Sioux Falls, S.D. (KELO AM) – South Dakota’s pump price average hit a low for the year today, AAA reports, $2.27 for a gallon of self-serve regular gasoline. According to GasPrices.AAA.com, the state average hasn’t been this low since Dec. 29, 2016.
“Gasoline stocks in our region are healthy, sitting at 3.3 million barrels ahead of this time last year,” said Marilyn Buskohl, spokeswoman for AAA South Dakota. “As stocks continue to increase, gas prices continue to fall. Today’s state average is 13 cents below the 2017 high of $2.40 recorded on April 26.”
The nation’s top ten states with the cheapest gas today include: South Carolina ($1.93), Oklahoma ($1.95), Alabama ($1.99), Mississippi ($2.00), Missouri ($2.01), Tennessee ($2.02), Arkansas ($2.02), Virginia ($2.03), Texas ($2.06) and Kansas ($2.07).
Current Price Averages per Gallon of Regular Gasoline
- Sioux Falls – $2.10, down 17 cents from one month ago … down10 cents from 6/26/16
- Rapid City – $2.29, down 14 cents from one month ago … down 7 cents from 6/26/16
- South Dakota – $2.27, down 11 cents from one month ago … down 7 cents from 6/26/16
- U.S. – $2.26, down 11 cents from one month ago … down 5 cents from 6/26/16
Despite a surge in gasoline demand on the week, the national average price for gasoline is nearing its low for the year at $2.26 per gallon. February of this year was the last time the price of a gallon of regular gasoline was this low nationally.
On the week, gas prices fell in all but three states (Indiana, Ohio and Michigan) while all regions, except the Southeast, saw gasoline inventories drop. This is good news for people planning to travel for the Independence Day holiday. AAA forecasts 37.5 million American will drive to their holiday destination, which potentially can mean a small increase in holiday weekend gas prices. Today, consumers can find gas for $2.24 or less at 60 percent of gas stations in the country.
The price of gas has fallen for 24 consecutive days. Today’s national average is three cents cheaper than a week ago and eleven cents cheaper than a month ago. Heading into Independence Day weekend, gasoline is five cents less than a year ago. Record refinery rates, high gasoline and crude inventory, and less-than-favorable demand this year are among the contributing factors causing the downward price trend across the U.S.