The Cost of Filling Up Falls Again
The cost of filling up in the U.S. fell again this past week. It's the third week in a row for such declines, giving motorists another unexpected break from the usual spring run-up in prices.
The national average for regular gas was $2.34, the AAA Daily Fuel Gauge Report said Thursday, down 3 cents from a week ago. Premium gas fell 2 cents to $2.87 and diesel fuel fell by a penny to $2.51.
AAA said the recent declines were due an ample supply of gasoline in the U.S. market, record-high refinery production rates, moderate demand and a drop in crude oil prices.
Missouri was the week's biggest loser, with the statewide average for regular dropping 6 cents to $2.10. Regular also fell by 6 cents in Kentucky and by 5 cents in South Carolina, but it jumped 8 cents in Indiana, where prices tend to be volatile. The Hoosier state was among only a handful that saw prices rise.
South Carolina had the lowest average price for regular at $2.02, followed by Oklahoma at $2.04 and Mississippi and Arkansas at $2.08.
Hawaii had the highest average price, $3.06, followed by California at $2.97 and Washington at $2.87.
Pump prices normally rise during May heading into the Memorial Day weekend, but low oil prices and an abundant supply have altered the usual pattern. U.S. and Canadian oil production has increased sharply this spring, offsetting cuts by the Organization of Petroleum Exporting Countries and helping to keep oil below $50 per barrel in recent weeks.