Gas Prices Defy Usual Spring Pattern
Gasoline prices fell for the second week in a row, defying the usual spring pattern of higher prices ahead of the Memorial Day weekend.
The national average for regular gas fell 3 cents the past week to $2.37, according to Thursday's AAA Daily Fuel Gauge Report. Premium gas also fell 3 cents to $2.89, and diesel dropped a penny to $2.52.
"Healthy gasoline inventories coupled with moderate demand for gasoline are two factors converging to keep gas prices in check, likely until Memorial Day," Dan McTeague, senior petroleum analyst for GasBuddy.com, said in a release.
Here's how fuel prices looked across the country this week:
- Pump prices fell in most states, with the biggest declines in the middle of the country. Average prices for regular fell by 6 cents in Illinois and Kentucky, 9 cents in Michigan and 10 cents in Indiana and Ohio. Prices tend to be more volatile in those states, so significant swings are common.
- South Carolina remained the state with the lowest average price for regular at $2.08. Oklahoma was next at $2.10, followed by Tennessee at $2.13.
- Hawaii had the highest prices with a statewide average of $3.07. California's average fell by 3 cents to $2.98, the first time it has been below $3 in a month. Alaska was next highest at $2.93, followed by Washington at $2.89.
Lower oil prices also have helped reverse the typical price pattern at the pump. U.S. oil was trading for more than $53 per barrel three weeks ago but was under $47 early Thursday, a roughly 11 percent decline.