On Monday, AAA announced that the national average for a gallon of gas held steady at $2.60 while Californians are paying $4.07 per gallon.
“Gas prices continue to fluctuate across the country, though on the week the majority of states saw prices only increase or decrease by one or two cents,” said Jeanette Casselano, AAA spokesperson. “The largest volatility at the pump continues to be seen in the West Coast & Rockies states along with a handful of states in the Great Lakes and Central region.”
Today’s average is six cents cheaper than last month and 16-cents cheaper than last year at this time.
Pump prices in the West Coast region are stabilizing after the region underwent planned and unplanned refinery maintenance over the past few weeks. Reduced supply in the region, amid robust demand, put pressure on pump prices, but the pressure has decreased over the past week as a result of imports and increased production from regional refineries. Prices are expected to continue stabilizing this week, assuming no new supply disruptions occur.
California ($4.07) and Hawaii ($3.65) are the most expensive markets in the country. Washington ($3.42), Nevada ($3.36), Oregon ($3.33), Alaska ($3.17) and Arizona ($2.90) follow. Alaska (+3 cents) and California (+1 cent) saw the largest increases in the region, while Nevada (-2 cents) saw the largest decrease on the week.
The EIA report for the week ending October 25, showed that total West Coast gasoline stocks increased slightly from 26.25 million bbl to 26.44 million bbl. The current level is approximately 500,000 bbl lower than this same time last year. Increased gasoline supplies will likely help to stabilize pump prices this week in the region.