Gas prices rise slightly, but not by much

(May 9, 2024) — Gas prices posted a quiet week, with the national average drifting lower by three cents to $3.64 since May 2. Tepid pre-Memorial Day domestic demand and oil costs below $80 a barrel are the likely cause.

“The current news cycle is jam-packed, so not having gas prices in the mix should be a welcome relief,” said Andrew Gross, AAA spokesperson. “Most consumers will probably see pump prices barely budging for now. That’s important because, on May 13, AAA will release the Memorial Day travel forecast, which could be a robust weekend for car trips. Stay tuned!”

According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.62 million b/d to 8.79 last week. Meanwhile, total domestic gasoline stocks increased by nearly 1 million bbl to 228 million bbl. Slack demand, rising supply, and falling oil prices could push pump prices lower.

Today’s national average is $3.64 per gallon, four cents more than a month ago and 12 cents more than a year ago.

Quick Stats

Since last Thursday, these 10 states have seen the largest weekly changes in their averages: Indiana (+13 cents), Florida (-12 cents), Ohio (+9 cents), Delaware (-8 cents), New Mexico (-7 cents), Maryland (-7 cents), Utah (-7 cents), Tennessee (-6 cents), Nevada (-6 cents) and Texas (-6 cents).

The nation’s top 10 most expensive markets are California ($5.31), Hawaii ($4.81), Washington ($4.65), Nevada ($4.49), Oregon ($4.44), Alaska ($4.39), Arizona ($3.99), Illinois ($3.93), Idaho ($3.86), and Utah ($3.83).

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