By Mark Huffman
ConsumerAffairs.com
July 23, 2010
After years of volatility, gasoline prices have held in a narrow range over the summer, and haven't budged much in the last seven days.
The national average price of self-serve regular today is $2.718 a gallon, down less than a penny from last Friday, according to AAA. Prices are about two and a half cents lower than a month ago.
The average price of diesel fuel is $2.946, a half-cent lower than a week ago.
"Current conditions may not hold the drama of two years ago, but they are notable for other reasons," said Andrew Delmege, AAA's manager of regulatory affairs. "Summertime usually brings higher demand which influences retail prices. Yet for seven weeks the price of self-serve regular gasoline has not stepped outside of the range of $2.70-$2.75, which is somewhat remarkable."
Oil prices lingered in the mid-$70 range last week as investors looked for signs as to the strength of the global economy. Prices have continued to maintain a central range around $75 per barrel and seem content to hover broadly in the $70-$80 per barrel level, fluctuating only slightly amidst competing economic signals and some recent data that the U.S. economic recovery may be slowing down.
Oil prices reversed course at mid-week after the U.S. Energy Information Administration reported that oil and gasoline inventories increased last week. Supplies of crude oil rose 400,000 barrels while stockpiles of gasoline surged by 1.1 million barrels.
With the end of the summer driving season in sight, the flush inventory suggests motorists should continue to enjoy stable prices at the pump.
The states with the most expensive gasoline today are:
Alaska ($3.497)
Hawaii ($3.467)
California ($3.149)
Washington ($3.042)
Nevada ($2.950)
Oregon ($2.942)
Idaho ($2.891)
Utah ($2.877)
New York ($2.876)
Connecticut ($2.853)
The states with the least expensive gasoline today are:
South Carolina ($2.487)
Missouri ($2.544)
Tennessee ($2.537)
Alabama ($2.538)
Virginia ($2.553)
Texas ($2.558)
New Jersey ($2.570)
Louisiana ($2.581)
Georgia ($2.584)
North Carolina ($2.610)
