National gas prices level off, California reaches all-time high
Gas prices across the country remained at an average of $3.41 per gallon, as California set a record at $4.68.
According to AAA, customers caught a little break as national average prices leveled off over recent days. Since Oct. 30, the national average has fallen on nine different days, after rising steadily each of the previous 31 days.
“A slight dip in gas demand, possibly due to seasonal driving habit changes, is contributing to some price relief at the pump,” AAA spokesperson Andrew Gross stated in a release. “Unfortunately, the ongoing tight supply of crude oil will likely keep gas prices fluctuating, instead of dropping, for some time.”
According to data from the Energy Information Administration, total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand dropped from 9.5 million b/d to 9.26 million b/d. This drop coupled with an increase in the domestic crude oil supply caused downward pressure on prices.
Pump prices will likely remain elevated for consumers as long as oil prices are above $80 per barrel.
- The nation’s top 10 largest weekly changes: Arizona (+7 cents), California (+6 cents), Pennsylvania (+4 cents), Illinois (−4 cents), Oklahoma (−4 cents), Indiana (−4 cents), Delaware (−4 cents), Ohio (−4 cents), Michigan (−3 cents) and South Dakota (−3 cents).
- The nation’s top 10 most expensive markets: California ($4.68), Hawaii ($4.34), Nevada ($3.97), Washington ($3.87), Oregon ($3.78), Alaska ($3.71), Utah ($3.70), Idaho ($3.69), Arizona ($3.66) and Washington, D.C. ($3.62).
A year ago, the average price was $3.177 in California and $2.125 nationally.
Louisiana has been averaging $3.14.