AAA says Gas Prices Decreasing for Most of US, California at $4.17 per Gallon

AAA said Monday that gas prices are decreasing for the majority of motorist across the country with the national average gas price at $2.63. In California, however, Gas prices have increased to $4.17 per gallon.

“The national gas price average has been gradually decreasing the past three weeks and we expect this trend to continue, barring any major industry or geopolitical events,” said Jeanette Casselano, AAA spokesperson. “But the real savings we’re seeing is when prices are compared to this same time last year. Drivers in some states are paying 40 cents less per gallon than they were last October.”

The largest weekly volatility with gas prices continues to happen in West Coast states, but that could be tapering off. EIA’s data shows that the region’s refinery utilization jumped up 10% and gasoline stocks were relatively stable for the week ending Oct. 4, meaning there could be some relief in sight.

Per AAA:

West Coast

Most pump prices in the West Coast region have increased on the week. However, prices in the region appear to be stabilizing after a number of regional refineries experienced unplanned outages that reduced supply over the last few weeks.

California ($4.17) and Hawaii ($3.65) are the most expensive markets in the country. Nevada ($3.44), Washington ($3.35), Oregon ($3.26), Alaska ($3.01) and Arizona ($2.91) follow. Oregon (+10 cents) and Washington (+7 cents) saw the largest increases, while Hawaii (-2 cents) and California (-1 cent) saw the largest decreases.

The EIA report for the week ending October 4, showed that total West Coast gasoline stocks decreased from 27 million bbl to 26.25 million bbl. This level is approximately 2 million bbl lower than this same time last year. Tighter supplies will continue to keep prices high this week, but as refineries resume normal gasoline production levels, pump prices are expected to stabilize.