Two weeks after attacks on major Saudi Arabian oil facilities, the majority of Americans are starting to see signs of gas prices trending cheaper. While the national average may have only decreased by a penny on the week, 10 states saw pump prices decline by a nickel or more.
“Crude oil prices have dropped close to where they were right before the drone attacks on the Saudi oil facilities,” said Jeanette Casselano, AAA spokesperson. “This is helping to push gas prices cheaper in most of the country. Americans can expect this trend to continue, except for those filling-up on the West Coast, where refinery disruptions are causing spikes at the pump.”
On the week, all West Coast region states saw prices increase with California (+28 cents) seeing the largest spike, which drives the state average to $4.02 and is likely to push more expensive this week.
Today’s national gas price average of $2.65 which is the same price as last week, and is seven cents more expensive than last month, but 22-cents cheaper than a year ago
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. Robust demand is contributing to price increases, and prices are unlikely to subside until supply is strengthened. California ($4.02) and Hawaii ($3.67) are the most expensive markets in the country. Washington ($3.23), Nevada ($3.28), Oregon ($3.10), Alaska ($2.96) and Arizona ($2.91) follow. California (+28 cents) saw the largest increase, followed by Nevada (+13 cents).
The Energy Information Administration’s (EIA) report for the week ending on September 20, showed that total West Coast gasoline stocks decreased significantly by 1.5 million bbl to 27.1 million bbl. This level is approximately 800,000 bbl lower than this same time last year. Tight supplies will continue to cause prices to increase, but imports and increased deliveries from nearby states are expected to help to ease increasing prices.