Gas Prices Start Falling Again After Recent Run of Price Increases
The latest Fuel Gauge Report from AAA shows that the rapid increase in gas prices that occurred since the start of May has reversed itself, with the average price for a gallon of regular unleaded at $3.63 as of May 28, down 3 cents from May 22. After 17 consecutive days of increases, the average price fell for 6 days in a row, from May 22 to May 28.
This is also the case in the Midwest, where after seeing increases of more than 50 cents per gallon in some states, prices are starting to fall again, with Minnesota seeing a price drop of 24 cents, down to $4.02; Oklahoma down 15 cents per gallon to $3.76; Ohio, down 13 cents to $3.69; Nebraska, also down 13 cents to $3.93; Indiana, down 11 cents to $3.75; North Dakota, down 11 cents as well to $4.13; Missouri and Iowa, each down 10 cents apiece to $3.65 and $3.92, respectively; Kansas, down 7 cents to $3.86, and lastly Illinois, down 5 cents to $4.00. These prices were from earlier this week, as of May 28.
The top 10 states with the highest prices include Hawaii, at $4.36; North Dakota, at $4.13; Alaska, at $4.09; California, at $4.03; Minnesota, at $4.02; Illinois, at $4.00; Washington, at $3.98; Oregon, at $3.95; Nebraska, at $3.93; and Iowa, at $3.92. All of these prices are also from May 28.
AAA said the recent increase in prices was due to low supplies and planned, and unplanned, refinery maintenance. The price of oil has stayed fairly flat recently, with the price of a barrel of West Texas Intermediate settling at $95.01 on May 27.