Today’s AAA National Average $3.593

Price as of 5/26/24

Like A Reliable Old Stove, Gas Prices Slowly Heat Up

Like A Reliable Old Stove, Gas Prices Slowly Heat Up

February 01,2024

WASHINGTON, D.C. — The national average for a gallon of gas rose by a nickel since last week to $3.15. The upward trend is likely a combination of oil costs edging into the upper $70s per barrel and normal seasonal increases as winter eases and demand for gas creeps higher.

“We are in that time of year where pump prices begin to heat up, usually peaking around July,” said Andrew Gross, AAA spokesperson. “But unless something shocks the global oil market and causes prices to spike, the national average for a gallon of gas will probably stagger higher, with some flat days or even small price dips along the way.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 7.89 to 8.14 million b/d last week. Meanwhile, total domestic gasoline stocks rose by 1.1 million bbl to 254.1 million bbl. Higher gas demand and fluctuating oil prices have contributed to increasing pump prices. If oil prices continue to face upward pressure, drivers may see pump prices rise.

Today’s national average of $3.15 is four cents more than a month ago but 35 cents less than a year ago.

4 years national average comparison (2021-2024)

Quick Stats

  • Since last Thursday, these 10 states have seen the largest changes in their averages: Missouri (+16 cents), Texas (+11 cents), Minnesota (+11 cents), Indiana (−11 cents), Iowa (+10 cents), Arkansas (+10 cents), Delaware (+9 cents), Kansas (+9 cents), Florida (+9 cents) and Colorado (+8 cents).
  • The nation’s top 10 least expensive markets: Wyoming ($2.68), Oklahoma ($2.71), Utah ($2.72), Wisconsin ($2.74), Kansas ($2.75), Mississippi ($2.75), Colorado ($2.76), Arkansas ($2.77), Kentucky ($2.79) and Missouri ($2.79).

Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by $1.97 to settle at $75.85. Oil prices declined yesterday amid a strengthening dollar and no indications of new attacks in the Red Sea. Earlier in the week, attacks against shippers raised prices as commercial ships transiting the Red Sea sought longer, more expensive routes to avoid violence. Additionally, the EIA reported that total domestic retail crude stocks increased by 1.2 million bbl to 421.9 million bbl.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.