According to AAA, the national gas price average held steady at $2.65 per gallon, however, Californian’s are paying on average $4.18 per gallon.
AAA said most motorists around the country are seeing prices decline or stabilize, with the majority of states seeing gas prices decrease by as much as a nickel since last Monday. But significant price jumps in California (+16 cents on the week) have pushed prices higher for motorists in the region, as gasoline stocks tighten along the West Coast.
“All regions are seeing planned and unplanned refinery maintenance, but it is only the West Coast that is really seeing gasoline stocks tighten and gas prices increase,” said Jeanette Casselano, AAA spokesperson. “On the whole, we are seeing gasoline demand mostly push lower amid stable, but healthy gasoline stock levels which are ultimately keeping prices cheaper for most motorists.”
Today, 51% of all gas stations in the country are selling regular unleaded for $2.50 or less, while 77% are selling for $2.75 or less.
Pump prices in the West Coast region have increased on the week, following a number of refinery outages that have tightened supply in the market. However, price increases have slowed as refineries work to resume production capacity. Assuming no additional outages, pump prices should stabilize toward the end of the week. California ($4.18) and Hawaii ($3.67) are the most expensive markets in the country. Nevada ($3.42), Washington ($3.28), Oregon ($3.16), Alaska ($2.95) and Arizona ($2.91) follow. California (+16 cents) saw the largest increase, followed by Nevada (+14 cents).
The Energy Information Administration’s (EIA) report, for the week ending on September 27, showed that total West Coast gasoline stocks decreased slightly from 27.1 million bbl to 27 million bbl. This level is approximately 900,000 bbl lower than this same time last year. Tighter supplies will continue to cause prices to spike, but as refineries resume normal gasoline production levels, pump prices are expected to stabilize.