The Shadow
RICHMOND — Despite crude oil price fluctuation and growing geopolitical concerns with Iran, the national gas price average has held steady at $2.58 since the beginning of the year.
The current national average is 2 cents more than last month and 34 cents more expensive than the beginning of 2019.
The nation’s top 10 largest weekly changes are: Michigan (+7 cents), Delaware (-5 cents), Minnesota (+4 cents), Ohio (+4 cents), Florida (-4 cents), Utah (-4 cents), Alaska (+3 cents), Indiana (+3 cents), Idaho (-3 cents) and Tennessee (-3 cents).
The nation’s top 10 least expensive markets are: Missouri ($2.20), Oklahoma ($2.26), Texas ($2.27), Mississippi ($2.28), Arkansas ($2.28), Kansas ($2.29), Louisiana ($2.30), South Carolina ($2.34), Alabama ($2.35) and Tennessee ($2.36).
On the week, Delaware (-5 cents) has the largest decline of any state average in the region and the nation.
All states in the Mid-Atlantic and Northeast region saw gas prices decrease or hold steady with the exception of Rhode Island (+1 cent) and Massachusetts (+1 cent).
At $2.37, Virginia carries the cheapest gas price in the region and ranks as the 11th least expensive average in the country.
Meanwhile, Pennsylvania ($2.81), Washington, D.C. ($2.72) and New York ($2.72) carry the most expensive averages in the region and fall among the top 10 highest state averages in the country.
EIA measures regional gasoline stocks at 64.6 million bbl, that’s up 800,000 bbl for the week ending Jan. 3.
Levels have not been this high since late September (2019), which is helping to edge gas prices cheaper and keep price fluctuation minimal in the region.
At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 52 cents to settle at $59.04.
Crude prices decreased last week after rising sharply following increased tension between the U.S. and Iran.
With the U.S. announcing economic sanctions instead of additional military strikes against Iran, prices fell as tension began to ease.
If tension continues to cool in the region this week, crude prices could decrease further.
Additionally, crude prices decreased last week after EIA released new data that revealed total domestic crude inventories grew by 1.2 million bbl. They now sit at 431.1 million bbl, which is 8.7 million bbl lower than their level at this time in 2019.
