The national average price of regular unleaded fell 1 cent to $2.25 per gallon for the week ending July 17 due to near all-time levels of demand while supply has ebbed lower.
Demand is now slightly lower than the record levels of a year ago, and gasoline stocks fell 1.6 million barrels to 235.7 million bbl for the week, which is about 4 million bbl lower than this time a year ago, reports AAA.
"As we hit the middle of the summer season, consumers can still fill up for $2.25/gallon or less at 62% of gas stations in the country," said Jeanette Casselano, AAA spokesperson. "If, however, demand keeps pace and stocks continue to draw down at sizable levels, gas prices are likely to increase this month into next. So now is a good time to take a road trip."
The price is now 5 cents less than a month ago and 4 cents higher than a year ago.
Nine states saw prices increase during the week, including Missouri (5 cents), Georgia (4 cents), South Carolina (2 cents), Tennessee (2 cent), Louisiana (1 cent), Maine (1 cent), Washington, D.C. (1 cent), Alabama (1 cent) and Mississippi (1 cent).
States with the largest weekly changes include Indiana (minus 10 cents), Ohio (minus 9 cents), Michigan (minus 8 cents), Missouri (plus 5 cents), Kentucky (minus 5 cents), Georgia (plus 4 cents), Illinois (minus 3 cents), Utah (minus 3 cents), Wyoming (minus 2 cents) and Delaware (minus 2 cents).
States with the largest monthly changes include Florida (minus 15 cents), Wyoming (minus 12 cents), California (minus 10 cents), Utah (minus 10 cents), Alaska (minus 10 cents), South Dakota (minus 10 cents), Colorado (minus 9 cents), Indiana (plus 9 cents), Idaho (minus 8 cents) and Texas (minus 8 cents).
Meanwhile, the average price of a gallon of diesel increased 1 cent to $2.491. Diesel is now 8.9 cents higher than a year ago.
Originally posted on Automotive Fleet