It's another week of relative calm at the gas pump, according to GasBuddy.com- the national average fell just 4-tenths of a penny in the last week to $3.267/gallon.
Prices nationally stand over 20 cents per gallon lower than last year on average, yet not a single state is seeing average prices under $3/gal. Missouri, Montana, South Carolina, Arkansas, and Wyoming remain the bottom five, with Missouri the current winner, averaging $3.02/gallon.
That compares to city-wide data showing just four cities with averages under $3/gal: Billings, Lubbock, Sioux Falls, and Amarillo. Oil prices last week gained momentum, pushing back towards triple digits, and begin this week at $97/bbl, even a midst a large decline in stock markets.
Prices in Canada, however, tell another story. Canadian motorists are paying a penny and a half per litre more than a year ago, with the average at 125.8c/L. Edmonton, home to the vast oil sands, is the cheapest city in Canada, averaging 108.6c/L this morning.
We may see an uptick in the national average this week as higher oil prices may push wholesale gasoline prices up, but we believe that this may just be temporary in nature. Gasoline inventories remain healthy, and as the weather starts to warm, we may see a liquidation of cheaper winter gasoline as refiners purge their holdings ahead of the eventual switch over to EPA mandated summer gasoline.