A supply spike drove gasoline prices sharply lower for the week ending Aug. 12.
 - Photo by Vince Taroc.

A supply spike drove gasoline prices sharply lower for the week ending Aug. 12.

Photo by Vince Taroc.

The national average gasoline price fell 7 cents to $2.64 per gallon, as domestic gasoline supply increased 4.4 million barrels for the week ending Aug. 12, AAA has announced.

AT least 1.2 million barrels per day arrived at U.S. ports, and gasoline stocks now sit at 235 million barrels, a high-water mark not seen in nearly five months, according to data from the U.S. Energy Information Administration.

"On the week, nearly half of all states saw gas price averages decrease by at least a nickel," said Jeanette Casselano, AAA spokesperson. "While gasoline demand increased week-over-week, it wasn't enough to stay on pace with the huge jump in gasoline stocks. Therefore, pump prices continue to decline across the country."

Today's price is 13 cents lower than a month ago and 21 cents cheaper than a year ago.

States with the largest weekly gasoline price decreases include Ohio (19 cents), Indiana (17 cents), Illinois (12 cents), Michigan (12 cents), Kentucky (10 cents), Florida (7 cents), Oklahoma (7 cents), Louisiana (6 cents), Missouri (6 cents), and Georgia (6 cents).

States with the least expensive markets include Louisiana ($2.27), Mississippi ($2.28), South Carolina ($2.31), Alabama ($2.31), Arkansas ($2.32), Oklahoma ($2.34), Tennessee ($2.37), Texas ($2.38), Missouri ($2.39), and Kansas ($2.41).

Meanwhile, the average price of a gallon of diesel fell 2.1 cents to $3.011 per gallon, which is 20.6 cents lower than a year ago.

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