Editor's Note: This week's report is being filed from Chicago, where we are on the road for a video shoot of the toll roads across the Midwest. As a result, the report will be abbreviated.
The price of gas did not move much during the past week, according to the latest weekly survey from the U.S Energy Information Administration. In fact, on a nationwide basis, the average price of gas did not move at all, remaining $3.70 per gallon.
However, regional price fluctuations did impact consumers, particularly in California and across the Midwest, where pricing volatility is the norm. For the Midwest region, the price of gas dropped about 2¢ per gallon on the week, while in California, the price of a gallon of regular unleaded pushed upward by 3¢, dragging the broader West Coast region with it. For consumers in the Gulf Coast states, the price of gas dipped by about a penny, after coming close to the $3.50 threshold.
Examined on an annual basis, however, the price of gas is significantly higher for most of us. Only drivers in the Rocky Mountain states have escaped the punishing price increases that have impacted the rest of the nation. In fact, the cost of gas is about a penny lower than last year. That price decline may seem trite, but it is significant when compared to other regions, where the cost of gas jumped dramatically.
For instance, in the Midwest, the gas prices are 28¢ per gallon higher this year, led by Ohio, where prices are about 39¢ higher than last summer. For the West Coast, which includes California, the price of fuel is about 17¢ per gallon higher. Even on the Gulf Coast, where the cost of driving is typically the lowest in the nation, retail gas prices are 17¢ per gallon higher. On a nationwide basis, the cost of fuel averages 21¢ more than at this time in 2013.