The national average price for gasoline rose to $2.10 after finally hitting the $2 mark the previous week following months of low fuel prices amid the COVID-19 pandemic.
Since mid-May, gasoline demand has increased 18% to 7.9 million barrels per day, according to the latest Energy Information Administration (EIA) report. Today’s national average is seven cents more on the week, 24 cents more on the month, but 59 cents cheaper on the year.
“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices, said Jeanette Casselano, AAA spokesperson. “Higher demand will contribute to increasing gas prices in the coming weeks, but they aren’t going to spike to typical summer prices. That’s because demand won’t be sufficient enough to drive down stocks levels. Gasoline stocks sit at a significant surplus of nearly 24 million bbl year-over-year.”
Today, only one-third of state averages are $1.99 per gallon or less and the majority of those are states in the South and Southeast, AAA said.
The nation’s largest weekly increases include North Carolina (up 13 cents), Montana (up 12 cents), Texas (up 12 cents), South Carolina (up 12 cents), Nebraska (up 12 cents), Colorado (up 12 cents), Kansas (up 11 cents), Florida (up 11 cents), Wisconsin (up 11 cents) and Georgia (up 10 cents).
The nation’s least expensive markets include Mississippi ($1.74), Louisiana ($1.76), Arkansas ($1.79), Alabama ($1.80), Texas ($1.81), Oklahoma ($1.81), Missouri ($1.85), South Carolina ($1.85), Virginia ($1.86) and Tennessee ($1.87).