On the week, the national gas price average held steady at $2.56, but motorists can expect some volatility at the pump in the coming days and weeks. Over the weekend, Saudi Arabia experienced drone attacks on two major oil facilities – including the world’s largest, Abqaiq. The attacks have taken 5.7 million (crude) barrels per day off the market, accounting for about 6% of the global supply.

Prior to the attacks, global crude oil supply was very healthy, in fact sitting on a global glut of stocks. Regardless, initial market reaction to the attacks spiked crude oil prices.  At the start of the work week, crude oil (West Texas Intermediate, WTI) is trading for $5/bbl more than on Friday’s closing, up to $61/bbl – a price point for crude not seen since May.

“Americans can expect local pump prices to start to increase this week. The jump could end up being as much as a quarter per gallon throughout this month,” said Jeanette Casselano, AAA spokesperson. “Whether this is a short or long term trend will be determined by the price of crude oil prices and how quickly the facilities in Saudi Arabia can recover and get back online.”

Damage to the facilities is still being accessed, but there is no word if it will be days, weeks or even months before infrastructure is repaired. To ease concerns, President Trump said he has authorized the release of crude from the Strategic Petroleum Reserve. Other Saudi-oil-consuming countries also have emergency reserves to help back-fill the global loss, if needed.

Notably, the U.S. currently depends less on crude imports from Saudi Arabia. The latest Energy Information Administration (EIA) report showed that the U.S. imported the least amount of crude oil from Saudi this decade. In the first half of this year, on average the U.S. imported about 18,000 bbl compared to 35,600 bbl in the first half of 2017.

While U.S. gasoline stock levels have been decreasing the past few weeks, total domestic stocks sit at 228 million bbl, which is ahead of the five-year average for this time of year by several million bbl. Today’s national gas price average is 7 cents cheaper than last month and 28 cents cheaper than this time last year. But these gaps are likely to shrink as the market adjusts to the news and crude oil prices increase.

Quick Stats

• The nation’s top 10 largest weekly changes are: Ohio (+13 cents), Michigan (-9 cents), Delaware (+9 cents), Illinois (+6 cents), New Mexico (+5 cents), Georgia (+4 cents), Colorado (+4 cents), Utah (-3 cents), Oklahoma (+3 cents) and Louisiana (+3 cents).

• The nation’s top 10 least expensive markets are: Mississippi ($2.18), Louisiana ($2.20), Alabama ($2.22), South Carolina ($2.22), Arkansas ($2.24), Texas ($2.26), Tennessee ($2.27), Oklahoma ($2.28), Virginia ($2.28) and Missouri ($2.29).

South and Southeast

On the week, motorists in the South and Southeast are seeing volatility, though it is not overly drastic. New Mexico (+5 cents), Georgia (+4 cents), Oklahoma (+3 cents) and Louisiana (+3 cents) rank among the top 10 states with the largest weekly changes. A total of six states saw prices increase between two to five cents since last Monday, while the remaining states saw prices decrease by a few pennies. State averages range from $2.18 to $2.42.

Part of the pump price increases for the six states can be attributed to gasoline stocks, which decreased for a second week. The latest draw was 1.1 million bbl, dropping total levels to 76 million bbl, which is the lowest stock level seen since the end of 2017, according to EIA data. Stocks are likely to continue to decline given the weekend news of the Saudi attack. Falling stocks paired with a likely increase in crude oil prices will likely lead to more expensive gas prices for the region.

Great Lakes and Central States

Pump prices range from as much as 13 cents more expensive to nine cents cheaper in the region on the week. Ohio (+13 cents) and Michigan (-9 cents) saw the biggest weekly changes in the region and the country. Gas prices are noticeably more expensive in Illinois (+6 cents), while Kansas (+2 cents), Missouri (+1 cent), Indiana (+1 cent), Kentucky (+1 cent) and Nebraska are more expensive but just by a couple of pennies.

Gasoline stocks built by a significant 1.6 million bbl in EIA’s latest report. That increases total stocks for the Great Lakes and Central States to 53 million bbl, which is on par with levels this time last year. Regional refinery utilization remains strong at 100%, which should ultimately lead to cheaper gas prices for the region. However, any major jumps in crude oil prices may reverse this trend and lead to more expensive gas prices nationally and in the region.

Mid-Atlantic and Northeast

The majority of the Mid-Atlantic and Northeast states have gas prices that are cheaper or stable compared to last week. Only four states saw upward movement at the pump this week: Delaware (+9 cents), Maryland (+3 cents), Tennessee (+2 cents) and Pennsylvania (+1 cent). With a three cent decrease, Connecticut ($2.68) saw the largest change in pump prices. At the start of the week, New York ($2.72) has the most expensive average of all states in the region and ranks as the 10^th most expensive in the country.

Gasoline stocks drew down by a significant 1.4 million bbl, dropping levels to 63.6 million bbl. Stocks in the region have mostly been building as of late, though slowly since July. This is the largest draw seen during this timeframe and measures at a 3.1 million bbl deficit compared to this time last year. It is likely more states will see fluctuation in the week ahead, especially as crude oil increases.

Rockies

Colorado (+3 cents) was the only state in the region to see an increase at the pump this week. Utah (-3 cents) saw the largest decrease followed by Wyoming (-2 cents), Idaho (-1 cent) and Montana (-1 cent). The Rockies region is averaging pump prices at $2.70/gallon.

The region’s stock dropped by 100,000 bbl to measure at 7.4 million bbl in EIA’s latest report. In addition, regional refinery utilization fell from 102% down to 94% signaling that stocks are positioned to further decrease and likely push regional gas prices more expensive.

West Coast

Pump prices in the West Coast region are the highest in the nation, with all states in the region landing on the top 10 most expensive list today. Hawaii ($3.64) and California ($3.63) are the most expensive markets in the country. Washington ($3.18), Nevada ($3.10), Oregon ($3.03), Alaska ($2.95) and Arizona ($2.83) follow. All state averages in the region have marginally decreased on the week. Hawaii, Washington, Nevada and Oregon saw the largest decreases at a penny each.

The EIA’s recent report for the week ending on September 9, showed that total West Coast motor gasoline stocks climbed by 300,000 bbl to 28.7 million bbl. The increase is a reversal from the previous four-week period that saw total stockpiles decrease by about 3.5 million bbl. The stock growth will likely help pump prices continue to decline as motorists in the region enter the lower demand fall driving season this week. However, as with the rest of the nation, increasing crude oil prices are likely to reverse this trend.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 24 cents to settle at $54.85, but on Monday, the price was up to $61/bbl.

Overall, oil prices were mixed. Early in the week, oil prices fell after reports emerged that the Trump Administration is considering relaxing sanctions on Iran, which would put more oil into an already oversupplied market. However, the losses were tempered by EIA’s weekly report showing that total domestic crude inventories fell by 6.9 million bbl last week. They now sit at 416.1 million bbl, which is nearly 20 million bbl higher than were they were at this same time last year. For this week, crude prices will see increases due to increased tension in the Middle East – specifically stemming from the attacks in Saudi Arabia –  and could be bolstered by increased optimism that China and the U.S., the world’s two largest crude consumers, may be nearing a resolution to the trade war.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

On the week, the average national gas price dropped by two cents to $2.71. This is less expensive than a week, a month (-4 cent) and a year (-15 cents) ago. Prices are cheaper as demand saw a small dip on the week, even though overall demand remains robust for the summer. 

“While gas prices continue to drop, the rate at which they are decreasing has slowed,” said Jeanette Casselano, AAA spokesperson. “On the week, most states saw cheaper pump prices of only a few pennies and motorists can expect this trend to continue into early August.”

Today, motorists can find gas for $2.75 or less at 65% of gas stations across the country. 

Quick Stats

• The nation’s top 10 largest monthly decreases are: Florida (-17 cents), Alaska (-17 cents), Michigan (-14 cents), Illinois (-13 cents), Delaware (-12 cents), California (-10 cents), Kentucky (-9 cents), Arizona (-9 cents), Colorado (-9 cents) and Idaho (-9 cents).

• The nation’s top 10 least expensive markets are: Louisiana ($2.33), Mississippi ($2.33), Alabama ($2.35), Arkansas ($2.37), South Carolina ($2.37), Oklahoma ($2.41), Tennessee ($2.43), Texas ($2.44), Missouri ($2.45) and Kansas ($2.46).

South and Southeast

Motorists in the South and Southeast saw some of the largest declines at the pump and all states in the region have cheaper gas prices on the week. In fact, four states land on the top 10 list of largest weekly changes: Florida (-7 cents), Georgia (-4 cents), Texas (-4 cents) and South Carolina (-3 cents). This is the second week in a row that Florida and South Carolina have appeared on the top 10 weekly changes list.

In the region, motorists are seeing savings year-over-year ranging from 19 to 28 cents cheaper. Those savings are likely to only increase as gas prices push less expensive moving into August.

Regional refinery utilization jumped to 93.5% and gasoline stocks saw a 857,000 bbl build, according to Energy Information Administration (EIA) data for the week ending Jul. 26. This was the only region in the country to see stocks increase for the EIA’s latest reporting period. Total stocks measure at 83.8 million bbl which is a 5.5 million bbl surplus compared to levels at the end of July. The region’s strong measurement of gasoline stocks is helping to push gas prices cheaper and this trend should continue as August typically yields high regional utilization and stock levels for the region.

Great Lakes and Central States

Ohio (+4 cents) and Indiana (+1 cent) were two of only five states in the country to see gas prices increase on the week. All other states in the Great Lakes and Central states region saw prices decrease on the week with Michigan (-10 cents) and Illinois (-9 cents) seeing the largest declines in the region and the country.

Pump prices are also trending cheaper compared to one month ago, with motorists in Michigan (-14 cents) seeing the largest monthly decrease in the region. Other Great Lakes and Central states with large month-over-month changes: Illinois (-13 cents), Kentucky (+9 cents) and Indiana (-6 cents). North Dakota (+6 cents) is this only state in the region with more expensive gas prices compared to a month ago.

For a second week, gasoline inventories dipped, and the draw was substantial at nearly one million bbl. The EIA also reports regional utilization declined from 99% to 95%. While pump prices pushed cheaper on the week, the lower stock and utilization levels could yield some price fluctuation in the week ahead.

Mid-Atlantic and Northeast

Gas prices are as much as three cents cheaper on the week for motorists in the Mid-Atlantic and Northeast states, though a small number of states – fewer than five – saw prices remain stable on the week. Tennessee saw the largest decline.

The region is one of two with states on both the top 10 most and least expensive averages list in the country this week. At $2.88, Washington, D.C. ranks as the 10^th most expensive and Tennessee ($2.43) ranks as the 7^th least expensive state average.

The EIA reports gasoline stocks held on the week at the 59 million bbl mark while regional refinery utilization fell a percentage point to 76%. Analysts anticipate gasoline stocks to increase in August due to gasoline imports, which would assist in keeping gas prices cheaper in the coming weeks.

Rockies

For the first time in a few months, motorists in Utah (+6 cents), Wyoming (+2 cents) and Montana (+1 cent) are paying more to fill-up. Meanwhile, Colorado (-2 cents) and Idaho (-1 cent) have slightly cheaper gas prices. With the price fluctuations, Utah ($2.91) and Idaho ($2.89) rank, respectively, as the eight and ninth most expensive gas averages in the country this week.

Regional refinery utilization remains above 100% for a second week while gasoline stocks saw a small draw to drop totals to 7.4 million bbl. This poises the region for cheaper gas prices, especially as demand is likely to drop along with the end of peak tourism season in the region.

West Coast

Pump prices in the West Coast region are the highest in the nation, with most states in the region landing on the top 10 most expensive list today. California ($3.67) and Hawaii ($3.64) are the most expensive markets in the country. Washington ($3.28), Nevada ($3.23), Oregon ($3.13) and Alaska ($3.08) follow. Arizona ($2.77) is the only state in the region to fall off the list. Most state averages in the region have decreased on the week, with Alaska (-5 cents) seeing the largest decline.

The EIA’s recent report for the week ending on July 26 showed that West Coast gasoline stocks sit at 32.3 million bbl, growing by approximately 300,000 bbl from the previous week. The current level is nearly 150,000 bbl higher than last year at this time, which could help prices stabilize if there is any disruption in supply or gas demand increases in the region this week.

 Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.71 to settle at $55.66. Crude prices mostly decreased last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers. Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil. If the trade tensions between the countries continue to increase this week, crude prices will likely decline further.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

Gas prices are heating up alongside summer temperatures. In the last 15 days, state averages have jumped, pushing up the national average nearly a dime to $2.75. In addition to rising gasoline demand, 13 states this month have introduced new gas taxes that have contributed to the national average increase. Those states include California, Connecticut, Illinois, Indiana, Maryland, Michigan, Montana, Nebraska, Ohio, Rhode Island, South Carolina, Tennessee, and Vermont.

“The only motorists seeing relief at the pump are in a handful of states in the West Coast and Rockies regions where prices are trending cheaper, but still rank among the most expensive in the country,” said Jeanette Casselano, AAA spokesperson. “The majority of motorists can expect more expensive gas prices throughout July, but the national average is still not likely to hit $3/gallon.”

Today’s average is four cents more than last week, but less than one cent cheaper than last month and 11 cents less expensive than a year ago.

Quick Stats

• The nation’s top 10 largest weekly increases are: Illinois (+14 cents), Florida (+13 cents), Ohio (+9 cents), Michigan (+7 cents), Georgia (+6 cents), Alabama (+6 cents), Indiana (+5 cents), Texas (+5 cents), Maryland (+5 cents) and Tennessee (+5 cents).
• The nation’s top 10 least expensive markets are: Mississippi ($2.34), Arkansas ($2.36), Louisiana ($2.38), Alabama ($2.39), South Carolina ($2.41), Oklahoma ($2.41), Missouri ($2.46), Tennessee ($2.46), Texas ($2.47) and Virginia ($2.47).

Mid-Atlantic and Northeast

Despite very low regional refinery utilization, the majority of states in the Mid-Atlantic and Northeast saw gas prices increase no more than a nickel on the week. In Pennsylvania, the state’s gas price average dropped less than a penny on the week. This is a bit counterintuitive considering the Philadelphia Energy Solution (PES) refinery, the largest refinery on the East Coast, is scheduled to close this month. However, with a state average of $2.91, Pennsylvania ranks as the 10^th most expensive average in the country.  

On the week, Maryland (+5 cents) and Tennessee (+5 cents) saw the largest increases at the pump in the region.

With the PES refinery moving towards closure, regional refinery utilization dropped to 73% and gasoline stocks drew by 2.3 million bbl. The Energy Information Administration (EIA) measures total regional gasoline stocks at 58.5 million bbl, an atypical level for this time of year and a low not seen since December 2017.

According to the EIA, the closure of the Philadelphia refinery would decrease the number of operating East Coast refineries to seven and would reduce (East Coast) gasoline supplies by approximately 160,000 b/d. Gas prices are likely to continue to increase for motorists in the region as retailers look to other options to make up for the deficit caused by the upcoming PES closure.

Great Lakes and Central States

Pump prices are pushing more expensive across the Great Lakes and Central states. Illinois (+14 cents), Ohio (+9 cents), Michigan (+7 cents) and Indiana (+5 cents) rank among the top 10 states with the largest weekly increases. Illinois tops the nationwide chart. Part of the increase can be attributed to new gas taxes that went into effect on July 4 in each of these states.

With the latest jumps, Illinois (+8 cents year over year) is one of only three states in the country to have more expensive gas prices than at the same time last year. Compared to a month ago, Ohio (+13 cents), Illinois (+11 cents) and Michigan (+8 cents) are among states nationwide with more expensive pump prices.

Regional refinery utilization jumped from 93% to 97% according to EIA’s data for the week ending June 28. However, gasoline stocks held at 49.2 million bbl. Should utilization continue to hold strong, it could help to balance stock levels and keep any future gas price fluctuations moderate.

Rockies

Motorists across the Rockies continue to pay less to fill-up at the pump. On the week, pump prices declined between one to four cents across the five states in the region. While the prices motorists are paying are still among the most expensive in the country, they are under $3/gallon: Idaho ($2.97), Utah ($2.94), Montana ($2.79) Wyoming ($2.76) and Colorado ($2.70). Idaho and Utah rank as the eighth and ninth, respectively, most expensive state averages in the country.

Refinery utilization and gasoline stocks remain at strong levels. Stocks had a small add to bump up to 7.6 million bbl, per EIA data. Motorists are likely to see gas prices continue to decrease amid strong utilization and healthy stock levels.

South and Southeast

In the region, four states saw gas prices jump by at least a nickel on the week: Florida (+13 cents), Georgia (+6 cents), Alabama (+6 cents) and Texas (+5 cents).

Notably, all regional state averages are cheaper year-over-year. New Mexico (+25 cents) and Arkansas (+24 cents) have the largest yearly change.

With the latest add, gasoline inventories measure at 84.6 million bbl as regional refinery utilization sits at 95% for the week ending June 28, per EIA data. Stocks could draw in coming weeks should the region be tapped to help make up for the declining stocks in the Northeast due to the pending shutdown of the PES refinery. However, pump prices would likely see only moderate fluctuations.

West Coast

Pump prices in the West Coast region are the highest in the nation, with most states in the region landing on the top 10 most expensive list today. California ($3.76) and Hawaii ($3.63) are the most expensive markets. Washington ($3.34), Nevada ($3.29), Alaska ($3.22) and Oregon ($3.21) follow. Arizona ($2.85) is the only state in the region to fall off the list. Of note, most state averages in the region have decreased on the week, with Alaska (-3 cents) seeing the largest decline. California’s state average is the only to increase, by a penny, last week.

The EIA’s recent report for the week ending on June 28 showed that West Coast gasoline stocks decreased slightly by approximately 200,000 bbl from the previous week and sit at 30.5 million bbl. The current level is similar to levels at this time last year, which could help prices stabilize if there is any disruption in supply or gas demand surges in the region this week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 17 cents to settle at $57.51. Crude prices ended last week down from the previous week as global demand concerns continue to worry market observers as the U.S. and China continue to resolve their trade dispute. The fall in prices occurred despite EIA’s data showing that total domestic crude inventories fell by 1 million bbl to 468.5 million bbl. Moving into this week, if it appears that the U.S. and China are not closer to a trade resolution, crude prices could continue to decrease. However, if tension between the U.S. and Iran escalates, crude prices could surge amid market concerns of conflict in the Middle East, which could limit oil flows from the region.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

 

Gas prices are as much as six cents cheaper in some states across the country on the week, which has pushed the national gas price average cheaper by a penny to $2.85 today. That average could have been even lower had a handful of Midwest states not seen prices increase by more than a nickel due to ongoing refinery maintenance.

“Gas prices are getting cheaper for the majority of motorists despite the fact that U.S. gasoline stocks sit at a 7 million bbl deficit year-over-year. Crude oil prices have remained relatively stable the past few months, which is one reason helping gas prices be cheaper than last year at this time,” said Jeanette Casselano, AAA spokesperson. “Today, motorists can find gas for $2.50 or less at nearly half of all gas stations in the country.”

Compared to last month, today’s national average ($2.85) is cheaper by a penny and is seven cents cheaper year-over-year.

 

Quick Stats

• The nation’s top 10 largest weekly changes are: Ohio (+11 cents), Michigan (+7 cents), Florida (-7 cents), Illinois (-5 cents), North Carolina (-4 cents), South Carolina (-4 cents), Delaware (-4 cents), Mississippi (-4 cents), Indiana (+3 cents) and Georgia (-3 cents).

• The nation’s top 10 least expensive markets are: Louisiana ($2.45), South Carolina ($2.45), Alabama ($2.45), Mississippi ($2.45), Arkansas ($2.50), Tennessee ($2.54), Missouri ($2.54), Oklahoma ($2.56), Texas ($2.57) and Kansas ($2.58).

Great Lakes and Central States

Amid refinery maintenance, gasoline stocks dropped by 700,000 bbl, squeezing total levels to 49.4 million bbl, according to the Energy Information Administration (EIA). This is not only the lowest level of the year, but a stock level historically only recorded in the second half of the year for the region and certainly not a level seen going into peak driving season. The draw was one of the reasons three states in the region were among the top five weekly increases in gas prices in the country: Ohio (+11 cents), Michigan (+7 cents) and Indiana (+3 cents). These jumps mostly wiped up any decreases seen last week for these three states.  All other states in the Great Lakes and Central States saw pump prices decline by as much as a nickel on the week.

Illinois ($2.97) remains the most expensive price in the region followed by Indiana ($2.84) and Michigan ($2.83). Missouri ($2.54) and Kansas ($2.58) carry the cheapest.

As previously reported, the region averages stock levels around 52 million bbl ahead of Memorial Day. With levels facing a 2.6 million bbl deficit, motorists should not be surprised if gas prices inch up this month, especially as refinery utilization remains under 90%.

Mid-Atlantic and Northeast

On the week, gas prices are cheaper across the Mid-Atlantic and Northeast states ranging from $3.00 in Pennsylvania to $2.54 in Tennessee. With a four cent decrease, Delaware and North Carolina saw the largest decreases in the region and rank among the top 10 weekly changes in the country.

Looking at prices compared to last month, the region has states appearing on both the top 10 list for the smallest and largest monthly changes in the country. The states with the largest changes in the last month are Rhode Island (+12 cents) and Massachusetts (+11 cents). While the states with the smallest changes in pump prices are Maryland (no change), Virginia (+1 cent), Washington, D.C. (no change) and West Virginia (no change). However, some states have prices cheaper month-over-month: Tennessee (-6 cents) and North Carolina (-4 cents).

Motorists paid less to fill up this past week as gasoline stocks drew by 700,000 bbl, but that might not be the case for long. The EIA reports total stocks measure at 59.9 million bbl, which is a 3.3 million bbl deficit compared to last year at this time. A bump in refinery utilization could help to plump up stock levels to keep gas prices stable.

South and Southeast

South and Southeast states are seeing some of the largest decreases in the country on the week with Florida (-7 cents), South Carolina (-4 cents), Mississippi (-4 cents) and Georgia (-3 cents) ranking among the largest pump price declines. With cheaper gas prices trending across the in the region, motorists can find gas for $2.50 or less at 49% of gas stations in South and Southeast states.

Compared to a month ago, gas prices are cheaper in all 10 South and Southeast states: Florida (-11 cents), Louisiana (-8 cents), South Carolina (-8 cents), Mississippi (-6 cents), Alabama (-5 cents), Oklahoma (-4 cents), Georgia (-4 cents), New Mexico (-3 cents) and Arkansas (-3 cent). Texas ($2.57) average is the same year-over-year.

Pump prices declined as gasoline stocks built by 1.5 million bbl in the region, which was the only in the country to see an increase. At 82.9 million bbl and a 94% regional refinery utilization, reported by the EIA, motorists in the South and Southeast can expect gas prices to trend stable if not cheaper in the week ahead. However, a small spike ahead of Memorial Day Weekend is not out of the question.

Rockies

While gas prices are more expensive on the week in Utah and Idaho, for the first time in weeks, none of these states landed on the top 10 list for largest weekly changes in the country. More so, gas prices increased by only two cents in Utah, Idaho and Wyoming, while Colorado ($2.84) and Montana ($2.86) prices held steady since last Monday. However, with a state average of $3.20 in Idaho and $3.19 in Utah, these states carry among the top 10 pump prices in the country.

Gasoline stocks in the Rockies region drew by 400,000 bbl to total levels at 6.3 million bbl. The draw might have been larger had regional refinery utilization not jumped by 10% to 93%. The increase in utilization helped to keep prices mostly stable despite gasoline stock levels not sitting this low since September 2017. Stock levels and utilization will be major factors determining the movement of gas prices in coming weeks, which is likely to trend more expensive.

West Coast

Pump prices in the West Coast region are the highest in the nation, with all seven states landing on the nation’s top 10 most expensive list today. California ($4.04) and Hawaii ($3.64) are the most expensive markets. Washington ($3.54), Nevada ($3.49), Alaska ($3.46), Oregon ($3.43) and Arizona ($3.14) follow. Prices in the region have seen mostly modest increases on the week, with Alaska (+2 cents) seeing the largest jump and California (-3 cents) seeing the largest decline.

The EIA’s recent weekly report for the week ending on May 10 showed that West Coast gasoline stocks fell again by approximately 700,000 bbl from the previous week and now sit at 26.4 million bbl. The current level is 3.3 million bbl less than last year’s level at this time. The West Coast may see continued price volatility and shrinking gasoline stocks this week, increasing pump prices for motorists in the region.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 11 cents to settle at $62.76. Crude prices increased last week due to rising global tensions that saw attacks on oil tankers in the Strait of Hormuz and on a Saudi Arabian oil pipeline. Those attacks only increased supply concerns that have been building due to the United States taking a tough line on sanctions against Iran and unrest in Venezuela and Libya leading to disruptions of supplies from those countries.

Crude prices will likely continue their ascent this week after OPEC and its partners met over the weekend to discuss compliance with the group’s 1.2 million b/d production reduction agreement that has been in place since January 2019. The group will formally decide if it will keep the agreement in place beyond June at next month’s meeting, but after this weekend’s compliance meeting, Saudi Energy Minister Khalid al-Falih said that there was consensus among participants to continue to drive down crude inventories for the remainder of the year.

In related news, EIA’s weekly petroleum report revealed that total domestic crude inventories increased by 5.4 million bbl to 472 million bbl. The current level is 39.7 million bbl more than last year at this time. Moreover, Baker Hughes, Inc. reported that the U.S. lost three rigs last week, bringing the total to 802, which is 42 fewer rigs than last year at this time.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.