CARS.COM — Motorists across most of the country continued to pay more to fill their tanks as market forces and seasonal factors combined to put upward pressure on pump prices. The AAA Daily fuel Gauge Report said Thursday that the national average for regular gas increased 4 cents the past week to $1.84 a gallon - the highest it's been since late-January.
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Average prices for regular gas rose by at least a few cents in all but a handful of states over the past seven days, with Iowa, Nevada and North Dakota rising by 8 cents, Colorado by 9 cents and Wisconsin by 11 cents. AAA said this time of year is typically when prices increase because refineries shut down to conduct routine maintenance ahead of the summer driving season. In addition, AAA said some refineries have cut production to manage an oversupply of gasoline that had been keeping prices down.
"Refineries are also reportedly beginning to reduce production in preparation for the seasonal switchover to summer-blend gasoline," AAA said in a statement. "Prices generally move during this time of year and the impact of this shift in schedule, combined with other seasonal factors, may cause prices to swing at the regional level at a faster rate than normal as supply and demand seek balance."
Moreover, U.S. oil was trading at around $38 a barrel on Thursday, more than $10 higher than a month ago, putting additional pressure on pump prices. A $10 swing in the price of oil typically causes a 25-cent change in the price of a gallon of gas at the pump, and the impact is usually felt about two weeks later.
The national average for regular gas is 12 cents higher than a month ago but 61 cents cheaper than a year ago. Premium gas costs 54 cents less than a year ago at $2.31 a gallon. Diesel fuel, which had continued to fall in recent weeks even as gas prices increased, rose 4 cents the past week to a national average of $2.02. That's still 90 cents cheaper than a year ago and about half what it was at this time in 2014.
Arizona and South Carolina were tied for the lowest statewide average price for regular gas at $1.60 a gallon, according to AAA. New Jersey was next cheapest at $1.62, followed by Texas and Virginia at $1.63. (Pump prices fluctuate throughout the day and could change.)
Six states averaged more than $2 a gallon, and all were west of the Rockies: Alaska, California, Hawaii, Nevada, Oregon and Washington. Hawaii had the most expensive gas at an average price of $2.56, followed by California, $2.49, and Alaska, $2.16. Alaska was among the few states where gas prices declined the past week, with the average falling 3 cents.
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