Pump Prices Continue to Push Higher 

Monday, February 25, 2019 - At $2.39, the national gas price average is eight cents more expensive than last week and 12 cents more expensive than last month, yet remains 12 cents cheaper year-over-year.

“On average, gas prices this year are 11 percent cheaper than the first two months of 2018 in part due to mostly cheaper crude oil prices so far this year,” said Marilyn Buskohl, AAA spokesperson. “Even though pump prices are on the rise, the increase has been countered by mostly decreasing demand, leading to the majority of people still paying less than $2.50.”

South Dakota Average Gas Prices:

Pump prices have increased around the country as refineries gear up for spring gasoline production and maintenance season.

 Quick Stats

• The nation’s top 10 least expensive markets are: Mississippi ($2.10), Alabama ($2.12), Louisiana ($2.12), Arkansas ($2.13), Missouri ($2.13), Texas ($2.14), Colorado ($2.14), South Carolina ($2.15), Virginia ($2.17) and Kansas ($2.18).
• The nation’s top 10 largest weekly increases are: Minnesota (+15 cents), New Mexico (+13 cents), Iowa (+12 cents), Indiana (+12 cents), North Carolina (+11 cents), Nebraska (+11 cents), Florida (+11 cents), Alabama (+11 cents), South Carolina (+10 cents) and Illinois (+10 cents).

Central and Great Lakes Region 

With gas prices increasing on the week as much as 15 cents in the region, Illinois ($2.45), Michigan ($2.41) and Indiana ($2.40) carry the most expensive state averages among Great Lakes and Central states. This week, Minnesota (+15 cents) saw the largest increase while  Iowa and Indiana saw the second biggest increases at 12 cents, followed by Nebraska (+11 cents), Illinois (+10 cents) and Wisconsin (+10 cents).

Only four states in the country carry gas price averages more expensive than a year ago and two are from the Great Lakes and Central region. Motorists in Ohio (+3 cents) and Indiana (+2 cents) are paying two cents more a gallon to fill-up. Conversely, motorists in North Dakota (-30 cents) and South Dakota (-29 cents) are seeing the largest difference in the region compared to last year at this time.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 30 cents to settle at $57.26 – setting a new high for crude prices this year.  If crude prices sustain at these higher levels, they could help send pump prices higher this spring. An increase in crude prices this week will likely be supported by optimism that the U.S. and China have been making significant strides to reduce trade tensions between the countries.

However, crude price gains could be tempered by further increases in U.S. production, potentially signaling that the global crude market may be able to overcome an expected tightening in supply due to U.S-imposed sanctions on crude exports from Venezuela and Iran.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

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