Gas Prices Level Off In Last Week

Gas Prices Level Off In Last Week

The price of gasoline is almost unchanged since last Friday as supplies remain plentiful and the end of the summer driving season is in sight.

The national average price of self-serve regular today is $2.77 a gallon, down less than a penny from last Friday, according to AAA. Prices are more than a nickel higher than a month ago.

The price of diesel fuel is $2.998 a gallon, two cents higher than a week ago.

Taking their cue from crude oil, gasoline prices have remained stable as oil has traded in a range between $70 and $80 a barrel. Oil prices have been unable to maintain upward momentum because of doubts about the global economic recovery.

In the U.S., supplies remain ample as the Labor Day weekend approaches. In the last week, the Energy Information Administration reports U.S. gasoline stockpiles rose by 400,000 barrels — a larger than expected increase.

Economic conditions are not the only factor influencing oil and gasoline prices. Last week, the National Weather Service reiterated its forecast that the likelihood exists for an above normal Atlantic storm season.

Weather factors

“The atmospheric and oceanic conditions in the Atlantic Ocean and the Caribbean Sea are viewed as conducive to hurricane formation,” said Andrew Delmege, AAA’s manager of regulatory affairs. “This most recent update from the National Weather Service is consistent with their previous forecast in May of an 85 percent chance of an active storm season. This situation is one that bears watching as we enter the peak hurricane months between now and October.”

The states with the most expensive gasoline today are:

Alaska ($3.547)
Hawaii ($3.489)
California ($3.183)
Washington ($3.131)
Oregon ($3.037)
Nevada ($2.975)
Idaho ($2.974)
Utah ($2.914)
New York ($2.905)
Montana ($2.905)

The states with the least expensive gasoline today are:

South Carolina ($2.556)
Missouri ($2.583)
Mississippi ($2.597)
New Jersey ($2.609)
Tennessee ($2.610)
Alabama ($2.618)
Texas ($2.629)
Virginia ($2.632)
Louisiana ($2.633)
Georgia ($2.648)