Pump prices continue their slow seasonal descent, despite a slight rebound in oil prices due to waning fears of a global slowdown caused by the COVID-19 omicron variant.
The national average for a gallon of gas fell two cents on the week to $3.33, according to AAA’s weekly report released on Monday.
“Gas prices tend to fall a bit this time of year due to the shorter days and less robust demand,” said AAA spokesperson Andrew Gross in the press release. “And this trend was assisted by the recent steep drop in oil prices due to fears over the omicron variant. But the variant’s impact on pricing appears to be fading, so it remains to be seen if oil prices stabilize or move higher.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by nearly 4 million bbl to 219,304 million barrels of crude oil (bbl) last week. Meanwhile, gasoline demand was relatively flat, creeping upwards from 8.8 million barrels per day (b/d) to 8.9 million b/d. The slight increase in demand was countered by crude prices in the low $70s bbl.
Today’s national average of $3.33 is eight cents less than a month ago and $1.17 more than a year ago.
The nation’s top 10 largest weekly decreases: Michigan (−6 cents), Indiana (−5 cents), Alabama (−5 cents), Illinois (−4 cents), Texas (−4 cents), Missouri (−4 cents), South Carolina (−4 cents), New Mexico (−4 cents), Wyoming (−4 cents) and North Dakota (−4 cents).
The nation’s top 10 most expensive markets: California ($4.67), Hawaii ($4.33), Nevada ($3.88), Washington ($3.87), Oregon ($3.78), Arizona ($3.78), Alaska ($3.71), Idaho ($3.62), Utah ($3.58) and Pennsylvania ($3.56).
Florida ranks 27th with a statewide average of $3.26 per gallon.