Global supply and demand concerns mean c-store customers aren’t yet seeing lower gas prices heading into fall.
After three straight weeks of a steady national average price of gas, pump prices climbed three cents on the week to $2.88 on Oct. 1, according to AAA.
Meanwhile, gas demand fell to 9 million b/d and inventories grew to 235.7 million bbl, according to the Energy Information Administration (EIA) data.
“The last quarter of the year has kicked off with gas prices that feel more like summer than fall,” said Jeanette Casselano, AAA spokesperson. “This time of year, motorists are accustomed to seeing prices drop steadily, but due to continued global supply and demand concerns as well as very expensive summertime crude oil prices, motorists are not seeing relief at the pump.”
Today’s national gas price average ($2.88) is the most expensive for the beginning of October since 2014, AAA reported. The average is four cents more than last month and 32 cents more than this time last year.
Mississippi ($2.57) and Alabama ($2.57) have the least expensive gas. Florida (+10 cents) and Michigan (+10 cents) saw the biggest weekly change in pump price. Hawaii ($3.80) and California ($3.73) have the most expensive gas in the nation.
