Gasoline Heads Lower to $2.66 Per Gallon

The nation's average gasoline price fell 2 cents to $2.66 over the past week with gasoline demand increasing, because crude prices continue to decline, according to AAA.

The June 24 gasoline price is 18 cents lower than a month and year ago. Gasoline prices aren't expected to move significantly higher, said Jeanette Casselano, AAA spokesperson.

"Filling-up at the pump this summer could mean savings as much as a quarter a gallon," Casselano said. "Cheaper prices could entice motorists to travel more and even take some last minute road trips."

Gasoline demand reached a 2019 peak at 9.93 million barrels per day for the week ending June 14, according to the U.S. Energy Information Administration. Compared to this time in 2018, domestic crude prices are $12 per barrel cheaper. Crude typically comprises about 60% of the costs drivers pay at the pump.

Toward the end of last week, a massive fire knocked Philadelphia Energy Solution's Philadelphia refinery offline. Even though the refinery is the latest on the East Coast, gasoline from Canada, neighboring refineries, and the Colonial Pipeline should backfill supply, according to AAA.

States with the largest monthly decreases include Indiana (30 cents), California (26 cents), South Carolina (24 cents), Michigan (23 cents), Oklahoma (21 cents), Arizona (21 cents), Mississippi (21 cents), Maryland (21 cents), Nebraska (21 cents), and Delaware (20 cents).

States with the least expensive markets include Mississippi ($2.24), South Carolina ($2.24), Alabama ($2.26), Louisiana ($2.26), Arkansas ($2.31), Oklahoma ($2.34), Tennessee ($2.35), Texas ($2.35), Missouri ($2.37), and Virginia ($2.40).

Meanwhile, the average price of a gallon of diesel fell 2.7 cents to $3.043, which is 17.3 cents lower than a year ago, according to the EIA.