Gas Price Drop Continues: Pump Prices Cheapest This Month

AAA reiterates that the motorist club does not expect gas prices to stay this cheap.

A Phillips 66 Gas Station Ahead Of Earnings Figures
Bloomberg—Bloomberg via Getty Images

Prices at pumps across the U.S. are showing another weekly decline, but AAA says motorists should not get overly attached to the downward trend.

The U.S. average stood at $2.52 on Monday, the cheapest pump price so far this month and a penny lower than a week ago, the AAA said in a statement. The average for the month of February is $2.56, which is 29 cents more costly than the average of February 2017.

While most assuredly welcomed by motorists, AAA does not expect the trend lower will continue. 

“Gas prices continue to trend cheaper for the majority of motorists as demand for consumer gasoline declines for a second week,” said AAA spokesperson Jeanette Casselano. “Even with the small drop-off, demand continues to register above 9 million barrels a day, which is a 4 percent year-on-year increase, according to the Energy Information Administration’s latest report."

The state with the biggest weekly change is Indiana, where prices fell 9 cents, followed by Florida and Michigan, where gas costs 5 cents less in the former and five cent higher, on average, from the week earlier. The price of gas is four cents higher in Kentucky and Ohio, and four cents lower is New Jersey, AAA said.

AAA

The least expensive gas can be found in Texas and South Carolina, at $2.25 a gallon, followed by Mississippi and Alabama, where it's averaging $2.26.