Filling up is getting more expensive. On the week, nearly 20 states have gas price averages that increased at least three cents. Upward price movement at the state level has jumped the national gas price average up to $2.25, an average not seen since stay-at-home guidance was issued in mid-March.
The Energy Information Administration (EIA) measures weekly gasoline demand at 8 million b/d, up from the previous week, while gasoline stocks decreased about one million bbl down to 237.7 bbl. Typically, this combination would result in cheaper gas prices, but with crude oil pricing at the highest levels since February, that is not the case.
“December has seen the biggest pump price jump of any month this year, ending with a national average 11 cents higher than it began,” said Meredith Terpstra, AAA spokesperson. “Despite low demand, pump prices are more expensive because crude oil has seen steady gains.”
The Iowa state average is $2.19 per gallon, which is $.06 below the national average. While these prices are $.22 higher than last month’s average of $1.97, they are still $.17 lower than a year ago ($2.36).
The Minnesota state average is $2.15 per gallon, which is $.10 below the national average. While these prices are $.20 higher than last month’s average of $1.95, they are still $.26 lower than a year ago ($2.41).
Motorists can expect gas prices to rise in the coming week, but still be cheaper than the end of 2019.