Gas prices jumped 12 cents over the past 14 days, and six-cents since last Monday, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014.
“AAA forecasts nearly 37 million travelers will hit the road for the holiday weekend. Compared to an average of the last three Memorial Day weekends, pump prices are nearly 50 cents more expensive and climbing,” said Jeanette Casselano, AAA spokesperson. “Trends are indicating that this summer is likely to bring the national average to at least $3/gallon.”
Today, 14 states tout an average of $3.00 or more. Outside of the typical West Coast states, Idaho and Utah, this count includes six Northeast and Mid-West states: Connecticut, Pennsylvania, New York, Washington, D.C., Illinois and Michigan. In addition, Arizona, New Jersey, and Rhode Island are all within four-cents of hitting the $3 mark.
West Coast
The West Coast region is home to the states with the highest gas prices in the nation: California ($3.71), Hawaii ($3.68), Washington ($3.41), Alaska ($3.36), Nevada ($3.32), Oregon ($3.31) and Arizona ($3.00). On the week, prices in the region have all increased. Arizona (+6 cents) saw the largest increase, while Washington and Alaska are close behind with each state’s average for unleaded regular gasoline increasing by four cents.
Motorists in Arizona (+70 cents) are seeing the largest year-over-year increase in the region and the second largest weekly increase in the country. Of West Coast states, California (+66 cents) and Hawaii (+62 cents) join Arizona on this top 10 list this week.
For the week ending on May 11, the Energy Information Administration (EIA) revealed that gas stocks fell by approximately 200,000 bbl to 29.7 million bbl. Current inventory levels are 600,000 stronger than they were at the same time last year, with increasing imports helping to buoy inventories. Imports increased by 50,000 bbl to 117,000 bbl last week.
