On Monday, AAA announced that the national average is $2.81 which is 2 cents cheaper than last week and 8 cents less than last month and 13 cents less than last year. Meanwhile, California is paying on average $3.94 per gallon.
“Gas prices have been trending lower now for the past month and there are no signs of pump prices changing gears toward more expensive for the summer season,” said Jeanette Casselano, AAA spokesperson. “One major indicator supporting this forecast is the price of crude oil which last week dropped by $6 to $53/bbl, which is one of the lowest prices of the year.”
Motorists in the West Coast region are paying the highest pump prices in the nation, with all seven states landing on the top 10 most expensive list today. California ($3.94) and Hawaii ($3.64) are the most expensive markets. Washington ($3.52), Alaska ($3.49), Nevada ($3.46), Oregon ($3.40) and Arizona ($3.11) follow. Pump prices in the region have mostly decreased on the week, with California (-6 cents) seeing the largest drop.
The EIA’s recent report for the week ending on May 24 showed that West Coast gasoline stocks increased by approximately 700,000 bbl from the previous week and now sit at 28.4 million bbl. The current level is nearly 3 million bbl less than last year’s level at this time, which could cause prices to see moderate increases if there are any supply challenges in the region this week.