The national average price of gasoline fell 7 cents to $2.74 for the week ending June 10, as nearly every state's average price also fell, according to AAA.
Gasoline is now 13 cents lower than a month ago and 18 cents below a year ago. The decline is a result of refineries reaching peak usage, said Jeanette Casselano, AAA spokesperson.
"Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand," Casselano said. "Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand. The national average is poised to fall to at least $2.70 this week, an indication that pump prices may be even cheaper this summer."
Gasoline supply has also been elevated. Stocks have increased weekly with total inventories reaching 4 million barrels ahead of the five-year average. Demand has remained relatively robust at 9.4 million barrels per day, according to data from the U.S. Energey Information Administration.
States with the largest weekly decreases include Ohio (21 cents), Indiana (17 cents), Michigan (15 cents), Illinois (11 cents), Kentucky (10 cents), Oklahoma (9 cents), Maine (8 cents), Wisconsin (8 cents), Nebraska (8 cents), and South Carolina (7 cents).
States with the lowest prices include Mississippi ($2.32), Louisiana ($2.35), Alabama ($2.35), South Carolina ($2.36), Arkansas ($2.40), Texas ($2.41), Tennessee ($2.42), Oklahoma ($2.46), Missouri ($2.48), and Virginia ($2.49).
Meanwhile, the average price for diesel fell 3.1 cents to $3.105 per gallon during the week, which is 16.1 cents lower than a year ago.