The latest Energy Information Administration gasoline demand reading reflected the most fall-like numbers (9.1 million b/d) since the end of September.
Despite lower demand, stocks drew by a significant 2.8 million bbl in part due to high exports. On the week, the national average increased one cent to $2.61.
“While most states are seeing more expensive gas prices on the week, the good news is that the majority of increases were nominal at a few pennies. In fact, only five states saw jumps of a nickel or more,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “Motorists are likely to see continued fluctuation at the pump, but not major increases in the week ahead.”
Compared to a month ago, state averages are about a 50/50 split in being either more or less expensive. The vast majority of motorists are seeing savings at the pump compared to November 2018, by as much as a quarter.
Only six states are carrying averages more expensive than a year ago: California (+34 cents), Delaware (+12 cents), Nevada (+11 cents), Ohio (+8 cents), Arizona (+5 cents) and Oregon (+3 cents).
Gas prices are fluctuating across the Mid-Atlantic and Northeast states with most motorists seeing penny increases. Delaware (+6 cents) and Maryland (+4 cents) saw the largest jumps in the region and rank among the top 10 states with the largest jumps in the country. For all other states in the region, prices only increased as much as three cents, with a handful of states seeing no pump price change on the week.
The five most expensive state averages in the region include: Pennsylvania ($2.77), New York ($2.69), Washington, D.C. ($2.68), Connecticut ($2.66) and Vermont ($2.634). These states rank between the 11th and 18th most expensive in the country. In contrast, Virginia ($2.32) and North Carolina ($2.41) tout the cheapest averages in the region, which rank as the 9th and 14th cheapest averages, respectively, in the country.
Despite the large increase in stocks the week prior, the latest EIA data shows stocks holding mostly stable at 59.3 million bbl. The regional refinery utilization rate performed similarly, sitting steady at 90%. The stability in stocks and utilization assisted in keeping regional price pump jumps relatively small.
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