AAA said Monday that the national gas price averaged dropped by a penny to $2.57 per gallon. Meanwhile, Californian’s saw gas prices drop 10 cents to $3.70 per gallon.
“Since the end of October, gasoline demand has mostly decreased as gasoline stocks have mostly increased, paving the way for cheaper gas prices,” said Jeanette Casselano, AAA spokesperson. “AAA expects stocks to continue to grow and drive gas prices even cheaper through year-end.”
Today’s national average is a nickel cheaper than last month, but 15-cents more expensive than this time last year.
On the week, pump prices in the region continue to decline, with some states seeing the largest weekly drops in the country. California (-10 cents), Nevada (-7 cents) and Oregon (-6 cents) saw the largest decreases in the region.
California ($3.70) and Hawaii ($3.64) remain the most expensive markets in the country. Washington ($3.27), Nevada ($3.21), Oregon ($3.13), Alaska ($3.08) and Arizona ($2.90) follow.
Increased gasoline stocks continue to help put downward pressure on pump prices, as demand remains robust. According to EIA’s report for the week ending on November 29, gas stocks in the region grew by nearly 720,000 bbl, bringing the total to 29.59 million bbl. The current supply level is 1.86 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.