GAITHERSBURG, Md. -- Retail gasoline prices are on the move again, and nowhere to go but down.
In fact, the average price of a gallon of gas fell during the past week in 49 of 50 states, according to gas-price information service GasBuddy, Gaithersburg, Md. The one holdout: Hawaii, where the average rose a fraction of a penny. Average retail gas prices are currently at their lowest level since February 16, and will likely keep falling as refineries begin to wrap up seasonal maintenance.
The biggest retail price declines were in the Midwest, where three regional refiners came back online and helped alleviate supply issues. GasBuddy said that the states with the largest discounts were Indiana, where prices fell 20 cents per gallon (CPG); Ohio dropped 18 CPG, Michigan fell 14 CPG, Oklahoma lost 13 CPG and Missouri fell 12 CPG.
Declining oil prices over the past week should help ease retail gasoline prices further downward.
“Falling gasoline prices have been the name of the game after a brief hiatus,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Forty-nine of the nation’s 50 states saw gasoline prices falling an average of six cents a gallon during the last week, while the Midwest, previously hit with price spikes, saw among the biggest declines as some refiners returned from maintenance, easing supply concerns. Oil prices also took a break after seeing the largest weekly increase since 2009 to post a big decrease last week.”
DeHaan also said that at the end of last week, West Texas Intermediate (WTI) crude was trading near $46 per barrel, which has helped grease the wheels for retail gasoline prices’ decline.
“The gasoline price environment remains vastly improved versus a year ago: Just 13.4% of the nation’s gas stations are selling at over $2.50 per gallon today, while a year ago, 100% of stations were over that mark,” he said. Almost one-quarter of gas stations in the United States are selling regular gas at less than $2 per gallon, and that share should increase through the fall as refiners wrap up maintenance, and pick up gasoline production during seasonally lower demand.
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