Gas prices at 11-year lows

| July 5, 2016

gas july 5

Pump prices are holding relatively steady and remain at their lowest levels for this time of year since 2005. Today’s price of $2.31 per gallon represents a savings of three cents per gallon on the week and two cents per gallon on the month. Year-over-year drivers continue to benefit from noticeable discounts in the price to refuel their vehicles, and prices are down 47 cents per gallon versus this same date last year.

This year’s summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled, and the latest data from the U.S. EIA shows that gasoline demand is currently at an all-time high. Strong demand can put additional pressure on refineries, and their ability to sustain output and keep gasoline flowing to markets directly impacts the price consumers pay at the pump. However, refineries are reportedly increasing output and gasoline supply has more than kept pace with growing demand. In fact, the refinery utilization rates reached its highest level since April and gasoline inventories posted an increase in the face of these record numbers. Gas prices have fallen for 16 consecutive days, and if the market can remain adequately supplied drivers are likely to continue paying prices unseen for the summer months in more than a decade.

Quick Stats

  • The West Coast leads the market and is posting some of the nation’s highest prices at the pump, led by: California ($2.90), Hawaii ($2.79), Alaska ($2.66), Washington ($2.65) and Nevada ($2.55)
  • The nation’s least expensive markets are: South Carolina ($2.00), Mississippi ($2.06), Arkansas ($2.07), Alabama ($2.09) and Oklahoma ($2.09).

Southeastern states continue to dominate the rankings of the nation’s least expensive markets for gas. South Carolina ($2.00) is the nation’s least expensive market for retail gasoline, is followed by regional neighbors Mississippi ($2.06), Arkansas ($2.07), and Alabama ($2.09) in the rankings. Gas prices have moved by +/- 3 cents per gallon in the region week-over-week and are expected to remain on the lower end of the spectrum in the near term.

A wildcard for gas prices in the region is the Atlantic Hurricane Season. Prices could become volatile due to severe weather which could impact both production and distribution.

Release from AAA Fuel Gauge Report

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1 Comment on "Gas prices at 11-year lows"

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  1. Rex Reed says:

    America’s capitalistic system works very well, despite efforts to stifle it. For example, Saudi oil is very cheap to extract at only $10 per barrel. Yet, they were getting $115 per barrel just a few years ago until America’s oil fracking became profitable at a cost of $40 per barrel to extract. Then, a certain political party tried to stop America’s fracking using EPA regulations, all in an attempt to keep oil prices high for their political supporters. Remember folks, some political parties WANT you to pay high oil prices for THEIR political gain.

    One of the Clinton Library’s largest contributors is Saudi Arabia and Hillary will tell us that America’s corporations are the evil ones raping the public of excessive profits. However, it is America’s corporations that brought down oil prices despite efforts to stop it through government regulation. Be a Patriot, Study the motives of your elected Representatives.