North Dakota gas prices saw a slight decline last week indicating a possible early spring peak. Typically leading up to Memorial Day, ongoing refinery maintenance and healthy consumer demand contribute to pump prices increasing.
Today’s statewide average of $2.77 is two cents lower than this time last week and identical to one year ago. The national average is nine cents higher at $2.86.
The gas average fell despite the Energy Information Administration’s (EIA) latest report, which shows an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out.
This is the first time in three months gas prices have shown consistent signs of declining, according to AAA. Factors that could quickly push up prices in the coming weeks include weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel. Furthermore, global concerns around trade negotiations between the U.S. and China plus reports that two Saudi oil tankers were attacked in the Strait of Hormuz are likely to keep crude oil prices volatile this week.
For additional information on gas prices, visit AAA.com/Gas.