Gas Prices Reach 2017 High

Today’s national average price for a gallon of regular unleaded gasoline is $2.41. This price is two cents more expensive than one week ago, 12 cents more than one month ago and 30 cents more than one year ago. The national average is at its highest price this year and has now increased for 20 consecutive days. Pump prices in 43 states and Washington D.C. have moved higher over the last week. This increase was most prevalent in the East Coast region where refiners wrapped up seasonal turnaround resulting in significant prices increases last week.

• The nation’s top ten least expensive markets are: South Carolina ($2.13), Mississippi ($2.17), Tennessee ($2.18), Alabama ($2.18), Arkansas ($2.18), Oklahoma ($2.18) Missouri ($2.19), Louisiana ($2.21), Kansas ($2.23) and Virginia ($2.23).
• The nation’s top ten markets with the largest monthly increases include: Indiana (+18 cents), Texas (+18 cents), Michigan (+17 cents), Kentucky (+17 cents), Ohio (+16 cents), Illinois (+16 cents), Florida (+15 cents), Wisconsin (+15 cents), Colorado (+15 cents) and Delaware (+14 cents).

Drivers in some parts of the Great Lakes region experienced weekly declines at the pump: Michigan (-7 cents), Indiana (-7 cents), Ohio (-6 cents) and Illinois (-2 cents). Drivers in some Central states saw slight increases on the week: Nebraska (+2 cents), North Dakota (+2 cents) and Minnesota (+2 cents). Volatility in the region along with early turnaround by regional refineries resulted in significant monthly increases in: Indiana (+18 cents), Michigan (+17 cents), Kentucky (+17 cents), Ohio (+16 cents), Illinois (+16 cents) and Wisconsin (+15 cents).

The latest Energy Information Administration (EIA) report shows that Midwest refiners raised capacity by 23,000 b/d last week, while gasoline stocks in the region dropped by 1.5 million bbl to 56 million bbl. The decline resulted in the lowest posted inventory numbers for the region in nearly three months.