Gasoline prices in the US have not been going down even if the global crude oil prices have continued their plunge, now hovering near the psychological threshold of $50 per barrel.
The damper on sliding gasoline prices across the US was assisted by the latest controversy over specially blended gasoline used during the summer and the fact that West Coast refineries remain plagued with issues. According to the AAA, the average price nationwide now stands at $2.76 per gallon, the lowest for the period since 2010 but only down a nickel per gallon compared to the 2015 peak price seen on June 15 at $2.80 per gallon. Across the country, prices have slowly gone down from the peak with the average down one cent per gallon from last week and 4 cents per gallon from a month ago. The continued stability of the US average still masks huge volatilities in certain markets – especially California, the most populous state in the country. Here drivers are actually paying the most since August 2014 after prices jumped 16 cents per gallon, mostly because of supply issues.
There’s a lack of imports in the area and on the West Coast a special blend is mandated for gasoline, which means retail averages are forecasted to keep up the high prices, with refinery problems also playing a role in the conundrum. California at $3.87 per gallon keeps its top place as the most expensive market in the US, followed by Alaska, Hawaii, Nevada and Washington to round up the top five most expensive markets for retail gasoline. Meanwhile, South Carolina motorists at an average of $2.37 and Alabama drivers at an average of $2.41 per gallon had the lowest pump prices.