The price of gasoline on Monday morning fell by about a penny a gallon compared with last week’s national average pump price for regular gasoline. Compared with the same day last year, the national average price of $2.29 is about 30 cents a gallon higher. This is the second consecutive week to see highly unusual declines in pump prices.
Crude oil prices remained soft last week as traders and analysts entertain doubts about the ability of production cuts from OPEC and other producers to bring the crude market back into balance at the same time that U.S. producers are ramping up production to take advantage of prices in the $50 to $55 range.
Analysts at GasBuddy noted that over the past four weeks gasoline prices have risen less than at any similar period since 2009. Last year, prices rose 29 cents a gallon between mid-February and mid-March. Historically, a gallon of regular gas in the United States rises by an average of 59 cents a gallon between mid-February and Memorial Day.
Gas prices rose in just 18 states over the past week. The five states taking the largest increases were Ohio (up 6.5 cents), Indiana (6.3 cents), Utah (3.6 cents a gallon), Illinois (2.5 cents) and Michigan (2.3 cents).
The five states where prices fell the most were Iowa (down 3.6 cents), Oklahoma (2.8 cents), Kansas (2.7 cents), South Carolina (2.6 cents) and Wisconsin (2.6 cents).
No state is showing an average of below $2.00 a gallon Monday morning. The five states with the lowest prices are South Carolina ($2.000 a gallon), Tennessee ($2.035), Alabama ($2.047), Mississippi ($2.049) and Oklahoma ($2.053). States posting the highest prices are Hawaii ($3.064 a gallon), California ($2.997), Washington ($2.845), Alaska ($2.739) and Oregon ($2.672).
The most common price across the country is $2.199, with the highest 5% of stations charging an average of $3.144 and the lowest 5% of stations charging $1.938. More than 10% of U.S. gas stations are charging less than $2.00 a gallon as of Monday morning.
Benchmark West Texas Intermediate crude oil for April delivery traded down about 0.5% Monday morning at $48.52 a barrel, just a few cents a barrel less than a week ago. The contract closed at $48.78 on Friday.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
