Wisconsin is among the top 10 largest weekly increase at $1.69 (+23 cents)
The national gas price average is six cents more expensive on the week at $1.84, but still cheaper on the month and year – three cents and $1.02 less, respectively. Regardless of the national increase, 40 states still have averages of $2.00 or less per gallon.
“Pump prices are fluctuating throughout the country as demand increases and gasoline stocks decrease,” said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group. “The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Motorists in the Great Lakes, Central, South and Southeast states are seeing the most volatility at the pump.”
The Energy Information Administration’s (EIA) latest data report showed demand for gasoline increased by 800,000 b/d to 6.7 million b/d last week, which is 3.2 million b/d less than last year at this time. Gas demand is expected to continue to grow, leading pump prices to continue their increase.
The Great Lakes and Central States region is seeing the highest volatility in the country at the pump with eight states in the region topping the list for the largest weekly change. This region routinely sees pump price fluctuation, so it is no surprise to see significant increases within the Great Lakes and Central states as many states begin to re-open.
In addition to being home to the largest weekly increases, this is also the only region in the country with state gas price averages more expensive compared to last month.
Gasoline stocks continue to decrease, with the latest draw of 1.1 million bbl bringing total levels to 56.4 million bbl. However, refinery rates increased for a second week, jumping from 72% to 73.5% in the latest EIA report. The decrease in stocks amid increase in production is contributing to the pump price jumps motorists are seeing in the region.