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Gas Price Report: Week of February 4, 2019

National gas price average holds steady despite higher demand.

The national gas price average held flat at $2.26 compared to last week, with only eight states seeing an increase in price. This is a significant change from the 25 states that saw price hikes last week. Today’s national gas price average is a penny more expensive than one month ago and 34 cents less expensive than one year ago.

The stagnation in pricing come even as demand surged. The Energy Information Administration’s latest demand rate reflected summer-like numbers. For the week ending January 25, EIA reported U.S. gasoline demand at 9.6 million b/d. The last time the rate was this high was during the 2018 Labor Day weekend. One possible explanation for the spike could be the extreme temperatures.

“Three-fourths of the country faced below freezing temperatures last week which may have prompted many motorists, especially in the Midwest, to fill-up early and often ahead of the storm, in turn driving demand. This is similar to what we see prior to hurricanes,” said Jeanette Casselano, AAA spokesperson. “Now that the storm has passed, demand is likely to fall more in-line with typical February estimates.”

National average: $2.26

Local state averages:

CT: $2.48        MA: $2.41       NH: $2.26       NJ: $2.33         NY: $2.49       RI: $2.35

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Historical Context

This week in history: Feb. 4, 2004

Mark Zuckerberg launches Facebook from his Harvard dormitory room.

National gas price average in 2004: $1.88

Cost to fill a tank (2004/2019)

Jeep Grand Cherokee

$46.25/$55.60

Buick Regal TourX

$30.64/$36.84

Chevrolet Spark

$16.92/$20.34

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/Mobile.

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