News Department

AAA: With May approaching, pump prices stick to the slow lane

With domestic gasoline demand decidedly in the doldrums and the cost of oil retreating, the national average dipped two cents since last week to $3.65, according to AAA.

“Domestic gas demand is pretty pokey at the moment, which is often the case in the runup to Memorial Day and the traditional start of summer driving season,” said Andrew Gross, AAA spokesperson. “The recent national average price of  $3.67 could be the peak until hurricane season is well underway. But as always, the wildcard will be the cost of oil, so stay tuned.”

According to new data from the Energy Information Administration (EIA), gas demand fell from 8.66 to 8.42 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by .6 million bbl to 226.7 million bbl. Lower demand and a drop in oil prices could push pump prices lower.

Today’s national average is $3.65, 12 cents more than a month ago and the same as a year ago.

The nation’s top 10 least expensive markets: Mississippi ($3.09), Colorado ($3.13), Louisiana ($3.15), Oklahoma ($3.16), Arkansas ($3.21),  New Mexico ($3.23), Kansas ($3.23), Alabama ($3.25), Texas ($3.25), and Tennessee ($3.27).

The nation’s top 10 most expensive markets: California ($5.40), Hawaii ($4.80), Washington ($4.65), Nevada ($4.59), Oregon ($4.43), Alaska ($4.37), Arizona ($4.09), Utah ($3.97), Idaho ($3.93), and Illinois ($3.91).

At the close of Wednesday’s formal trading session, WTI decreased by 55 cents to settle at $82.81. Oil prices dipped despite the EIA reporting crude oil inventories fell by 6.4 million barrels from the previous week. At 454 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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