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Gasoline Price Falls, But Higher Than Year Ago

October 24, 2016

The national average price of regular unleaded continued its steady decline this week to near $2.22 and finished the week with a slightly higher price than a year ago, according to data from AAA and the federal government.

Gasoline fell 15 of the 16 days leading up to Oct. 24 and reached $2.22, which was 1 cent higher than a year ago, according to AAA. The national average was down 17 cents compared to the 2016 peak of $2.39 reached in June.

The federal government reported a similar trend with the average price reaching $2.243 for a 1.4-cent decline in the week ending Oct. 24. The price was 1.5 cents higher than a year ago.

Seasonal refinery maintenance continues across the U.S., which has brought pressure to prices in certain regions, including the West Coast and East Coast.

Although gasoline demand typically retreats during the fall due to lower driving demand and the switchover to winter-blend gasoline, continued unplanned outages could create volatility and put pressure on the national average in the near term, according to AAA.

The biggest weekly price decreases as reported by AAA include Ohio (12 cents), Michigan (12 cents), Illinois (6 cents), Wisconsin (5 cents), Kentucky (5 cents), Georgia (4 cents), South Carolina (4 cents), Tennessee (4 cents), Oklahoma (3 cents) and Kansas (3 cents).

The nation’s 10 most expensive markets include Hawaii ($2.89), California ($2.78), Washington ($2.73), Alaska ($2.63), Oregon ($2.55), Nevada ($2.51), Idaho ($2.46), District of Columbia ($2.45), Pennsylvania ($2.40) and Montana ($2.37).

Prices declined in three regions as tracked by the U.S. Energy Information Administration, including the East Coast, Lower Atlantic and Gulf Coast.

Meanwhile, the average price of diesel fell three-tenths of a cent to $2.478. Diesel is now 2 cents lower than it was a year ago.

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