a one-cent increase from one month ago.
Gas prices have fallen or remained steady over the past week in 44 states, but might start climbing again soon, according to AAA.
AAA reported that gasoline demand soared in the latest Energy Information Administration’s (EIA) report with a new all-time record at 9.88 million b/d for the week ending June 8. Meanwhile, U.S. gasoline inventories fell 2.27 million bbl to hit 237 million bbl, which is 5.7 million below stocks last year at this time.
“If demand continues to strengthen and inventories decrease in the weeks ahead, motorists can expect gas prices do a reversal and start to increase again,” said Jeanette Casselano, AAA gas price expert. “AAA expects the national gas price average to range between $2.85 and $3.05 through Labor Day, likely seeing the summer’s highest prices in June.”
Hawaii ($3.73) and California ($3.71) lead the nation in gas prices. Ohio (-10 cents) saw the biggest weekly decrease. South Carolina ($2.55) and Mississippi ($2.58) have the least expensive gas.