Energy

Gas Prices Move Up on Higher Demand

Paul Ausick

Published: April 25, 2016 12:20 pm

Last Updated: January 13, 2020 10:20 am

The average price across the United States for a gallon of regular gasoline last week rose two cents to $2.14, as of Monday morning. Diesel fuel prices also rose to an average of $2.137 a gallon, just a fraction below the price of a gallon of gas.

Although crude oil prices are about $8 a barrel higher than they were just three weeks ago, the most common price for gasoline in the United States is $1.99 a gallon, the same as it has been for the past four weeks.

Week over week, prices increased the most in Indiana, up 10 cents, with prices rising eight cents in Delaware, seven cents Michigan and Ohio, and five cents in Kentucky. A month ago, 25 states had price increases of at least 10 cents a gallon week over week, compared to just one last week.

Some 13 states continue to report average prices below $2 a gallon, with nearly 38% of all U.S. gas stations still selling gasoline at under $2 a gallon.

The cheapest gas in the country is available in Oklahoma ($1.900 per gallon), Texas ($1.901), Mississippi ($1.910), Louisiana ($1.914) and Arkansas ($1.918).

GasBuddy senior petroleum analyst Will Speer said:

Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4% from last year and up 7.4% from 2014 according to their ‘product supplied’ demand indicator.

The states with the highest pump prices are: California ($2.773 per gallon), Hawaii ($2.569), Nevada ($2.453), Washington ($2.335) and Pennsylvania ($2.319). Prices fell in all five of these high-priced states, and the gap between California and Pennsylvania prices dropped below 50 cents a gallon.

Crude oil for June delivery traded down about 1.5% Monday morning at $43.03, after closing at $43.73 on Friday.

More than 99% of U.S. gas stations are selling gas for more than $1.75 a gallon, about flat with a week ago.