The state with the lowest average price is Wyoming at $2.138, followed by South Carolina ($2.146) and Montana ($2.179). The five lowest-priced states are rounded out by Alabama ($2.205) and Tennessee ($2.224).
The five states with the highest gas prices are California ($3.439), Hawaii ($3.135), Oregon ($2.891), Nevada ($2.875) and Alaska ($2.86). Two refineries in California are shut down, one due to routine maintenance and the United Steelworkers Union strike and the other due to an explosion and fire. More than 300,000 barrels a day are off-line, about evenly split between northern and southern California. Because California emissions requirements are stricter than in any other state, importing finished gasoline is not really an option for the state.
There is still no settlement in sight for the Steelworkers strike, and Exxon Mobil Corp. (NYSE: XOM), owner of the refinery that suffered the explosion and fire in southern California, has not indicated when the refinery will come back on line.
As for the rest of the country, a spike last week in oil prices likely will keep prices rising for another week or so, but market prices for crude oil are slowly falling again, even though rig counts continue to decline sharply. We may not see a price drop again until after Labor Day, but barring any major unexpected events, rising prices for gasoline should moderate. But prices never fall as fast as they rise, so this could take a while.
ALSO READ: Oil Is Cheaper Today Than in 1970
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