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October is Finally Falling into Cheaper Gas Prices
October 22, 2018 - The national gas price average is $2.85. That is six-cents cheaper than this month’s highest price of $2.91, which was the most expensive average during the month of October since 2014. Today’s price is also four cents cheaper than last week, the same price as last month and 39- cent more than this time last year.
South Dakota Average Gas Prices:
Week Ago Avg.
Month Ago Avg.
Year Ago Avg.
Reduced refinery runs, due to peak maintenance season, have contributed to stable gasoline inventories amid lower demand, which is a contributing factor driving gas prices down.
“Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week,” said Marilyn Buskohl, AAA spokesperson. “Prices are falling despite market concerns about global supply and geopolitical tensions, but that could change later this month ahead of the U.S. announcement of imposed sanctions on Iran.”
· The nation’s top 10 least expensive markets are: Delaware ($2.56), Ohio ($2.57), South Carolina ($2.58), Mississippi ($2.58), Missouri ($2.59), Alabama ($2.60), Louisiana ($2.60), Texas ($2.61), Arkansas ($2.61) and Oklahoma ($2.61).
· The nation’s top 10 largest weekly decreases are: Ohio (-12 cents), Delaware (-10 cents), Michigan (-10 cents), Indiana (-10 cents), Kentucky (-8 cents), Iowa (-7 cents), Maryland (-7 cents), Illinois (-7 cents), Oklahoma (-7 cents) and Missouri (-6 cents).
Great Lakes and Central
Seven Great Lakes and Central states land on this week’s top 10 list with the biggest declines for a second week: Ohio (-12 cents), Michigan (-10 cents), Indiana (-10 cents), Kentucky (-8 cents), Iowa (-7 cents) Illinois (-7 cents) and Missouri (-6 cents).
In the region, South Dakota ($2.89) has the most expensive gas price average this week, followed by North Dakota ($2.86) and Illinois ($2.82). With the significant price drops this week, Ohio ($2.57) and Missouri ($2.59) have the cheapest price in the region and rank among the top 10 least expensive pump prices in the country.
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased 47 cents to settle at $69.12. The crude market mostly saw losses last week following EIA’s latest weekly petroleum report, which showed domestic crude inventories grew by 6.5 million bbl. Total crude inventories now sit at 416.4 million bbl, marking the fourth week of consecutive growth and highest level since late June. The larger-than-expected growth in crude levels shocked the market, leading crude prices to fall. This week, prices could rise again due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran’s crude exports.
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.