CINCINNATI, OH – (February 20, 2018) – The national gas price average has been steadily decreasing for nearly two weeks dropping from the year-to-date high of $2.61 (on February 5) to today’s national average of $2.53. Motorists in nearly every state are paying less on the week with Midwest and Southern states seeing the largest price drops at the pump. Hawaii (+2 cents) and Indiana (+1 cent) were the only states to see increases.
“The question isn’t how low will they go, but how long will we see prices decline,” said Jenifer Moore, AAA spokeswoman. “A handful of major refineries are undergoing maintenance. If production slows at a high rate and/or if crude oil prices jump, these events could push pump prices back up in late February or March.”
Today’s national gas price average is 4 cents less than one week ago, 1 cent more than a month ago, but 25 cents more than a year ago.
Ohio selling the 6th cheapest gas in the country
Gas prices in Ohio decreased seven cents over the week and 13 cents in the last month landing the state on AAA’s Top Ten Least Expensive Average Gas Prices list. At $2.28 a gallon for regular gas, Ohio is selling the sixth cheapest gas in the country.
- The largest monthly decreases are: Michigan (-19 cents), Illinois (-13 cents), Ohio (-13 cents), Kentucky (-10 cents), Indiana (-8 cents), Alaska (-5 cents), Maryland (- 5 cents), Georgia (-5 cents), Mississippi (-4 cents) and North Carolina (-4 cents).
- The nation’s top ten least expensive markets are: Texas ($2.27), Mississippi ($2.27), Missouri ($2.27), Alabama ($2.27), South Carolina ($2.28), Ohio ($2.28), Arkansas ($2.32), Oklahoma ($2.33), Tennessee ($3.33) and New Mexico ($2.34).
Oil Market Dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased 34 cents to settle at $61.68. Crude prices may continue to trend higher this week amid signs of continued growth in U.S. oil production. In fact, last week’s EIA petroleum report revealed that U.S. oil production grew 332,000 b/d, putting total crude output at 10.271 million b/d. Likewise, U.S. crude inventories rose for a third straight week by 1.8 million bbl. Inventory levels now total 422.1 million bbl. Moreover, according to Baker Hughes, the U.S. added 7 oil rigs last week bringing the total rig count to 798. Increased U.S. production coupled with the fourth consecutive week of increases in the U.S. oil rig count has placed a spotlight on OPEC’s restrained production agreement aimed at rebalancing the global oil supply. Market watchers will closely monitor to see how much a surge in U.S. production eats into OPEC’s efforts to rebalance the market to determine the impact it has on crude oil prices.
AAA has a variety of resources to help motorists save on fuel:
AAA provides automotive, travel, and insurance services to 58 million members nationwide and more than three million members in Ohio. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.