South Dakota Gas Price Average Jumps 5 Cents in One Week
January 16, 2018 - Gas prices jumped four cents on the week landing today’s national average at $2.53. According to the Energy Information Administration (EIA), gasoline demand increased 164,000 bbl on the week to register at 8.8 million. The demand measurement is the highest demand for the first EIA report of January since 2011. The demand increase is a contributing factor to this week’s higher pump prices.
AAA reports South Dakota’s statewide average stands at $2.50 today, five cents higher than one week ago and fourteen cents higher year over year.
“The EIA’s gasoline demand measurement is higher than any week in January last year,” said Marilyn Buskohl, AAA spokesperson. “If demand continues to climb, motorists are likely to see pump prices increase too, paving the way for even more expensive fill-ups. This month’s average is already 19-cents more than last January.”
Motorists in the Great Lakes and Central states are seeing the largest increase in gas prices on the week. Only two states, Alaska (-2 cents) and Rhode Island (-1 cent), in the country carry pump prices that are less than last week’s price.
Eight Great Lakes and Central states land on this week’s top 10 states with the biggest changes list: Kansas (+9 cents), Kentucky (+9 cents), Indiana (+9 cents), Iowa (+9 cents), Michigan (+7 cents), Minnesota (+7 cents), Missouri (+7 cents) and Nebraska (+6 cents). All states in the region are paying more compared to last week. Gas prices range from as low as $2.30 in Missouri to as high as $2.69 in Michigan.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased 50 cents to settle at $64.30. Some market observers are encouraged that oil prices will continue to climb as production slows and inventories grow tighter.
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 a
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