Motorists have seen a quiet week at the pump with gasoline prices in much of the country in gentle decline.
The current downward trend in the national average bucks what we were seeing a year ago when gasoline prices were in an upward trend, and what we’re seeing with prices remaining relatively low should boost motorist confidence as the summer driving season nears. It’s a good time to reiterate that I expect this summer’s gasoline prices to be at their lowest seasonal levels since 2010, and most areas will see prices at least $1/gal under where they were last summer.
Some gas price increases may begin showing up in the Northeast where summer blends and reformulated gasolines are beginning to hit retail outlets, though the pain there may not be as bad as what was expected last week. That comes thanks to optimism surrounding the Iran nuke deal, oil prices declined late last week and took some bite out of the expected jump.
Meanwhile, motorists in the Great Lakes are seeing relief at the pumps, as refiners in the region get their acts together following a spat of issues that had pushed gasoline prices higher.
Biggest moves in the last week:
- Indiana, down 14.6c/gal
- Ohio, down 13.4c/gal
- Kentucky, down 11.1c/gal
- Illinois, down 10.0c/gal
- Wisconsin, down 6.6c/gal
Washington is currently among the top 5 states with the highest average for gasoline at $2.737/gal.
