Posts Tagged ‘AAA Fuel Gauge Report’

Gas Prices and Consumer Demand on Steady Decline

December 11th, 2017 by PMarra

The national average price for a gallon of gasoline dropped two cents on the week to $2.46. East Coast and Midwest states are seeing the largest drops in gas prices – as much as six cents – in the last week. While a small number of states, who historically experience ongoing volatility, are seeing increases: Indiana (+11 cents), Michigan (+8 cents), Ohio (+4 cents), Hawaii (+1 cent) and Illinois (+1 cent). Drivers can expect pump prices to continue to drop heading into the holiday season as supply strengthens and fall gasoline demand weakens.

“Nationally, gas prices are 10 cents cheaper on the month and will continue to drop as we count down the days to the holidays,” said Jeanette Casselano, AAA spokesperson. “AAA expects gasoline demand to weaken throughout the winter, which translates to better prices at the pump.”

Consumer gasoline demand is registering under 9 million b/d for the second consecutive week, while gasoline inventories increased by nearly 7 million bbl, according to the Energy Information Administration (EIA).

National Average Gas Price Comparison 2014-2017

Quick Stats

  • The top ten states with the largest weekly changes are: Indiana (+11 cents), Michigan (+8 cents), Kentucky (-6 cents), Ohio (+4 cents), Delaware (-4 cents), Maine (-4 cents), Kansas (-4 cents), Iowa (-4 cents), Wisconsin (-4 cents) and New Mexico (-3 cents).
  • The nation’s top ten least expensive markets are: Oklahoma ($2.19), Alabama ($2.20), South Carolina ($2.21), Mississippi ($2.21), Arkansas ($2.22), Missouri ($2.22), Texas ($2.22), Tennessee ($2.25), Louisiana ($2.27) and Virginia ($2.27).

West Coast

Prices in the West Coast region are among the highest in the country. Six states in the region are on the top ten most expensive list for gasoline prices: Hawaii ($3.29), Alaska ($3.21), California ($3.13), Washington ($2.95), Oregon ($2.80) and Nevada ($2.68). However, on the week, gas prices in these states are down at least two cents, while Hawaii’s price increased by a penny.

The latest report from the EIA shows that total gasoline stocks in the region hit nearly 30 million bbl, the highest point since April 29. Weak demand contributed to the build, even as gasoline production in the region fell to 1.48 million b/d, and will continue to help prices decline throughout the fall and winter.

Top Ten Largest Weekly Changes in Gas Prices

Great Lakes and Central

Gas prices in the region range from $2.22 (Missouri) to $2.51 (Michigan). In many states, drivers are paying as much as five cents less at the pump compared to last Monday, except for those filling up in Indiana (+11 cents), Michigan (+8 cents) and Ohio (+4 cents).

Of note, last Monday Kentucky was the only state in the region to see pump prices jump. Today, gas prices have decreased six cents, which is the largest decrease of any state in the country on the week.

Adding 1.6 million bbl, the region’s gasoline inventories register at 47.2 million bbl. This is the largest inventory total for the Great Lakes and Central states since mid-October, yet two million bbl below this time last year.

Top Ten Least Expensive Average Gas Prices

South and Southeast

On the week, most South and Southeast states are seeing moderate gas price drops – two to three cents. The region is home to the top five states with the cheapest gas in the country: Oklahoma ($2.19), Alabama ($2.20), South Carolina ($2.21), Mississippi ($2.21) and Texas ($2.22). At $2.41, Florida carries the most expensive gas of all states in the region, which is about 20 cents more than one year ago.

There was a 1.5 million bbl build in gasoline inventory. With 78.4 million bbl in total, the South and Southeast region carry the largest amount of inventory in the country. Second largest is Mid-Atlantic and Northeast with 58.4 million bbl, a 20 million bbl difference.

Mid-Atlantic and Northeast

As gas prices drop for every state in the region, two states land on this week’s list of top 10 largest declines: Delaware (-4 cents) and Maine (- 4 cents). Despite recent declines, Washington, D.C. ($2.70) averages among the most expensive gasoline in the region along with Pennsylvania ($2.73), Connecticut ($2.67) and New York ($2.65).

Compared to one month ago, motorists in the Mid-Atlantic and Northeast are paying less for a gallon of gasoline, with Delaware (-14 cents) seeing the largest regional drop.

For the fourth consecutive week, gasoline inventories increased in the region. With a 2.4 million bbl build, Mid-Atlantic and Northeast sit at 58.4 million bbl – the largest amount of inventory carried by this region since the beginning of September.

Rockies

Across the Rockies, motorists are paying two to three cents less at the pump on the week: Idaho (-3 cents), Utah (-3 cents), Colorado (-3 cents), Wyoming (-2 cents) and Montana (-1 cent). The most expensive gas in the region is found in Montana ($2.62) and Idaho ($2.61).

Compared to this time last year, Montana (+43 cents), Colorado (+42 cents), Wyoming (+40 cents) and Minnesota (+36 cents) land on the top 10 list of states with largest year-over-year increases.

With a build of 258,000 bbl, gasoline inventories jumped above the 7 million bbl mark for the first time in four weeks.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 67 cents to settle at $57.36. Price volatility kicked into high gear last week for crude prices, amid reports of a potential oil worker strike in Nigeria and financial woes in Venezuela potentially impacting its oil production. Nigeria was not subject to the OPEC 2017 oil reduction agreement and as a result, their crude oil exports and market share grew. If the strike occurs, Nigeria’s oil deliveries may be interrupted and cause supply constraints in the global market. For Venezuela, a large-scale default on its debt would lead to it losing access to capital needed to continue producing oil. As a major global exporter, any reduction in the country’s production level is certain to rattle the market and drive prices up.

In additional news, this morning, the energy minister for the United Arab Emirates said that non-OPEC and OPEC countries that have agreed to cut production through December 2018 will announce an exit strategy from the production agreement in June 2018. Although the agreement will still be in effect until the end of 2018, early signals about the end of the agreement may give market observers greater confidence in knowing that global crude supply has been curtailed and prices are likely to keep riding high.

This news comes after EIA’s latest report showed that U.S. crude stocks fell by 5.6 million bbl. The large drawdown demonstrates the U.S.’ growing export prowess, with EIA reporting that crude exports reached 1.4 million b/d last week compared to 500,000 b/d at the same time last year. Moreover, Baker Hughes, Inc. reported that the number of active oil rigs in the U.S. increased by two last week, bringing the total number to 751.

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.

At $2.48, the national gas price average is at the cheapest price since early November. More so, pump prices nationally have been steadily dropping during the last two weeks. Today’s gas price is three cents less than a week ago, four cents cheaper than one month ago and 30 cents more than a year ago.

“Cheaper winter gas prices are being seen for the bulk of the country as gasoline demand hits the lowest mark since February,” said Jeanette Casselano, AAA spokesperson. “On the week, 90 percent of states saw their gas price average drop – some even by double digits.”

Declining gas prices mirror the Energy Information Administration’s (EIA) latest consumer gasoline demand report, showing a drop of 871,000 b/d on the week for a total demand number of 8.7 million b/d (week ending Nov. 24). EIA’s next report, due out on Wednesday, will indicate if the drop is a trend.

Quick Stats

  • The top 10 states with the largest monthly changes are: Indiana(-40 cents), Ohio (-34 cents), Michigan (-30 cents), Illinois (-29 cents), Wisconsin (-18 cents), Alaska (+14 cents), Missouri (-14 cents), Oklahoma (-11 cents), Hawaii (+10 cents) and Kansas (-8 cents).

 

  • The top 10 states with the largest yearly changes are: Alaska(+62 cents), California (+50 cents), Colorado (+48 cents), Montana (+43 cents), Wyoming (+43 cents), Hawaii (+43 cents), North Dakota (+43 cents), Oregon (+42 cents), Minnesota (+41 cents) and New Mexico (+39 cents).

West Coast

Drivers in the West Coast region are paying some of the highest prices at the pump, even as prices continue to drop across the nation. Current prices in six of the region’s states are the most expensive in the country, including: Hawaii ($3.28), Alaska ($3.23), California ($3.16), Washington ($2.98), Oregon ($2.83) and Nevada ($2.71).

According to EIA’s latest report for the region, gasoline inventories sit at 28.8 million bbl, which is considered a comfortable supply level for the region. West Coast gasoline production fell slightly to 1.57 million b/d, but with gas stocks sitting high, drivers in the region are likely to see prices continue to drop this week.

Great Lakes and Central

For a second week, the Great Lakes and Central states are seeing the largest drops at the pump in the region and the country. Eight states land on this week’s top 10 states biggest change list: Indiana (-14 cents), Ohio (-12 cents), Illinois (-11 cents), Michigan (-9 cents), Missouri (-6 cents), Wisconsin (-6 cents), Nebraska (-4 cents) and Kansas (-4 cents). Of note, Kentucky (+3 cents) was the only state in the region to see pump prices jump in the last seven days.

Compared to one month ago, all states in the region except two are paying less at the pump with Indiana (-40 cents), Ohio (-34 cents), Michigan (-30 cents), Illinois (-29 cents), Wisconsin (-18 cents) and Missouri (-14 cents) seeing double-digits drops. Only North Dakota (+1 cents) is paying more on the month in the Great Lakes and Central region.

After shutting down for two weeks following a spill, the Keystone pipeline resumed operations last Tuesday. The shutdown had minimal impact on gas prices in the region. The pipeline runs from Hardisty, Alberta to Cushing, Oklahoma and to Wood River/Patoka, Illinois.

With a small build on the week, gasoline inventories remain above the 45 million bbl level for the third consecutive week. According to OPIS, this inventory level mark is close to the five-year average for this time of the year.

South and Southeast

While gas price averages are cheapest in the South and Southeast, motorists are paying 20 cents or more at the pump compared to where they were one year ago. For example: New Mexico (+39 cents), Arkansas (+30 cents), Texas (+29 cents), Louisiana (+28 cents), Florida (+25 cents), Oklahoma (+25 cents), South Carolina (+24 cents), Mississippi (+24 cents), Alabama (+23 cents) and Georgia (+21 cents).

On the week, the states in the region saw moderate (at most two cent) drops in price.

Due to a small fire, a crude processing unit at ExxonMobil’s Beaumont, Texas, refinery is shut down and expected to be offline for two to three weeks, OPIS reported. The shutdown had no immediate impact on pump prices, but did spark jumps in the futures market.

The South and Southeast was the only region to see a drop (119,000 bbl) in gasoline inventory levels.  

Mid-Atlantic and Northeast

States in the region tout some of the cheapest and some of the most expensive gas in the country. Tennessee ($2.28) and Virginia ($2.27) land on the top 10 states with the lowest gas price average this week, while Pennsylvania ($2.75), Washington, D.C. ($2.72), Connecticut ($2.69) and New York ($2.67) average among the top 10 most expensive gas prices. On the week, gas prices are cheaper or unchanged at pumps across the region. With a four-cent decrease, Delaware saw the biggest change.

The latest EIA report shows the Mid-Atlantic and Northeast region had the largest build of gasoline inventory in the country on the week with 2.6 million bbl added. Totaling at 56 million bbl, this is the largest inventory build and level for the region since late October.  

Rockies

Utah (+3 cents) saw the only jump in gas prices of any state in the region. Gas prices decreased two cents in Colorado and dropped by just one penny in Idaho, Wyoming and Montana on the week.

All states in the Rockies are paying significantly more for a gallon of unleaded gasoline on the year. Motorists in Colorado (+48 cents), Montana (+43 cents) and Wyoming (+43 cents) are seeing the biggest year-over-year increases.

Gasoline inventories increased (608,000 bbl) in the Rockies, totaling 28.8 million bbl according to the EIA. Since 2013, stocks generally level at the 28 million bbl mark through the month of November.

Oil market dynamics

On Friday, WTI increased 96 cents, closing at $58.36. The price per barrel of crude pushed higher last week and is likely to continue its climb following news on Nov. 30 from OPEC and some non-OPEC producers, led by Russia, that they have agreed to keep their production cuts in place through the end of December 2018. Participants in the agreement will continue to reduce output by 1.8 million barrels per day (bpd) in order to drain the global glut of oil that has suppressed oil prices.

Increased production and investment in drilling from producers outside of the production reduction agreement have slowed efforts to drain the global glut, which is why OPEC decided to extend its current agreement. All of this news signals that the U.S. is gaining export prowess through increased demand for exports, making up for losses in global supply due to OPEC’s agreement. As the U.S. moves toward exporting more oil and petroleum products than it imports, such as gasoline for the second year in a row, market observers may decide to pull back on optimistic expectations for the price per barrel of crude.

EIA reported last week that U.S. crude production hit its highest point since April 2015 in September of this year. Moreover, according to Baker Hughes, Inc., the active U.S. rig count grew by two last week, with rigs now standing at 749 – that is 272 more rigs than last year at this time.

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.

 

The national gas price average has been trending cheaper for 10 days. At $2.51, today’s price is three cents less than last Monday. On the week, 49 states are paying less at the pump for a gallon of regular gasoline. The District of Columbia and Hawaii saw their gas price increase by one cent. Prices have dropped between one and 15 cents elsewhere across the country.

“AAA expects to see gas prices trend cheaper through the year-end, decreasing as much as 20 cents for some motorists before year-end,” said Jeanette Casselano, AAA spokesperson.

Today, motorists can find gas for $2.50 or less at 63 percent of gas stations nationwide.

Quick Stats

  • The nation’s top ten states with the largest weekly decreases: Indiana(-15 cents), Ohio (-12 cents), Illinois (-10 cents), Michigan (-10 cents), Wisconsin (-6 cents), Kentucky (-6 cents), Missouri (-6 cents), Kansas (-4 cents), Nebraska (-4 cents) and Oklahoma (-3 cents).
  • The nation’s top ten states with the least expensive gas: Alabama ($2.23), Mississippi ($2.24), South Carolina ($2.24), Texas ($2.26), Arkansas ($2.27), Oklahoma ($2.27), Tennessee ($2.29), Missouri ($2.29), Virginia ($2.30) and Louisiana ($2.31).

West Coast

Gas prices in states within the West Coast region are among the most expensive in the country. In fact, current prices rank five of the region’s states as the top most expensive states in the country: Alaska ($3.26), Hawaii ($3.24), California ($3.19), Washington ($2.99) and Oregon ($2.84).

After a few weeks of slow growth and declining refinery rates, the region’s refinery utilization rate jumped above 86 percent last week – a rate higher than last year’s at this time. Demand has remained stronger than expected for the early part of fall, so an increasing utilization rate will close the supply gap and help keep stocks in check as winter draws closer.

Great Lakes and Central

Of all the regions, the Great Lakes and Central states are seeing the largest drops at the pump – some at double-digit rates on the week: Indiana (-15 cents), Ohio (-12 cents), Illinois (-10 cents), Michigan (-10 cents), Wisconsin (-6 cents), Kentucky (-6 cents), Missouri (-6 cents), Kansas (-4 cents) and Nebraska (-4 cents).

The Keystone pipeline remains shut down; however, it has not had an immediate impact on gas prices in the region. TransCanada still does not yet have a potential restart date for the pipeline, which runs from Hardisty, Alberta to Cushing, Oklahoma and to Wood River/Patoka, Illinois.

The latest Energy Information Administration (EIA) report shows regional gasoline inventory registers at 45 million bbl, which is about 3.2 million below levels this time last year.

South and Southeast

In the South and Southeast, motorists continue to see gas prices decline and trend toward pre-hurricane prices. In fact, five states in the region are selling the cheapest gas prices in the country: Alabama ($2.23), Mississippi ($2.24), South Carolina ($2.24), Texas ($2.26) and Arkansas ($2.27). While all states are seeing cheaper gas prices on the week, Oklahoma (-3 cents), Florida (-3 cents), Georgia (-3 cents) and Alabama (-3 cents) saw the largest decreases.

While gas prices in the region remain significantly higher than this time last year, Georgia is seeing the smallest change compared to last year (+27 cents). Oklahoma (+37 cents) has the largest year-over-year difference in gas prices.

Gasoline inventories had a small 439,000 build on the week, bringing levels above the 77 million bbl mark. The region carries the largest gasoline inventory in the country, according to the EIA.

Mid-Atlantic and Northeast

In the region, gas prices are cheaper on the week with Maryland seeing the largest decline (-3 cents). Prices dropped across the region except in Washington, D.C., where prices increased one cent on the week. The cheapest gas in the region can be found in Tennessee ($2.29) and Virginia ($2.30). These two states land on the top 10 states with the least expensive gas, while four states in the region land on the top 10 states with the most expensive gas: Pennsylvania ($2.77), Washington, D.C. ($2.74), Connecticut ($2.70) and New York ($2.68).

With a build of 546,000 bbl, the region saw the largest gasoline inventory increase in the country on the week. However, the region is also experiencing the largest deficit year-over-year, according to the latest EIA report. An uptick in imports is expected to help reduce the deficit.

Rockies

Gas prices declined as much as two cents in the region on the week: Wyoming (-2 cents), Colorado (-1 cent), Idaho (-1 cent) and Utah (-1 cent). At $2.47, Utah’s gas price average today is eight cents less than one month ago, which is the second biggest monthly decrease of any state in the country. Similarly, Idaho (-4 cents) and Wyoming (-1 cent) are also seeing a month-over-month drop at the pump.

With a 43,000 bbl draw on the week, gasoline inventory in the region measures at 6.7 million bbl.

Oil market dynamics

On Friday, WTI hit $58.95 bbl – a multi-year high that the price per barrel has not come close to since June 2015. Expectations for an extension of the current OPEC and Russian production cut until December 31, 2018 fueled this spike. OPEC and non-OPEC members of the production reduction agreement will meet in Vienna on November 30, to discuss the fate of the agreement, which is currently set to expire in March 2018. Market observers have been awaiting this meeting to see if agreement participants will take additional measures to restrict supply in the global market, which could push oil prices even higher.

Increased oil production and exports from countries outside of the agreement, including the U.S., have acted as a counterforce to the agreement’s intended market impact. In fact, Baker Hughes, Inc. reported that the active U.S. oil rig count grew by nine last week, with the total now at 747. Moreover, oil production in the U.S. reached 9.7 million b/d last week, according to EIA’s latest report, a high not seen since April 1971. With the U.S. gaining a stronger foothold in the market, OPEC’s announcement following this week’s meeting will be heavily assessed for its potential impact on the market in 2018 and beyond.

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.

AAA unveils new tools and enhancements to GasPrices.AAA.com in time for holiday road trips

WASHINGTON (November 27, 2017) – This December motorists will not find significant holiday savings at the gas pump. Today’s national gas price average is $2.51, which is 38 cents more than this time last year. While AAA does expect gas prices to decline between now and the end of the year, motorists will still pay the highest November and December gas prices since 2014.

“Despite a forecasted 5 to 20 cents decrease in coming weeks, motorists will see higher than expected December gas prices – especially compared to year-end prices from 2015 and 2016,” said Jeanette Casselano, AAA spokesperson. “Driving factors for cheaper gas prices this winter include colder temperatures, the threat of inclement weather and online shopping.”

In 2017, gas prices have strayed from typical trends. Historically, year-end gas prices tend to be relatively cheap due to a drop-off in fall gasoline demand around Labor Day and the move to cheaper to produce winter-blend gasoline in mid-September. This year, the typical factors that drive gas prices down in winter were outweighed by the impact of two major hurricanes, steady consumer demand and continued growth in gasoline exports.

2017’s Tumultuous Trends

  • Highs and Lows: Summer driving season traditionally brings the highest gas prices of the year and year-end brings the lowest, but not this year:
    • 2017 High: $2.67 on September 11
    • 2017 Low: $2.23 on July 5
  • Exports: According to the Energy Information Administration (EIA), in the first half of 2017 U.S. exports of total motor gasoline averaged a record high of 756,000 b/d, a three percent increase from the first half of 2016. The second half of 2017 has seen this trend continue to climb, with exports peaking to one of their highest points in 2017 – 906,000 b/d – last month.
  • Production: According to Baker Hughes, Inc., the total oil rig count is currently 747, which is 273 more rigs than last year’s count at this time.

Regional Outlooks

  • West Coast: This region is home to the most expensive markets in the country. The crude refinery utilization rate in the region has grown to nearly 88 percent this autumn, after lower rates earlier in the season placed greater strain on supplies in the face of strong demand as evidenced by high year-to-date averages: Hawaii ($3.09), California ($3.00), Alaska ($2.88), Washington ($2.86), Oregon ($2.71), Nevada ($2.66) and Arizona (2.28). Gas can be found for $3.01 or more in all seven states in the region, though at just one percent of gas stations in Arizona, five percent in Oregon and six percent in Nevada. The good news is AAA expects the West Coast to see gas prices drop the most in the month ahead.
  • Great Lakes and Central States: High refinery maintenance this fall has led to higher gas prices and tightened supply, leaving a typically volatile area even more susceptible to sudden price shocks. With gasoline stocks sitting just above 45 million bbl – 3 million bbl below last year’s level at this time – further unscheduled refinery maintenance and the shutdown of the Keystone pipeline could cause a spike in prices.

On average, motorists in Michigan ($2.44), Illinois ($2.43), South Dakota (2.38), Wisconsin ($2.35) and Nebraska (2.35) have seen the highest gas prices in the region this year; while Missouri ($2.17), Kansas ($2.23), Ohio ($2.29), Kentucky ($2.29) and Minnesota ($2.32) have seen the lowest gas price averages in the region. Currently, gas can be found for $2.25 or less at the following percentages of gas stations: Missouri (36%), Kentucky (26%), South Dakota (9%), Kansas (5%), Ohio (5%), Michigan (3%) and North Dakota (2%). While Iowa, Minnesota, Nebraska, Illinois, Indiana and Wisconsin gas stations are selling gas for 2.25 or less, it is at less than one percent of stations.

  • Mid-Atlantic and Northeast: Many motorists in this region have seen sizeable price increases at the pump during November, as current gasoline inventories were sitting at their lowest inventory points for this time of year since 2014. The increases were likely due to a lack of gasoline imports that has contributed to tighter than usual supply in the region. However, pump prices in the last week have started to decline and will continue to drop, especially if imports move into the region.

There is a 44-cent price difference between the highest and lowest gas price average year-to-date in the region with Pennsylvania ($2.61) topping the charts and Tennessee ($2.17) rounding out the list. Only six states have the majority of gas stations selling gas for $2.50 or less: North Carolina (96%), Delaware (96%), Tennessee (94%), Virginia (94%), Maryland (71%) and New Hampshire (53%).

  • South and Southeast: The direct impacts to gasoline production and delivery from the active hurricane season were felt hardest in this region, with nearly a quarter of the U.S. refining capacity shut down during some points of late summer and early fall. Refining capacity has been slowly recovering in the region, increasing production by more than 100,000 barrels per day in the weeks following the storms.

Florida ($2.37) leads the region with the most expensive year-to-date average. New Mexico ($2.30), Georgia ($2.29), Texas ($2.19) and Louisiana ($2.18) round out the top five highest year-to-date gas price averages in the region. South Carolina ($2.12), Alabama ($2.14), Mississippi ($2.15), Oklahoma ($2.15) and Arkansas ($2.15) have the cheapest averages in the region and the country for the year.

  • Rockies: During the region’s summer tourism season, gasoline retail prices skew their highest and drop when winter approaches. This year was no different. In October, gasoline inventories in the area reached their highest point since the end of June at just over 7 million bbl. The current total level is lower than last year’s amount at this time, making the region vulnerable to higher gas prices this winter. If demand falls, as expected in the region, prices are likely to drop.

Year-to-date averages: Idaho ($2.56), Utah ($2.46), Montana ($2.42), Wyoming ($2.35) and Colorado ($2.34). The vast majority of gas stations in Montana (94%) and Idaho (84%) are selling gas for $2.51 or more; whereas gas can be found for $2.50 or less at the majority of stations in Colorado (56%), Wyoming (63%) and Utah (71%).

Gas Station Stats Nationwide and State-by-State

Today, motorists can find gas for $2.50 or less at 63 percent of gas stations nationwide. Here is a breakdown state-by-state for the percentage of gas stations selling regular unleaded gasoline for $2.51 or more.

 

 

State

2017 Year-to-Date Average Percentage of Gas Stations Selling $2.51+
Alaska  $        2.88 100%
Alabama  $        2.14 0%
Arkansas  $        2.15 2%
Arizona  $        2.28 18%
California  $        3.00 100%
Colorado  $        2.34 44%
Connecticut  $        2.53 93%
District of Columbia  $        2.59 84%
Delaware  $        2.30 4%
Florida  $        2.37 19%
Georgia  $        2.29 6%
Hawaii  $        3.09 100%
Iowa  $        2.33 30%
Idaho  $        2.56 84%
Illinois  $        2.43 55%
Indiana  $        2.32 34%
Kansas  $        2.23 3%
Kentucky  $        2.29 16%
Louisiana  $        2.18 3%
Massachusetts  $        2.39 63%
Maryland  $        2.37 29%
Maine  $        2.39 65%
Michigan  $        2.44 46%
Minnesota  $        2.32 26%
Missouri  $        2.17 0%
Mississippi  $        2.15 1%
Montana  $        2.42 94%
North Carolina  $        2.27 4%
North Dakota  $        2.34 52%
Nebraska  $        2.35 32%
New Hampshire  $        2.34 47%
New Jersey  $        2.42 57%
New Mexico  $        2.30 30%
Nevada  $        2.66 89%
New York  $        2.54 93%
Ohio  $        2.29 18%
Oklahoma  $        2.15 10%
Oregon  $        2.71 100%
Pennsylvania  $        2.61 100%
Rhode Island  $        2.41 77%
South Carolina  $        2.12 1%
South Dakota  $        2.38 32%
Tennessee  $        2.17 6%
Texas  $        2.19 3%
Utah  $        2.46 29%
Virginia  $        2.19 6%
Vermont  $        2.43 84%
Washington  $        2.86 100%
Wisconsin  $        2.35 38%
West Virginia  $        2.40 56%
Wyoming  $        2.35 37%

 

2018 Look Ahead:

Motorists can expect gas prices to continue to trend cheaper the first few months of 2018, with potential to see the national gas price average in the $2.25-$2.35 range by February. OPEC’s November 30, 2017 meeting and any decisions to further cut or keep production rates stable will influence longer-term forecasts for 2018.

New Tools and Enhancement Unveiled at GasPrices.AAA.com

In time for year-end road trip planning, AAA has added new tools to GasPrices.AAA.com to provide more comprehensive gas price data and insight to motorists and journalists.

National-level enhancements

In addition to the daily national gas price average for regular, mid-grade, premium and diesel gas, AAA now provides the daily E-85 national average.

Enhanced features to the Top Trends page allows visitors to sort data in various ways (high to low pricing, by date) and easily identify changes by directional colored arrows: increases (red); decreases (green); or no change (grey). Lastly, the top trends page now offers the ability to query gas prices at the state metro level.

State-level enhancements

With the addition of 175 new metropolitan areas and corresponding gas prices, state coverage is more comprehensive. In addition, each state now touts county gas price averages via a state heat map.

A new ‘State Gas Price Averages’ page provides an overview of each state’s daily gas price for regular, mid-grade, premium and diesel fuel. From this page, a visitor can also click on a state name and be taken directly to that state’s landing page. Users can sort data on this page alphabetically by state name or highest/lowest price by fuel grade.

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.

After holding steady for nine days, the national gas price average is slowly declining at the start of the Thanksgiving week. At $2.54, today’s national gas price average is two cents less than one week ago and 40 cents more than a year ago. However, the more expensive year-over-year pump price is not stopping Americans from hitting the road for holiday travel.

“Nearly 46 million Americans will travel more than 50 miles away from their home by car this holiday. Many will be thankful to see gas prices trending cheaper in cities across the country,” said Jeanette Casselano, AAA spokesperson. “Since 2014, the national gas price average has dropped one to five cents heading into the Thanksgiving week.”

Motorists can find gas for $2.50 or less at 55 percent of gas stations in the country.

Quick Stats

  • The nation’s top ten states with the largest yearly increases: Alaska (+63 cents), Illinois (+59 cents), Indiana (+58 cents), Minnesota (+55 cents), Wisconsin (+54 cents), California (+52 cents), Michigan (+51 cents), Kansas (+49 cents), Iowa (+47 cents) and Colorado (+47 cents).
  • The nation’s top ten states with the least expensive gas prices: Alabama ($2.25), Mississippi ($2.26), South Carolina ($2.27), Texas ($2.28), Arkansas ($2.29), Oklahoma ($2.31), Virginia ($2.31), Tennessee ($2.31), Louisiana($2.33) and Missouri ($2.35). 

West Coast

The West Coast continues to sell the most expensive gas with Alaska $3.27 (+6 cents) leading the region and topping all states’ gas prices. Hawaii ($3.23) and Arizona ($2.40) saw a slight increase, albeit one cent on the week. California ($3.21) is down three cents on the week and Nevada ($2.73) is down one cent. Oregon ($2.85) and Washington ($3.00) saw no change on the week. 

According to the latest Energy Information Administration’s (EIA) report, total gasoline stocks grew to 28.2 million bbl – which is in line with the five-year average for the region. Refinery utilization rates in the region continue to sit above 86 percent, which has given the region a comfortable supply and demand balance sheet and will help prices stabilize ahead of the Thanksgiving holiday.

Great Lakes and Central

Gas prices in the region are volatile – increasing, stabilizing and decreasing – throughout the Great Lakes and Central states. With a double-digit decrease, Michigan has the country and the region’s largest decline at 12 cents. Also making the national spotlight for the region, Illinois ($2.70) lands on this week’s top 10 states with the most expensive gas in the country.

On Thursday, November 16, the Keystone pipeline was shut down due to a spill at a section of the pipeline in Marshall County, South Dakota. Over the weekend, TransCanada said that it does not yet have a potential restart date for the pipeline, which runs from Hardisty, Alberta, to Cushing, Oklahoma, and on to Wood River/Patoka, Illinois. While the pipeline is shut down, crude oil deliveries to some Midwestern refineries that draw from the pipeline may be reduced. In addition, crude inventory levels at Cushing, Oklahoma, may drop due to the delivery disruption. “The impact to gas prices in the Midwest will be based on the length of time the pipeline is down,” added Casselano.

Compared to one year ago, five states in the region are paying 50 cents more for a gallon of gasoline: Illinois (+59 cents), Indiana (+58 cents), Minnesota (+55 cents), Wisconsin (+54 cents) and Michigan (+51 cents). Heavy refinery maintenance this fall is one the factors that has contributed to the year-over-year hefty price increase.

After nearly two months of straight declines, regional gasoline inventory had an impressive 1.3 million bbl build. Overall, inventory stands 2.5 million bbl below levels this time last year. However, ExxonMobil’s Joliet refinery in Illinois is resuming operations following planned maintenance, which can help to alleviate the differential.

South and Southeast

Three months following Hurricane Harvey, gas prices in the South and Southeast are again among the cheapest in the country with seven states landing on this week’s top 10 states with the least expensive gas for a consecutive week: Alabama ($2.25), Mississippi ($2.26), South Carolina ($2.27), Texas ($2.28), Arkansas ($2.29), Oklahoma ($2.31) and Louisiana ($2.33). Despite the cheap prices, two states landed on this week’s top 10 states with the largest changes this week. Louisiana saw a three-cent jump, while Florida saw prices decrease four cents.

Gasoline inventories took a substantial 1.4 million bbl dip on the week. This was the second straight week of inventory declines bringing total levels to 76.5 million bbl, according to the EIA. The region has been steadily exporting inventory.

Mid-Atlantic and Northeast

Gas prices in the Mid-Atlantic and Northeast region either are seeing no change or small declines at the pump on the week with Delaware (-3 cents) seeing the largest decrease. Pennsylvania ($2.78), Washington, D.C. ($2.73), Connecticut ($2.71), New York ($2.69) and Rhode Island ($2.61) carry the most expensive gas in the region. At $2.31, Virginia touts the cheapest of all Mid-Atlantic and Northeast states.

Compared to last Thanksgiving week, motorists in the Mid-Atlantic and Northeast states are paying more at the pump, anywhere from 41 to 21 cents more. Pennsylvania pump prices have seen the biggest change year-over-year. 

The relatively small changes in gas prices reflect the EIA’s data that the region had a small (525,000 bbl) build on the week. At nearly 53 million bbl, inventory levels for the region sit 3.2 million below this time last year. The year-over-year deficit is attributed to a lack of gasoline imports as of late.  

Rockies

With a three-cent increase, Montana lands on this week’s top 10 states with the largest change on the week. Prices remained stable in Idaho ($2.65), Colorado ($2.55) and Wyoming ($2.53). While motorists throughout this region are paying more compared to Thanksgiving week 2016, Colorado (+47 cents) motorists are seeing the largest year-over-year change in the region, while Utah (+16 cents) is seeing the smallest year-over-year change in both the region and the country.

With a 217,000 bbl draw on the week, gasoline inventory in the region measures at 6.8 million bbl. Today’s levels are about a half a million less than this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.41 to settle at $56.55. The price per barrel of crude oil is likely to continue gaining throughout the week after EIA’s latest report showed that crude inputs into refineries, for production of products like gasoline, grew by 250,000 b/d on the week to land at 16.9 million b/d. On the flip side, crude oil inventories ballooned to 1.9 million bbl, but are still lower than where they were at this time last year. Increased oil inventories and domestic crude production, which reached an all-time high at 9.65 million b/d last week, have contributed to growth in crude exports as they rose to 1.12 million b/d.

After recent growth in the U.S. active oil rig count, last week’s count remained unchanged at 738. This news may give market observers hope that oil prices may push even higher ahead of OPEC’s meeting on November 30, in Vienna. However, recent growth in U.S. oil production may only underscore that other countries, such as the U.S., will continue to fill the void left by other oil producers. At the upcoming meeting, OPEC and non-OPEC member countries that are a part of the production reduction agreement to curtail supply may decide to extend the agreement beyond its current expiration date at the end of March 2018. All eyes will remain on key countries in the agreement, such as Russia and Saudi Arabia, to see if they signal a willingness to extend the agreement through the end of the year or deepen the production cuts.

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.

 

At $2.56, the national gas price average has increased nine cents inside of 13 days. Strong fall consumer gasoline demand has continued into November and is chipping away at national gasoline inventory. The Energy Information Administration (EIA) reports total gasoline inventories dropped by 3.3 million bbl in their latest report.

 “Compared to the first half of November last year, gas prices this November are on average 39-cents more expensive,” said Jeanette Casselano, AAA spokesperson. “However, while November gas prices have come in like a lion, AAA expects them to go out like a lamb.”

On the week, gas prices increased for the majority of states across the country. However, only four states are seeing double-digit fluctuations at the pump: Florida (+13 cents), Indiana (-13 cents), Alaska (+12 cents) and Ohio (-10 cents).

Quick Stats

  • The nation’s top ten states with the largest weekly changes: Florida (+13 cents), Indiana (-13 cents), Alaska (+12 cents), Ohio (-10 cents), Georgia (+7 cents), Oregon (+7 cents), North Carolina (+6 cents), Illinois (-6 cents), Texas (+6 cents) and South Carolina (+6 cents).
  • The nation’s top ten states with the least expensive gas prices: Alabama ($2.26), Mississippi ($2.27), South Carolina ($2.29), Louisiana ($2.30), Arkansas ($2.31), Texas ($2.31), Virginia ($2.32), Tennessee ($2.34), Oklahoma ($2.35) and Missouri ($2.36).

West Coast

The West Coast has seen prices push upward and the region continues to sell the most expensive gas. Gas prices on the West Coast increased as much as 12 cents on the week: Alaska $3.21 (+12 cents), Oregon $2.85 (+7 cents), California $3.24 (+3 cents), Hawaii $3.22 (+ 5 cents), Washington $2.99 (+5 cents), Arizona $2.40 (+2 cents) and Nevada $2.74 (+1 cent). Refinery utilization on the West Coast remains high at 86.2 percent, according to the EIA weekly report. The report also showed that crude oil inputs through regional refineries also increased last week by 135,000 bbl to reach 2.388 million bbl per day.

Great Lakes and Central

Gas prices in the Great Lakes and Central states continue to see volatility across the region. Motorists in six states are paying less on the week: Indiana (-13 cents), Ohio (-10 cents), Illinois (-6 cents), Wisconsin (-2 cent), Missouri (-2 cents) and Kentucky (-1 cent). The remaining states in the region saw modest price jumps with Nebraska’s gas price increasing the most with a five-cent increase. Michigan ($2.74) and Illinois ($2.72) are selling the most expensive gas in the region, while motorists in Kansas ($2.40) and Missouri ($3.36) are paying the least.

At 44.5 million bbl, the Great Lakes and Central region has seen gasoline inventories decline for six weeks straight and register at the lowest level since mid-November 2014.

South and Southeast

On the week, gasoline prices have increased an average of nine cents across the South and Southeast. With a 13-cent jump, Floridians are seeing the biggest change, while Oklahomans’ gas prices are five cents more than last Monday. Regardless of the increases, the region is still selling some of the cheapest gas in the country with seven states landing on this week’s top 10 states with the least expensive gas: Alabama ($2.26), Mississippi ($2.27), South Carolina ($2.29), Louisiana ($2.30), Arkansas ($2.31), Texas ($2.31) and Oklahoma ($2.35).

Sitting at 78 million bbl, gasoline inventory in the region dipped slightly by 800,000 bbl on the week. The latest EIA report shows that regional inventory has only surpassed the 80 million bbl mark one time since Labor Day.. This move shows demand, while steady, is slowing.

Mid-Atlantic and Northeast

Every state in the Mid-Atlantic and Northeast region is paying more for a gallon of gasoline on the week, with North Carolina (+6 cents) and New Jersey (+6 cents) seeing the largest jumps. The most expensive gas in the region is in Pennsylvania ($2.79) and Washington, D.C. ($2.74). Both areas also land on this week’s top 10 states with the highest gas prices. The cheapest gas in the region is in Virginia ($2.32) and Tennessee ($2.34).

According to the EIA, the region had a 1.6 million bbl draw on the week, which was the largest draw of any region in the country. At a total of 52 million bbl, regional inventories are at a low for the year. In fact, the last time regional inventory measured at the 52 million bbl mark was in December of 2014.

 Rockies

As motorists in Utah (-3 cents) and Idaho (-1 cent) pay less at the pump on the week, those in Colorado (+3 cents), Montana (+3 cents) and Wyoming (+1 cent) are paying pennies more. Compared to one month ago, gas prices in both Utah (-11 cents) and Idaho (-7 cents) are cheaper. Gasoline inventory remains at the 7 million bbl mark for a fifth week.

Oil market dynamics

International markets opened Monday morning posting crude oil losses amid reports of the U.S. adding oil rigs that indicate increased U.S. investment and oil production. Oil-services firm Baker Hughes reported that drillers added nine rigs last week – the biggest increase since June of this year – bringing the total crude oil rig count to 738. The increased U.S. production continues to dilute OPEC’s efforts to rebalance the global oil market and may be on the minds of OPEC cartel members when they meet in Vienna on November 30 to discuss extending their production cuts through the end of 2018 to rebalance global crude oil supply.

Additionally, tensions in Saudi Arabia, Lebanon, Iran and Bahrain have traders keeping a watchful eye on the region. Discussions of political power and influence continue to surround the Saudi Arabian King and his son the Crown Prince. At this time the King has not relinquished the thrown to his son, but his son continues to instate economic reforms including a plan to sell off a portion of the government-owned Saudi Aramco oil company.

On Friday, an explosion at Bahrain’s main pipeline shut down operations. Bahrain officials have labeled the explosion an act of terrorism and linked it to Iran. Over the weekend, the country was able to get the fire under control and shut off oil supplies to the pipeline. At this time, it is unclear when Bahrain will have its pipeline back up and running. Monday also saw a powerful earthquake hit the border of Iraq and Iran, killing 348 people. Both countries currently have search and rescue missions responding to earthquake. In the coming days, government officials will know more about the extent of the damage and whether any energy producing sectors where damaged during the quake.   

Traders will continue to keep an eye on any supply disruptions in the Middle East, U.S. production and the impact it has on global supply and demand. At the closing of Friday’s formal trading session on the NYMEX, WTI was down 43 cents to settle at $56.74 per barrel.

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.

Highest October Gasoline Demand Since 2006

November 6th, 2017 by AAA

Gas prices see a slight uptick

According to the Energy Information Administration (EIA), the latest gasoline demand measurement is the highest for the end of October since 2006. At $2.53, today’s gas price is six cents more than a week ago, two cents more than a month ago and 31 cents more than a year ago.

“October has seen strong demand numbers likely, in part, due to consumers taking advantage of the unseasonably warm weather rather than spending time indoors,” said Jeanette Casselano, AAA spokesperson. “As consumers fill up their tanks more frequently, we are seeing supply levels tighten and gas prices increase. However, we don’t expect this increase to be long-term.”

The national gas price average during the second half of October was relatively stable, fluctuating a penny or two until October 31. Since then, the national price has seen upward movement, primarily resulting from increased demand.

Quick Stats

  • The nation’s top ten largest weekly increases are: Michigan (+21 cents), Ohio (+20 cents), Illinois (+19 cents), California (+17 cents), Wisconsin (+16 cents), Indiana (+14 cents), Missouri (+11 cents), Kentucky (+10 cents), Minnesota (+8 cents) and Nebraska (+7 cents).
  • The nation’s top ten least expensive markets are: Alabama ($2.21), Mississippi ($2.22), South Carolina ($2.23), Texas ($2.25), Arkansas ($2.26), Louisiana ($2.26), Virginia ($2.28), Tennessee ($2.28), Oklahoma ($2.33) and North Carolina ($2.35).

West Coast

Moving into the week, the West Coast continues to lead the U.S. among most expensive markets. Six of the top ten most expensive markets in the country are found in this region: California ($3.21), Hawaii ($3.17), Alaska ($3.09), Washington ($2.94), Oregon ($2.79) and Nevada ($2.73). Most prices in the region have seen growth over the past week, with California (+17 cents) and Alaska (+5 cents) seeing the largest increases of markets in the region. Drivers in California are likely to see pump prices increase due to new gasoline taxes that were imposed on November 1. The tax rate for gasoline increased 12cts/gal, from 29.7cts/gal to 41.7cts/gal.

In the EIA’s latest report, total gasoline stocks are below 28 million bbl, reaching a seven-week low at 27.6 million bbl. Additionally, EIA’s report showed that the refinery utilization rate of crude fell to 81.4 percent from 81.9 percent last week, which means less gasoline is being produced. With demand remaining high and supplies tightening in the region, prices are also being pushed up by these supply and demand factors.

Great Lakes and Central

Compared to a year ago, more than a dozen Great Lakes and Central states are paying at least 25 cents more a gallon to fill up their tanks. Topping the year-over-year increases list: Indiana (+60 cents), Illinois (+59 cents), Michigan (+54 cents), Ohio (+52 cents), Wisconsin (+51 cents), Minnesota (+44 cents), Missouri (+43 cents) and Kansas (+40 cents).

On the week and similar to last week, the region continues to see gas prices increase more than any other region in the country. This week, Illinois ($2.78), Indiana ($2.72), Michigan ($2.71) and Ohio ($2.64), all land on the top 15 states with the most expensive gas in the country.

The price volatility is attributed to the continued regional trend of gasoline inventory declines. With 45.5 million bbl, the region has seen levels drop for six straight weeks.

Mid-Atlantic and Northeast

Gas prices continue to be volatile in the Mid-Atlantic and Northeast regions with motorists either paying more or seeing stability at the pump. Not one state saw a decrease. A handful of states saw sizeable increases to gas prices on the week: Pennsylvania (+6 cents), Delaware (+6 cents), New Jersey (+5 cents), Maine (+5 cents) and Maryland (+5 cents). However, Massachusetts, Connecticut and Rhode Island saw no change to prices at the pump.

With a 2.9 million bbl decrease in inventory, the region saw the biggest drop of any in the country. With nearly 54 million bbl, inventory is nearing some of the lowest levels of the year.  As supplies tighten, it brings a nearly 7 million bbl deficit compared to this time last year.

South and Southeast

Most South and Southeast motorists are paying more at the pump for a gallon of unleaded gasoline on the week: Louisiana (+4 cents), Arkansas (+4 cents), Mississippi (+3 cents), Oklahoma (+2 cents), Texas (+2 cent), South Carolina (+2 cents) and Alabama (+2 cent). Only the state of Georgia (-1 cent) saw gas prices decrease and Florida remained stable over the course of the last seven days. Despite the increases, the region carries some of the cheapest gas prices in the country with Alabama ($2.21) topping the country’s list of least inexpensive gas.

Compared to one month ago, many states in the region have seen double-digit declines in gas prices: Georgia (-20 cents), Florida (-16 cents), Alabama (-15 cents), South Carolina (-13 cents), Texas (-13 cents) and Mississippi (-11 cents).

The region is the only one in the country on the week to see a build in gasoline inventory. EIA reports an increase of 1.15 million bbl. Sitting at 78.8 million bbl, the total inventory is on par with levels this time last year.

Rockies

Gas prices in the Rockies region are showing some volatility from state to state. On the week, Colorado (+5 cents) saw the biggest increase while Utah (-3 cents) saw the largest dip in gas prices.  Idaho declined (-2 cents), while Wyoming and Montana remain stable. Despite the small change in price, Idaho ($2.66) carries the most expensive gas of all five states in the region.

Oil market dynamics

Last week, WTI hit a new 2017 high at $54.54 and the market will likely build on those gains this week. At the close of Friday’s formal trading session on the NYMEX, WTI settled up $1.10/bbl at $55.64/bbl. The latest EIA report showed major inventory draws and increased exports, both of which have helped push oil prices higher. Crude oil inventories slid by 2.4 million bbl, while crude oil exports reached a new record of 2.133 million b/d. All of this news has given market observers renewed confidence in seeing oil prices pushing higher as supplies appear to grow tighter and demand remains strong, fueled by oil demand growth in key export markets.

Last week, Baker Hughes, Inc. reported that the U.S. oil rig count dropped by eight rigs, bringing the total to 729. The news follows reports that at OPEC’s next meeting in Vienna on Nov. 30, OPEC and allied non-OPEC producers will review the agreement to reduce production through March of next year. Some reports have stated that the group may extend the agreement through the end of 2018, which if true, will likely help boost oil prices through the end of the year.

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.

Pump Prices Bring Tricks and Treats on the Week

October 30th, 2017 by Jessica


At $2.47, today’s national gas price average is one cent more on the week. Gas prices are fluctuating across the country with 25 states paying more, 17 states paying less and nine states staying stable on the week for a gallon of regular gasoline. States in the Great Lakes and Central are experiencing the biggest increases (six to 12 cents).

“Depending on where in the country you are filling up your tank, gasoline prices are playing tricks on some motorists with large increases on the week and treating others to lower gas prices,” said Jeanette Casselano, AAA spokesperson. “The price volatility can be attributed to a new trend that has emerged during October in the last few years, which is an unexpectedly steady demand for gasoline after the end of the summer driving season.”

Despite the fluctuation, AAA forecasts that the national average gas price will decrease as the holidays approach.

Quick Stats

  • The nation’s top ten markets with the largest monthly changes are: Georgia (-27 cents), Florida (-23 cents), Alabama (-22 cents), Tennessee (-22 cents), South Carolina (-21 cents), Mississippi (-20 cents), North Carolina (-20 cents), Texas (-19 cents), Indiana (+16 cents) and Virginia (-14 cents).
  • The nation’s top ten least expensive markets are:  Mississippi ($2.19), Alabama ($2.19), South Carolina ($2.21), Louisiana ($2.22), Arkansas ($2.22), Texas ($2.23), Tennessee ($2.25), Virginia ($2.26), Missouri ($2.26) and Oklahoma ($2.30).

South and Southeast

Seven South and Southeast states land on this week’s top 10 markets in the country with the cheapest gas prices: Mississippi ($2.19), Alabama ($2.19), South Carolina ($2.21), Louisiana ($2.22), Arkansas ($2.22), Texas ($2.23) and Oklahoma ($2.30).

On the week, Georgia (-4 cents) saw the largest drop in gas prices, followed by Florida   (-3 cents), Alabama (-2 cents), Mississippi (-2 cents) and Texas (-1 cent). Conversely, Oklahoma (+6 cents) and Arkansas (+2 cents) are paying more on the week. 

After three weeks of inventory builds, regional inventory on the week decreased by 2.4 million bbl to 77.6 million bbl. The decline hits as Gulf Coast refineries utilization capacity surpassed 90 percent for the first time since Hurricane Harvey made landfall in the U.S., indicating that the inventory drop is likely due to exports. But it is worth noting that according to the latest Energy Information Administration (EIA), overall inventory levels for the region are sitting at a half a million more than this time last year

Mid-Atlantic and Northeast

Gas prices are volatile in the Mid-Atlantic and Northeast regions with Delaware ($2.37) seeing prices jump up eight cents on the week while two states – New Hampshire ($2.47) and Washington, D.C. ($2.68) – saw no changes during the last seven days. In addition to Delaware, these states also are paying more at the pump on the week: New Jersey (+4 cents), Maryland (+4 cents), West Virginia (+4 cents), Maine (+3 cents) and Pennsylvania (+3 cents). A handful of states saw small drops (-1 cent) on the week: Connecticut, Massachusetts, Vermont and Rhode Island.  

According to the EIA, gasoline inventories dropped by 1 million on the week to a total of 56.9 million bbl in the region – a 6 million bbl deficit compared to this time last year. In the aftermath of Hurricanes Harvey and Irma, the region shipped inventory to hard-hit areas in the South and Southeast and with a recent uptick in exports, overall inventories are tightening.

Great Lakes and Central

The Great Lakes and Central states collectively are seeing gas prices increase more than any other region in the country. On the week, motorists are paying one to 12 cents more at the pump with Ohio (+12 cents), Indiana (+8 cents), Illinois (+7 cents), Missouri (+6 cents), Minnesota (+5 cents) and Nebraska (+4 cents) seeing the largest increases. Only two states in the region are not on the increase trend: Michigan (-8 cent) and Kansas (no change). Illinois is selling the most expensive gas at $2.59/gallon for unleaded.

The Great Lakes and Central region has seen gasoline inventories decline for five weeks straight. At 46.6 million bbl, inventories register at the lowest level of the year and 4.65 million bbl below year ago levels. As supply tightens, gas prices are increasing for motorists in the region.

West Coast

Moving into the week, the West Coast continues to lead the U.S. among most expensive markets. Six of the top ten most expensive markets in the country are found in this region: Hawaii ($3.15), Alaska ($3.04), California ($3.04), Washington ($2.91), Oregon ($2.75) and Nevada ($2.72). Prices are mostly stable on the week, with Hawaii (+4 cents) and Alaska (+2 cents) seeing the largest increases of the most expensive markets.

In EIA’s latest report, total gasoline stocks along the West Coast declined 400,000 bbl to 28.7 million bbl. The current amount is still about a million bbl higher than last year at the same time. This week’s slight decline demonstrates that demand this fall has kept supplies at a healthy level, helping to stabilize prices in the region.

Rockies

Motorists are seeing small changes to gas prices on the week in the Rockies. Both Colorado (+1 cent) and Wyoming (+1 cent) motorists are paying slightly more at the pump while Utah (-3 cents), Idaho (- 1 cent) and Montana (-1 cent) are paying less on the week. Inventories saw a slight build of 136,000 bbl, according to the EIA’s latest report.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI closed at $53.90/bbl, with a gain of $1.26 for the day. Oil prices may continue pushing higher this week, following the release of EIA’s latest report that showed exports of U.S. crude surpassed 1.9 million b/d for the second time in the last four weeks. The growth in exports has helped the price gain amid concerns that global supply is tightening as OPEC’s production reduction agreement has greater influence over the oil market. Additionally, total U.S. crude inventories rose by 900,000 bbl as inputs to refineries rose by 609,000 b/d. The refinery increases are likely due to production levels stabilizing above 16 million b/d after restarts of several Gulf Coast as a precaution ahead of Hurricane Nate’s landfall earlier this month.

Last week, Baker Hughes, Inc. reported that the U.S. gained one oil rig, bringing the total to 737. The news comes amid reports over the weekend that the United Arab Emirates (UAE) will continue cutting oil output to comply with the OPEC and non-OPEC production cut agreement set in place until March 2018. The UAE’s compliance with the agreement has been under question, as many other participant countries have made drastic production cuts in an effort to reduce global supply. OPEC and allied non-OPEC producers will review the agreement at a Nov. 30 meeting in Vienna, where they may  decide to take further steps to deepen the agreement’s impact on the market.

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.

The average price at the pump has fallen for 15 of the last 20 days, for a total savings of seven cents per gallon. The national average currently sits at $2.46 per gallon, which is one cent less than one week ago, 12 cents less than one month ago and 24 cents more year-over-year. The national average is down 17 cents per gallon versus the 2017 peak price reached in September ($2.67).

“Despite recent declines, the residual impact of last month’s hurricanes linger,” said Jeanette Casselano, AAA director of public relations. “Drivers continue to pay in excess of 20 cents more for a gallon of gasoline than they did in 2016, which may prove challenging for those looking to put away some extra cash for the holidays.”

Quick Stats

Largest monthly decreases: Georgia $2.39 (-29 cents), South Carolina $2.21( -27 cents), Florida $2.42 (-26 cents), Alabama $2.22 (-25 cents), Tennessee $2.27 (-25 cents), North Carolina $2.33 (-24 cents), Texas ($2.24 (-23 cents), New Jersey $2.44 (-22 cents), Mississippi $2.21 (-21 cents) and Virginia $2.25 (-20 cents).

The nation’s top ten most expensive markets are:  Hawaii ($3.11), California ($3.03), Alaska ($3.02), Washington ($2.92), Oregon ($2.75), Nevada ($2.73), Connecticut ($2.71), Idaho ($2.70), Washington, DC ($2.67) and Pennsylvania ($2.65).

West Coast

Gas prices in the region are stable on the week, with many of the most expensive markets in the country along the West Coast — including California ($3.03), Washington ($2.92), Oregon ($2.75) and Nevada ($2.73).

The refinery utilization rate in the region remains a concern after this week’s Energy Information Administration (EIA) report found that the utilization rate fell seven percent for the week ending on October 13. A lower utilization rate means that less crude oil is being processed to make refined products like gasoline. However, gasoline stocks are still above the five year average, which has helped to keep prices stable in the region. Next week’s West Coast refinery utilization could come under further downward pressure, due to a fire at Chevron’s 290,500-b/d El Segundo, Calif., refinery on Oct. 17. Chevron has not provided updates on the status of the refinery. On a separate note, drivers in California are likely to see prices at the pump increase next week if the state gas tax increase is implemented as expected on November 1. The tax rate for gasoline will increase 12cts/gal, from 29.7cts/gal to 41.7cts/gal. In addition, a storage tax will be imposed on all gasoline and diesel retailers, wholesalers and suppliers holding 1,000 gallons or more of tax-paid gasoline.

Rockies

Prices for motorists in the Rocky Mountain region remain stable, moving only +/- 2 cents on the week. Over the past month, the region has experienced moderate declines: Idaho (-8 cents), Utah (-7 cents), Colorado (-4 cents) and Montana (-3 cents).

Great Lakes and Central States

Gas prices across much of the region have seen a mixed bag of increases and decreases this week.   Missouri ($2.20) Kentucky ($2.31), Ohio ($2.32) and Kansas (2.33), all land on the list of top 15 least expensive markets. At the moment, prices moderately increased in some parts of the region which can likely be attributed to refinery maintenance and the steady decline in gasoline inventories. According to the latest EIA data, regional refineries are running at less than 85 percent capacity and gasoline inventories are at a nearly 3.5 million bbl deficit compared to this same time last year.

Mid-Atlantic and Northeast

Connecticut ($2.71), Washington D.C. ($2.67) and Pennsylvania ($2.65), landed on the list of most expensive markets in the country. Virginia ($2.25) and Tennessee ($2.27) are posting some of the least expensive averages in the country this week.

The latest EIA report shows that gasoline supplies in the region dropped 300,000 bbl, which is likely due to growing U.S. exports. Despite the recent declines, overall inventories are up, reaching 17 million bbl as of last week.

South and Southeast

Drivers in the South are enjoying the lowest pump prices in the country with Arkansas ($2.20), South Carolina ($2.21), Mississippi ($2.21), Alabama ($2.22), Louisiana ($2.22) and Texas ($2.24), all landing on the top 10 list of cheapest markets.

The latest EIA report shows that the Gulf Coast is ramping up production following last month’s storms, increasing gasoline production by 107,000 barrels per day. The increased production has been evident at the pump, with Georgia ($2.39, -29), South Carolina ($2.21, -27), Florida ($2.42, -26), Alabama ($2.22, -25), Tennessee ($2.27, -25), North Carolina ($2.33, -24), Texas ($2.24, -23) and Mississippi ($2.21, -21), all seeing pump prices fall significantly over the past month.

The region’s supply is now three million bbl more than levels posted this same time last year. Chevron’s Pascagoula, Mississippi, refinery ramped up operations after reducing production rates earlier this month. Following Hurricane Nate, Phillips 66 restarted its Alliance refinery in Belle Chasse, Louisiana, and Chevron’s Pascagoula plant is moving toward full production.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 18 cents to settle at $51.47. As the week progresses, the oil market appears poised to continue making gains. Last week’s EIA report noted a drop in crude inventories by 5.7 million barrels. The decrease is likely due to crude exports increasing to 1.8 million barrels per day, according to EIA. Moreover, as expected, crude oil demand in the U.S. is down by 1 million b/d from last year, while total crude inputs at U.S. refineries dropped by 819,000 b/d. Additionally, the U.S. rig count fell by 7, with the latest decline leaving 736 rigs active in the U.S., according to Baker Hughes, Inc. All of this data points toward weak domestic demand and decreased production of crude. As domestic crude demand slows, the ability to sell crude outside of U.S. markets through exports has helped push the price higher.

As the market gets tighter, market observers will closely watch this week’s EIA report to see if the trends continue. Additionally, the upcoming OPEC meeting scheduled for November 30 in Vienna will also help the market assess the 2018 horizon for oil prices. At the meeting, OPEC and non-OPEC members who have agreed to cut production through March 2018 will discuss the status of the agreement and may decide to take additional measures to deepen the agreement’s market impact.

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.

As the national gas price average drops just two cents on the week to $2.47, states east of the Mississippi are paying as much as eight cents less at the start of this week. While gas prices are more expensive than a year ago, the past five weeks of sustained weekly declines indicate that demand may be leveling out alongside refineries and pipelines returning to pre-hurricane operations.

“Gas stations are steadily dropping pump prices for the majority of motorists, especially regional markets in the Northeast, Mid-Atlantic, South and Southeast,” said Jeanette Casselano, AAA spokesperson. “Drivers will see stabilized or decreasing prices at the pump throughout this month due to high refinery production rates and seasonal demand.”

In September, Hurricane Harvey drove gas prices to the highest price of the year – $2.67. That was a 32-cent increase inside of 12 days. Now nearly seven weeks post hurricane, gas prices have shown steady decline dropping a total of 20 cents since September 11, 2017. 

Quick Stats

  • The nation’s top ten most expensive markets are: Hawaii ($3.11), California ($3.04), Alaska ($3.00), Washington ($2.93), Oregon ($2.77), Nevada ($2.73), Connecticut ($2.72), Idaho ($2.71), Washington, D.C. ($2.70) and New York ($2.67).
  • The nation’s top ten markets with the largest weekly changes are: Ohio (+13 cents), Michigan (+12 cents), Indiana (+10 cents), South Carolina (-7 cents), Georgia (-7 cents), Tennessee (-7 cents), Florida (-7 cents), Texas (-7 cents), North Carolina (-6 cents) and Alabama (-6 cents).

 

South and Southeast

South Carolina (-7 cents), Georgia (-7 cents), Florida (-7 cents), Texas (-7 cents) and Alabama (-6 cents) all land on this week’s states with the largest changes. The state with the cheapest average gas price in the region is Arkansas ($2.21) and the most expensive average in the region is Florida ($2.47).

As prices steadily decline for motorists in the South and Southeast, they will notice today’s gas prices are double-digits below prices compared to one month ago in Georgia (-29 cents), South Carolina (-28 cents), Florida (-25 cents), Alabama (-25 cents), Texas (-22 cents), Mississippi (-21 cents), Arkansas (-18 cents), Louisiana (-14 cents) and Oklahoma (-10 cents).

While the South and Southeast tout the largest inventory of any region in the country, levels are both 5 million bbl below pre-Harvey rates and levels this time last year. As inventories continue to build, motorists can expect gas prices to drop alongside the build.   

Mid-Atlantic and Northeast

For a second week, Tennessee (-7 cents) and North Carolina (-6 cents) saw the largest drop in gas prices of all states in the region. The most expensive gas price averages in the region can be found in Connecticut ($2.72), the District of Columbia ($2.70), New York ($2.67) and Pennsylvania ($2.67), which were also the four most expensive regional states one month ago. However, the differentiator is that gas prices in these four states are 13 to 21cents cheaper on the month. Overall, gas prices in the region are following the national trend downward and are expected to continue that path throughout the fall.

With a 1.27 million bbl increase in gasoline inventories, the Mid-Atlantic and Northeast region saw the largest build of any region, though imports account for roughly 715,000 bbl of the build. Total inventories sit ahead of levels this time last year, albeit just by 278,000 bbl, according to the EIA

Great Lakes and Central

Defying the national trend, five states in the Great Lakes and Central region are paying more at the pump than a week ago: Ohio (+13 cents), Michigan (+12 cents), Indiana (+10 cents), Illinois (+4 cents) and Kentucky (+3 cents). This increase is flip-flopped from last week, when Ohio, Michigan and Indiana saw almost equal declines. All other states in the region are paying less at the pump, with Nebraska (-5 cents) seeing the largest decline on the week. Gas prices in the region have been volatile throughout the year due to varying factors: demand, hurricane impact, inventory levels, etc.

The Great Lakes and Central region was the only in the country to see gasoline inventories drop on the week. At 49.7 million bbl, inventories register at the lowest level since December 2016. This is the third straight week of inventory declines, according to the EIA. However, regional gasoline production is on the rise, having increased steadily for four weeks indicating that production is not outpacing regional demand.

West Coast

Gas prices in the region continue to remain among the most expensive in the country, with Hawaii ($3.11), California ($3.04), Alaska ($3.00), Washington ($2.93), Oregon ($2.77) and Nevada ($2.73) leading the way. However, on the week, all prices in the region are less expensive except in Alaska where prices increased one cent, and Hawaii saw no change.

Gasoline inventory levels reached a 4-month high, according to EIA’s latest report, growing to 29.3 million bbl. The increase is a surprise given planned maintenance at various refineries and healthy exports in the region that were expected to keep inventory growth low. Additionally, despite dropping from last week, the refinery utilization rate of crude remains high at 88.3 percent in the region. The utilization rate is likely to climb back up, as more refineries return to typical production rates when scheduled maintenance is completed.

Rockies

Gas prices continue to decline in the Rockies, but just by one to two cents. Prices across the region as of today are as follows: Idaho ($2.71), Montana ($2.60), Utah ($2.58), Wyoming ($2.50) and Colorado ($2.45).

Gasoline inventory levels in the region are at their highest since the end of June. High tourism throughout the summer months historically drives inventory levels low. They then build with the onset of fall. Data from the EIA report the week’s 648,000 bbl build pushes levels over 7 million bbl, which is a surplus, albeit it small, compared this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 85 cents to settle at $51.45. Moving into Monday and the rest of the week, oil prices may continue their upward trend. EIA’s latest report showed a 2.7 million bbl decline in crude oil stocks, which correlates with seeing an increase in gasoline stocks around the country. On the U.S. crude oil production side, the EIA report noted that there was an 87,000 b/d decline in production rates in the lower 48 states. That news followed Baker Hughes, Inc. reporting that the U.S. dropped 5 oil rigs last week, landing at a total of 743. When combined, both data points (crude production and oil rigs) may point toward reduced U.S. crude production and its potentially reduced contribution to global supply, which may help bolster the price per barrel of oil as the fall continues.

The International Energy Agency’s October Oil Market Report forecasted that three of the four quarters in 2018 will see the oil market in balance, assuming unchanged OPEC production and normal weather conditions. Based on the report, the global crude market is projected to see an inventory build of 800,000 b/d during the first quarter of 2018. Moreover, growth in oil demand is expected to match the increase in production next year from nonmember countries of OPEC, such as the U.S., and could cap oil prices throughout 2018. As a result, market observers will closely watch the upcoming OPEC meeting, scheduled for November 30 in Vienna. OPEC and non-OPEC members who have agreed to cut production through March 2018 will meet to discuss the status of the agreement and may decide to take additional measures to deepen the agreement’s market impact.

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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