Posts Tagged ‘AAA Travel’

Michael Green Contact Tile(WASHINGTON, February 29, 2016) The national average price of gas has increased for six consecutive days for the first time since early November, though drivers continue to enjoy relatively low prices at the pump. Gas prices have climbed by four cents per gallon versus one week ago and are likely to continue to rise as the spring refinery maintenance season ramps up. Monthly and yearly savings persist and drivers are saving five cents on the month and 65 cents on the year.

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Gas prices are moving higher in many parts of the country as refinery maintenance season gets underway and as some refineries cut production in response to abundant supplies. Swings in gas prices at the regional level are typical for this time of year as many refineries conduct maintenance in advance of the busy summer driving season. Despite these seasonal increases, abundant gasoline supplies and lower crude oil costs should keep gas prices from rising as high as drivers have seen in recent years.

Hawaii ($2.56) is the nation’s most expensive market for retail gasoline, and regional neighbors California ($2.39), Alaska ($2.20), and Washington ($2.03) are the only states with averages above $2 per gallon. Pump prices in the majority of states (31) are at or below the $1.75 per gallon and consumers in Arizona ($1.52), Tennessee ($1.53) and South Carolina ($1.53) are paying the nation’s lowest averages at the pump.

Gas prices are relatively steady and have moved by +/- 3 cents per gallon in 30 states and Washington, D.C. week-over-week. Typical for this time of year, gas prices are quickly moving higher in some markets. Prices climbed higher by double digits on the week in 10 states with the largest price jumps in Iowa (+18 cents), Oklahoma (+18 cents) and Minnesota (+17 cents).  Outside of this trend of weekly increases, drivers in 20 states and Washington, D.C. are paying less to refuel their vehicles versus one week ago. Prices have fallen in less dramatic fashion in these states, and Arizona (-5 cents) is the only state where gas prices are down a nickel per gallon week-over-week.

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Gas prices are down in 36 states and Washington, D.C. over the month, with the largest monthly savings west of the Rockies in Arizona (-31 cents), Nevada (-29 cents) and Alaska (-25 cents). Drivers in 14 states are paying more at the pump versus one month ago, and prices are up by a dime or more per gallon in the Midwestern states of Minnesota (+16 cents), Oklahoma (+13 cents), Iowa (+11 cents), Ohio (+11 cents) and Illinois (+10 cents).

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Gas prices in nearly every state (49) and Washington, D.C., are discounted by more than a quarter per gallon, and drivers in 43 states are saving 50 cents or more per gallon on the year. California (-93 cents), Arizona (-86 cents), Oregon (-80 cents) and Nevada (-75 cents) are posting the largest yearly discounts at the pump.

Global crude oil supply remains front of mind and the price of oil continues to swing in response to shifting expectations of future supply and demand. The world’s top oil producing nations recently have considered potential agreements that would freeze production levels to stabilize prices. Despite these discussions, many of these countries rely on oil profits to finance national operations and social programs, and thus any agreement faces significant headwinds as countries look to fill budget deficits by producing oil at higher levels. Both global benchmarks, Brent and West Texas Intermediate, managed to post weekly gains, though market fundamentals continue to point to abundant supplies.

At the close of Friday’s formal trading session on the NYMEX, WTI was down 29 cents and settled at $32.78 per barrel. This price point represents a weekly gain of more than $3 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.

Gas Price Slide Stalls Near Seven-Year Low

February 22nd, 2016 by AAA

Michael Green Contact Tile(WASHINGTON, February 22, 2016) The national average for regular unleaded gasoline continues to hover at levels not seen since the Great Recession, largely due to abundant supplies and low crude oil costs. Today’s average price of $1.71 per gallon is the lowest price for this date since 2004, and pump prices have fallen for 41 of the past 47 days for a total savings of 29 cents per gallon. Consumers are paying one cent more per gallon to refuel their vehicles on the week, though average prices are down by 13 cents per gallon on the month and 58 cents per gallon on the year.

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Gas prices are likely move higher as we head into the spring refinery maintenance season; however prices should remain lower than recent years. Refineries conducting maintenance will produce less fuel, though ample gasoline supply and lower-than-expected prices for crude oil should limit any seasonal price spikes. Some regional markets are beginning to reflect the effects of refinery production cuts, and prices have climbed in the Midwest on the week as a result.

Consumers in the vast majority of states (45) are paying retail averages below $2 per gallon. Missouri ($1.46) and Oklahoma ($1.46) are the nation’s least expensive markets, and pump prices are below $1.75 per gallon in a total of 36 states. On the other end of the spectrum, motorists in the West are paying some of the nation’s highest averages led by Hawaii ($2.57) and California ($2.32). Regional neighbors Alaska ($2.22), Washington ($2.02) and Nevada ($2.00) round out the top five most expensive markets for gasoline.

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Weekly comparisons show that gas prices are moving in different directions in various parts of the country. Pump prices are down in 30 states and Washington, D.C. on the week with the largest savings west of the Rockies: Arizona (-9 cents), California (-9 cents) and Nevada (-9 cents). Opposite this trend, drivers in 20 states are paying more week-over-week. Averages are up more than a nickel per gallon in 11 states and motorists in six states saw prices increase by double digits. The largest jumps in price were in Minnesota (+18 cents), Michigan (+15 cents) and Indiana (+14 cents). Averages in the Midwest could continue to climb higher as refineries in the region continue to reduce production due to ample supplies and low prices.

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Motorists in 47 states and Washington, D.C. are benefitting from monthly savings in the price to refuel their vehicles. Retail averages are down by more than a nickel per gallon in the vast majority (46) of states and prices are down by double-digit increments on the month in 40 states and Washington, D.C.  The largest savings over this period are in California (-36 cents), Nevada (-35 cents), Arizona (-31 cents) and Alaska (-27 cents), where averages are down by more than a quarter per gallon on the month. Pump prices in the West continue to drop largely due to abundant refinery production and supplies. Outside of this trend of monthly savings are the Midwestern states of Ohio (+10 cents), Indiana (+10 cents) and Michigan (+9 cents), where pump prices have climbed higher on the month by around a dime per gallon.

Retail averages are down in every state and Washington, D.C. year-over-year. With the exception of Idaho (-9 cents) and Utah (-20 cents), drivers nationwide are experiencing savings of more than a quarter per gallon at the pump on the year. Averages in the majority of states (41) are down by 50 cents or more per gallon over this same period, with the largest yearly discounts in price in  Kansas (-70 cents), Kentucky (-69 cents) and Missouri (-69 cents).

The global price for crude oil continues to move based on speculation regarding the market’s future balance between supply and demand. A possible freeze in production, spearheaded by OPEC member Saudi Arabia, grabbed the attention of market watchers for much of last week, but failed to produce any real gains in price, as the likelihood of a deal remains questionable. It also is unlikely that a production freeze near current levels would have any effect on reducing abundant global supplies.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil was down $1.13 to settle at $29.64 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.

Michael Green Contact Tile(WASHINGTON, February 16, 2016) The national average price of gas increased today for the first time in 20 days, but average prices are still at levels not seen since January 2009. The national average has fallen for 42 out of 47 days this year for a total savings of 30 cents per gallon. Today’s average price of $1.70 represents a savings of three cents per gallon on the week, 20 cents per gallon on the month and 55 cents per gallon compared to this same date last year.

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Typical for this time of year, refinery production is beginning to drop as many refineries prepare for seasonal maintenance in advance of the summer driving season. In addition, some refineries reportedly have cut production because of abundant supplies and low prices. This decline in production has led to higher prices throughout the Midwest and slowed recent declines in the national average price of gas. Industry analysts expect this year’s spring maintenance season to peak in April, and pump prices are likely to rise in the coming months due to fluctuations in supply and demand associated with this process. However, unlike previous years, gasoline inventories are reportedly at higher-than-normal levels and the price of crude oil remains low. The combination of these two factors should help keep gas prices relatively low compared to recent years, though prices are likely to be a good deal higher by Memorial Day than they are today.

Hawaii ($2.61) is the nation’s most expensive market for retail gasoline and averages in the state are 21 cents per gallon higher than second-place California ($2.40). Alaska ($2.26), Nevada ($2.07) and Washington ($2.04) round out the top five most expensive markets and are the only states where drivers are paying average prices above the $2 per gallon threshold. The nation’s least expensive markets for gas are Oklahoma ($1.41), Missouri ($1.41) and Kansas ($1.44), and motorists in a total of 34 states are paying averages at or below $1.75 per gallon.

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Gas prices in the majority of states (43) are down on the week. The largest weekly savings are in states west of the Rockies, including Nevada (-12 cents), California (-10 cents) and Arizona (-10 cents). Consumers in 11 states are benefitting from savings of a nickel or more per gallon over this same period. On the other end of the spectrum, prices are higher week-over-week in seven states with the biggest jumps in the Midwestern states of Indiana (+7 cents), Ohio (+7 cents) and Michigan (+6 cents). Several refineries in this region have reduced production due to lower prices and abundant supplies, and pump prices could continue to rise throughout the region as a result.

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Monthly savings persist in every state and Washington, D.C., and with the exception of Hawaii (-3 cents) retail averages are down by double digits over this same period. Averages are lower in nine states by a quarter or more per gallon with the largest drops in California (-38 cents), Nevada (-36 cents) and Washington (-30 cents). This time last month the West Coast was dealing with lingering refinery challenges, which caused prices to move noticeably higher in the region. These refinery issues appear to be largely resolved and supply in the region has reportedly recovered, helping to push prices lower month-over-month.

The magnitude of yearly savings is beginning to widen again and retail averages are down in every state and Washington, D.C. year-over-year. Pump prices in the vast majority of states (47) are down by a quarter or more per gallon compared to a year ago, and motorists in 28 states are paying averages that are 50 cents or more per gallon less than this same date last year. The largest savings in price are in the Midwestern states of Illinois (-81 cents), Indiana (-76 cents), Michigan (-73 cents) and Ohio (-73 cents).

Speculation about future supply and demand is contributing to swings in the global price of crude oil. Market fundamentals continue to point to oversupply, though prices may continue to fluctuate in the near-term as rumors of production cuts and possible deals between OPEC and non-OPEC member countries influence the market.

Despite the lower price environment, there has not yet been a major reduction in U.S. oil production. WTI fell to its lowest point in nearly 13 years last week, largely due to an abundance of domestic oil supplies. The latest data from the EIA indicated a drop in crude oil stocks for the first time this year, though inventories remain elevated and are likely to increase in the coming weeks.

WTI rallied to end the week, and at the close of Friday’s formal trading session on the NYMEX, was up $3.23 to settle at $29.44 per barrel. The NYMEX was closed yesterday in observance of the President’s Day holiday.

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.

Michael Green Contact Tile(Washington, February 8, 2016) Domestic crude oil inventories reached their highest level for this time of year in nearly eight decades, and barring any major disruptions in supply, gas prices are likely to remain near their lowest price point since the Great Recession in the near term. Today’s average price of $1.74 per gallon reflects a savings of $1.07 per gallon versus the 2015 peak price reached this past June, and gas prices have fallen for 31 of the past 33 days. Pump prices are down six cents per gallon on the week, 24 cents per gallon on the month, and consumers are saving 44 cents per gallon versus this same date last year.

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Gasoline demand typically begins to increase starting in February, reaching its peak in August, and this month also marks the beginning of the spring refinery maintenance season. The combination of increased demand and reduced supply often leads to upward swings in the price at the pump, and historically as a result averages have climbed higher during this seven-month period (February –August). Unlike previous years, both gasoline and crude oil supplies are at record levels and two of the nation’s more volatile markets, the Midwest and the West, are both reporting ample supply. The convergence of these factors may point to a possible shift in the status quo, provided crude oil prices remain relatively low and absent any major disruptions in supply or production.

Drivers in the majority (44) of states continue to pay gas prices below $2 per gallon. Oklahoma ($1.42) and Missouri ($1.43) are the nation’s least expensive markets and a total of 30 states are posting averages at or below $1.75 per gallon. Hawaii ($2.63) leads the market with a pump price that is double-digits above second-place California ($2.50). Regional neighbors Alaska ($2.34), Nevada ($2.20) and Washington ($2.09) join in the rankings and round out the nation’s top five most expensive markets for retail gasoline.

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Pump prices are down in nearly every state (49) week-over-week and consumers in 20 states are saving a nickel or more per gallon at the pump. The largest weekly discounts in price are in the Midwestern states of Ohio (-14 cents), Indiana (-14 cents) and Michigan (-13 cents). Gas prices in this region are known to fluctuate and these same three states were posting the largest weekly increases in last week’s report. Delaware (+1 cent) is the only state to buck this trend of weekly savings.

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Monthly savings for motorists are universal, as gas prices are down in every state and Washington, D.C. over this period. Drivers in the Midwestern states of Indiana (-40 cents), Illinois (-40 cents), Ohio (-38 cents), and Michigan (-38 cents) are saving the most month-over-month and averages are down more than a quarter per gallon in a total of 13 states. Hawaii (-5 cents) is the only state where drivers are not benefiting from double-digit discounts in the price to refuel their vehicles on the month.

This time last year (February 2015) retail averages climbed higher for 40 consecutive days and as a result the magnitude of year-over-year savings is beginning to widen again. Gas prices are down in nearly every state (49) and Washington, D.C, versus this same date last year. Averages in 12 states are down 50 cents or more, and pump prices in 43 states and Washington, D.C. are down a quarter or more per gallon on the year. The largest yearly savings are seen by drivers in the Midwestern states of Indiana (-79 cents), Ohio (-75 cents), Michigan (-72 cents) and Illinois (-72 cents). Idaho (+6 cents) is the only state where prices are up year-over-year. This is in contrast to last week’s report where prices were down by 50 cents or more in only one state, and prices in handful (5) of states were up on the year.

Slower-than-expected growth in China, a strengthening U.S. dollar, and ongoing speculation about what, if any, deals the Organization of Petroleum Exporting Countries may attempt broker on production are all weighing on the global oil market. Market fundamentals remain skewed due to oversupply and geopolitical tensions, even when between OPEC member countries, have had little impact on price due to the market’s current imbalance.

Domestic gasoline and crude oil supply are at record levels. The year’s refinery maintenance ramp up is expected to reduce gasoline inventories, which could help bring a bit of balance to the gasoline market; however, this will likely not have the same impact on crude oil. The lower price environment has yet to lead to any real cuts in U.S. production, and to date has only contributed to reports of falling rig counts and the oil and gas sector shedding jobs.

At the close of Friday’s formal trading on the NYMEX, WTI was down 83 cents and settled at $30.89 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.

Michael Green Contact Tile(Washington, January 25, 2016) Gas prices have spent 25 consecutive days below $2 per gallon and could head lower still as reduced seasonal demand and falling crude oil costs combine to send pump prices to the lowest mark in six years. Today’s average price of $1.83 per gallon is the cheapest price since January 2009, and retail averages have fallen for 69 of the past 80 days for a total savings of 40 cents per gallon over this span. Crude oil supply continues to outpace demand, which has helped push gas prices down by seven cents on the week, 18 cents on the month and 21 cents on the year.

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A historic blizzard hit the Northeast over the weekend. The Mid-Atlantic was the hardest region hit, and a number of states in the area received more than two feet of snow. Severe weather can make it difficult for refiners to produce gasoline and can create hurdles for getting the product to market. However, storms also keep drivers off of roads, which can limit demand. Early reports indicate that PBF Energy shut down its Delaware City refinery, citing power failure due to the blizzard conditions. Averages in the region could possibly move higher in the coming days if refinery and distribution problems persist.

Motorists in just 11states and Washington, D.C. are paying an average above $2 per gallon. California ($2.67) continues to lead the market, however the resolution of refinery issues in the state has narrowed the difference between the Golden State and second-place Hawaii ($2.63). Regional neighbors Alaska ($2.44), Nevada ($2.34) and Washington ($2.24) round out the top five most expensive markets for retail gasoline. Consumers in Oklahoma ($1.53) and Missouri ($1.54) are paying the nation’s lowest averages at the pump, followed by the Midwestern states of Indiana ($1.55), Ohio ($1.56) and Michigan ($1.59).

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Weekly price comparisons reflect that consumers nationwide are enjoying savings in the price to refuel their vehicles. Averages are down in the majority of states (29) by a nickel or more per gallon, and prices in four states located in the Midwest: Michigan (-13 cents), Ohio (-13 cents), Indiana (-13 cents) and Illinois (-12 cents) are down double-digits. With refinery utilization rates reportedly running at upwards of 98 percent and gasoline inventories also building, drivers in the region are likely to continue to benefit from noticeable savings at the pump. Nevertheless, gas prices in the region are often unpredictable and changes in the market can happen quickly.

Consumers in nearly every state (49) are benefitting from more than a nickel per gallon in savings month-over-month. Retail averages are down double-digits in 46 states and Washington, D.C., and prices are down a quarter or more per gallon in a total of five states. Similar to week-over-week comparisons, the largest discounts are in the Midwest: Ohio (-36 cents), Indiana (-36 cents), Michigan (-33 cents) and Illinois (-29 cents). Alaska is the only state to buck this trend, and prices are up by a nickel per gallon on the month.

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Pump prices remain discounted year-over-year in the majority of states (45), though the magnitude of yearly savings continues to narrow because retail averages had already fallen dramatically in January 2015. Consumers in 43 states and Washington, D.C. are saving a dime or more per gallon at the pump and prices are discounted by more than 50 cents per gallon in two states: Hawaii (-63 cents) and Indiana (-52 cents). On the other end of the spectrum, prices are higher on the year in California (+21 cents), Idaho (+17 cents), Nevada (+13 cents), Utah (+7 cents) and Washington (+7 cents).

Global oversupply and the anticipation that additional oil will soon enter the market with the lifting of sanctions on Iran, contributed to both benchmarks—Brent and West Texas Intermediate—trading last week at lows unseen since 2003. Market fundamentals remain unchanged and a “lower-for-longer” sentiment is beginning to prevail amongst speculators. Talks are now shifting to whether the market has reached its bottom and if, or when, the necessary adjustments in supply will occur in order to help bring the crude oil market more into balance.

To the surprise of many and despite this bearish sentiment, both benchmarks closed out the week with a two-day rally.  This shift is likely the result of trading volatility and is not attributed to any correction in the imbalance between supply and demand. At the close of Friday’s formal trading session on the NYMEX, WTI was up nearly 9.5 percent, with a gain of $2.66 to settle at $32.19 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.

Michael Green Contact Tile(January 19, 2016) – Tumbling crude oil prices around the world have helped send the national retail average price for gasoline to its lowest mark since February 2009. Retail averages have fallen for 63 of the past 74 days, for a total savings of 34 cents per gallon, reaching today’s price of $1.88 per gallon. Gas prices are down seven cents per gallon on the week, which is the fastest pace gas prices have dropped since the middle of November. Motorists typically enjoy falling gasoline prices in early winter due to decreased demand for gasoline and that also is helping to push prices downwards. Despite recent declines, the national average price of gas is only 18 cents per gallon cheaper than a year ago since prices also were very low in early 2015.

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The price of crude oil has dropped more than 70 percent compared to the June 2014 high ($107.26 per barrel), and expectations that both global and domestic supply will continue to outpace demand are helping drivers to save at the pumps. The rout in oil prices continued over the past week and crude oil settled below the $30 per barrel benchmark for the first time since 2003. AAA previously estimated the annual average price of gas in 2016 will be $2.25-$2.45 per gallon, although the sharp decline in oil costs since the year began has the potential to lead to even lower gas prices if global oversupply and economic concerns persist.

A total of 38 states are posting averages below $2 per gallon, and drivers in Oklahoma ($1.59), Missouri ($1.62) and Alabama ($1.65) are paying the nation’s lowest prices. Gas prices are below the $1.75 benchmark in 17 states, which is seven states more than a week ago. Retail averages in California ($2.75) continue to be the most expensive in the nation and are relatively high due to lingering refinery issues impacting supply in the region. The Golden State is followed by regional neighbors: Hawaii ($2.63), Alaska ($2.48), Nevada ($2.41) and Washington ($2.32).

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Gas prices are down week-over-week in every state, with the largest drop during this span in the Midwest. Prices in this region are known to be volatile, and swings in production and distribution are generally reflected in the price at the pump. With refineries running smoothly and supply outpacing demand, motorists in Indiana (-16 cents), Ohio (-16 cents), Michigan (-15 cents) and Kentucky (-12 cents) are saving the most on the week. Consumers in more than half of states (32) are saving at least a nickel per gallon over this same period.

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With the exception of Alaska (+9 cents) and California (+4 cents), two of the nation’s most expensive markets, consumers nationwide are benefitting from monthly savings in the price of gasoline. Of the states posting discounts, pump prices are down by a nickel or more per gallon in every state and Washington, D.C. month-over-month, and averages in 39 states and Washington, D.C. are down by a dime or more per gallon over this same period. The largest monthly savings are being enjoyed by motorists in: Montana (-20 cents), Oklahoma (-20 cents), Indiana (-17 cents), Missouri (-16 cents) and Illinois (-16 cents).

Retail averages had tumbled dramatically as of January of last year, and as a result the comparative savings at the pump are narrowing. However, the majority of drivers continue to experience yearly savings. Prices are down in 45 states and Washington, D.C. on the year and motorists in a total of 39 states and Washington, D.C. are benefitting from double-digit savings. Hawaii (-69 cents) is the only state posting a year-over-year savings of more than 50 cents per gallon. Drivers in five states are paying more than one year ago: California (+25 cents), Idaho (+20 cents), Nevada (+16 cents), Washington (+7 cents) and Utah (+5 cents).

Although oil prices did tick higher briefly mid-week, they were sent back lower  by last week’s end reportedly due to the assessment that Iranian oil will reenter the market is being viewed as more of a reality. Lower-for-longer prices are also beginning to lead to speculation about what has been described as “collateral damage,” which is essentially the impact of lower oil prices on other assets and markets. Reports are surfacing about future prices and estimates of anticipated losses in production from non-OPEC countries. Many expect the oil market to begin to rebalance in 2016, but a number of questions remain. Specifically, a central focus will be the impact of Iranian oil returning to market, and if any changes in global oil demand will be significant enough to help offset some of the current glut in supply.

WTI closed out last week down $1.78 and at $29.42 per barrel. The NYMEX was closed yesterday in observance of the holiday honoring Dr. Martin Luther King, Jr.

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.

Michael Green Contact Tile(January 11, 2016) Gas prices continue to drop to multi-year lows, with today’s average price of $1.97 per gallon representing the cheapest average price at the pump since March 23, 2009. Gas prices have fallen for 55 of the past 66 days for a total savings of 26 cents per gallon and should remain relatively low because there is more than enough oil and gasoline around the world to meet demand.  Drivers are saving three cents per gallon on the week, five cents per gallon on the month and 17 cents per gallon versus this same date last year.

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California continues to weather ongoing refinery issues and remains the most expensive state for gasoline. The Golden State ranks third in the nation in refining capacity and refineries in the state typically operate at higher-than-average levels to meet demand. Disruptions in production generally lead to noticeable spikes in the price at the pump, which are often exacerbated due to the market’s relative isolation and specific fuel requirements. Consumers in the region will likely experience price swings in the near term due to both planned and unplanned maintenance, and this could increase the national average price of gas even as prices drop in other parts of the country.

As a result of these supply challenges, California ($2.86) remains the most expensive market for gas ahead of second-place Hawaii ($2.67). Regional neighbors Nevada ($2.49), Alaska ($2.47) and Washington ($2.42) round out the nation’s top five most expensive markets for retail gasoline. On the other end of the spectrum, Missouri ($1.66) and Oklahoma ($1.70) are the nation’s least expensive markets for retail gasoline. Motorists in 36 states are paying an average of less than $2 per gallon at the pump, and retail averages in 10 states are at or below the $1.75 per gallon benchmark.

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The vast majority of drivers are experiencing weekly savings at the pump. Discounts in the price of gas are less dramatic than in previous reports, and Oregon (-6 cents) is the only state where averages are down by more than a nickel per gallon week-over-week. Alaska is the only state where consumers are paying more to refuel their vehicles in comparison to one week ago, and retail averages moved higher by fractions of a penny over this same period.

Motorists in 45 states and Washington, D.C. are paying less to refuel their vehicles month-over-month. Drivers in Montana (-22 cents), North Dakota (-16 cents), Missouri (-15 cents) and South Dakota (-14 cents) are benefiting from the largest monthly savings in the price to refuel their vehicles. Averages are down by a dime or more per gallon in a total of 13 states, and drivers in 36 states and Washington, D.C. are benefiting from monthly discounts of a nickel or more per gallon. Consumers in five states are paying more at the pump versus one month ago, though California (+20 cents) and Alaska (+6 cents) are the only two states where prices are up by more than a nickel.

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Yearly savings are growing smaller because gas prices also were relatively low in January 2015, though the drivers in 46 states and Washington, D.C. are still saving because the cost of crude oil is lower today than a year ago. Hawaii (-75 cents) is the only state where prices are lower by  more than 50 cents per gallon versus this same date last year, and motorists in a total of 20 states and Washington, D.C. are savings a quarter or more per gallon at the pump. Consumers in four states: California (+25 cents), Idaho (+14 cents) Nevada (+14 cents) and Washington (+5 cents) are paying more for gas than a year ago.

Both oil benchmarks have posted losses for every day of trading in 2016, and as a result, closed out the week at lows unseen in more than a decade. Expectations that prices will continue to hover at multi-year lows are beginning to surface and market watchers are paying close attention to both China and the Middle East. Growth in China’s economy was once seen as a factor that could offset some of the market’s imbalance, though there is more uncertainty now that concerns over its economy continue to grow. Additionally, unlike historical trends where geopolitical instability in the Middle East has led to reductions in supply, the severing of diplomatic ties between Iran and other nations may lead to even more oil production within the region.

WTI closed out Friday’s formal trading session on the NYMEX down 11 cents, settling at $33.16 per barrel. This represents a loss of approximately 10 percent on the week and was the benchmark’s lowest settlement since February 9, 2004.

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.

Michael Green Contact Tile(Washington – January 4, 2016) Gas prices rang in the New Year by reaching the lowest average price ($1.997) for the holiday since 2009.  Today’s average price of $1.99 per gallon is the cheapest average since March 25, 2009, and the national average has moved lower for 50 of the past 59 days, largely due to an abundance of crude oil. Pump prices are discounted by fractions of a penny on the week, by five cents per gallon on the month, and are down by 22 cents on the year.

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In 2015, consumers paid an annual average of $2.40 per gallon, which was the lowest annual average since 2009. Market fundamentals are positioned to continue to support consumer savings in 2016, though retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring. These price increases are expected to be seasonal, and barring any unanticipated events that dramatically impact global or domestic supply, the national average price is expected to remain below $3 per gallon in 2016.

A heavier-than-expected refinery maintenance season this fall, combined with unexpected refinery outages, has helped maintain California’s ($2.87) position as the nation’s most expensive market for retail gasoline. Drivers in the Golden State are paying an average price that is 19 cents per gallon more than second-place Hawaii ($2.68), which is typically the market’s leader. Regional neighbors Nevada ($2.51), Washington ($2.46) and Alaska ($2.46) round out the top five most expensive markets. Motorists in 34 states are paying averages below $2 per gallon. Missouri ($1.70), Oklahoma ($1.73), Arkansas ($1.74), South Carolina ($1.74) and Kansas ($1.75) are the nation’s least expensive markets for gasoline.

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Pump prices have been relatively stable on the week, moving by +/-3 cents in 47 states and Washington, D.C. Averages are down in the majority of states (38) over this same period and drivers in North Dakota (-4 cents), Montana (-3 cents) and Delaware (-2 cents) are benefitting from the largest weekly savings in the nation. On the other end of the spectrum, Alaska (+4 cents) and California (+4 cents) are the only two states where prices are up by more than fractions of a penny week-over-week.

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Gas prices are discounted in 43 states and Washington, D.C. month-over-month. Retail averages have fallen by more than a nickel per gallon in 34 states and Washington, D.C. over this same time period, and 21 states are posting double-digit discounts.  The largest monthly savings are in Montana (-26 cents), Delaware (-19 cents), North Dakota (-18 cents) and Nebraska (-17 cents). Consumers in seven states are paying more to refuel their vehicles versus one month ago. Prices continue to move higher in a less dramatic fashion, and California (+18 cents) is the only state where prices are up double-digits on the month, due to ongoing supply challenges. Michigan (+5 cents) and Alaska (+5 cents) join California as the only three states where prices are up more than a nickel per gallon month-over-month.

Averages typically fall during the winter months, and despite relatively lower pump prices year-over-year, savings are becoming less pronounced compared to recent months. Consumers in the vast majority of states (47) continue to experience yearly savings in the price of gasoline, and prices are down more than 25 cents per gallon in 26 states and Washington, D.C. For the first time since 2014, yearly price comparisons are higher in multiple states—California (+22 cents), Nevada (+6 cents) and Idaho (fractions of a penny).

Both crude oil benchmarks, West Texas Intermediate and Brent, closed out the year posting yearly losses of nearly 30 percent, largely attributed to global supply continuing to outpace demand. Geopolitical tensions in the Middle East appear to be influencing global oil prices, and both benchmarks opened the week posting increases related to worries about supply disruptions in the Persian Gulf region. Saudi Arabia has reportedly cut diplomatic ties with Iran, following an incident that occurred at the Saudi embassy located in Iran, and market watchers will likely be paying close attention to how this situation continues to develop.

The domestic oil market is also being closely monitored for a number of factors that could impact production. The lower price environment is believed to have been a cause of the U.S. rig count falling by nearly two-thirds versus one year ago, and Congress also recently moved to lift the decades-old ban on crude oil exports. Oversupply currently characterizes the domestic oil market, and traders remain focused on domestic production and the global energy landscape.

WTI closed out the year up 44 cents and settled at $37.04 per barrel. The NYMEX was closed on Friday due to the New Year’s Day holiday.

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.

Julie HallNearly One in Three Americans to Take a Holiday Trip This Year

ORLANDO, Fla. (December 15, 2015) – AAA projects the number of year-end holiday travelers will top 100 million for the first time on record. Nearly one in three Americans will take a trip this holiday season, with 100.5 million expected to journey 50 miles or more from home. This represents a 1.4 percent increase over last year and the seventh consecutive year of year-end holiday travel growth. The year-end holiday travel period is defined as Wednesday, December 23, 2015 to Sunday, January 3, 2016.

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“The holidays are a time for joining with friends and family, and the record number of people traveling this holiday should make for a joyous travel season,” said Marshall Doney, AAA President and CEO. “Rising incomes and low gas prices are helping to fill stockings this year, and more people than ever will choose to spend those savings on travel this year.”

The increase in holiday travel this year is being driven by continued improvement in the labor market, rising incomes and low prices, including gas prices that remain well below last year’s levels. This is helping boost Americans’ disposable income, but some consumers continue to remain cautious about their finances as they head into the holiday season.

Driving remains most popular mode of travel for year-end holiday travel

More than 90 percent of travelers (91.3 million people) will drive to their holiday destinations, an increase of 1.4 percent over last year. Air travel is expected to increase by 0.7 percent, with 5.8 million Americans flying to their holiday destinations. Travel by other modes of transportation, including cruises, trains and buses, will increase 2.4 percent, to 3.4 million travelers.

Lowest New Year’s gas prices in seven years expected

The national average price for a gallon of gasoline remains poised to fall below the $2 per gallon benchmark by Christmas. Today’s national average is $2.01, 53 cents less than last year. AAA expects most U.S. drivers will pay the lowest gas prices on New Year’s Day since 2009.

Airfares fall, hotel and car rental rates rise modestly

According to AAA’s Leisure Travel Index, airfares for the top 40 domestic flight routes are six percent lower this holiday season, falling to an average of $174 roundtrip. Rates for AAA Three Diamond Rated lodgings will be four percent higher this year, with travelers spending an average of $150 per night. The average rate for a AAA Two Diamond Rated hotel has risen 11 percent with an average nightly cost of $119. Daily car rental rates will average $68, three percent higher than last year’s holiday travel season.

#AAAToTheRescue for nearly 900,000 motorists this holiday season

AAA expects to rescue nearly 900,000 motorists during the 12-day year-end holiday travel period, with the primary reasons being dead batteries, lockouts and flat tires. AAA recommends motorists check the condition of their battery and tires for winter driving before heading out on a holiday getaway. Also, have vehicles inspected by a trusted repair shop, such as one of the nearly 7,000 AAA Approved Auto Repair facilities across North America. Members can download the AAA Mobile app, visit AAA.com or call 1-800-AAA-HELP to request roadside assistance.

AAA cautions against impaired driving this holiday season

According to the AAA Foundation for Traffic Safety’s Traffic Safety Culture Index, one in five licensed drivers (21%) who drink at least occasionally reported having driven when they thought their alcohol level might have been close to, or possibly over, the legal limit in the past year.

“As we celebrate the holiday season, AAA urges travelers to be cautious about their safety and the safety of everyone sharing the roadways,” said Doney. “Ninety-seven percent of licensed drivers consider it unacceptable to drive when they may have had too much to drink, yet there is an average of one alcohol-impaired driving death every 53 minutes.”

Download the AAA Mobile app before a year-end holiday getaway

Before setting out on a holiday trip, download the free AAA Mobile app for iPhone, iPad and Android. Travelers can use the app to map a route, find lowest gas prices, access exclusive member discounts, make travel arrangements, request AAA roadside assistance, find AAA Approved Auto Repair facilities and more. Learn more at AAA.com/mobile.

With the AAA Mobile app, travelers can also find more than 58,000 AAA Approved and Diamond Rated hotels and restaurants via TripTik Travel Planner. AAA’s is the only rating system that uses full-time, professionally trained evaluators to inspect each property on an annual basis. Every AAA Approved establishment offers the assurance of acceptable cleanliness, comfort and hospitality, and ratings of One to Five Diamonds help travelers find the right match for amenities and services.

AAA’s projections are based on economic forecasting and research by IHS Global Insight. The Colorado-based business information provider teamed with AAA in 2009 to jointly analyze travel trends during major holidays. AAA has been reporting on holiday travel trends for more than two decades. The complete AAA/IHS Global Insight 2015 year-end holiday travel forecast can be found here.

As North America’s largest motoring and leisure travel organization, AAA provides more than 55 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com. For more information about AAA Travel, visit AAA.com/Travel.

Gas Prices Drop to Lowest Mark Since 2009

December 14th, 2015 by AAA

Michael Green Contact Tile(WASHINGTON, December 14, 2015) U.S. drivers are paying the lowest average price for regular unleaded gasoline since 2009, and the national average is one cent away from dropping below $2 per gallon. These lower gas prices have been largely driven by the falling price of crude oil, which begins this week at its lowest mark in more than five years. U.S. average gas prices are 79 per gallon less than the 2015 peak, and the national average has moved lower for 33 of the past 38 days for a total savings of 21 cents per gallon. The average price at the pump is down two cents on the week, 16 cents on the month and 54 cents on the year.

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The price of West Texas Intermediate crude oil, the traditional U.S. benchmark, closed out last week with a Friday settlement of $35.62 per barrel, a price not seen since the 2008-2009 Great Recession. Crude oil has tumbled approximately 60 percent compared to June 2014 as global supply continues to outpace demand. This imbalance is likely to continue into 2016, which should keep a ceiling on oil prices. Barring any disruptions in supply, consumers are expected to continue to benefit from noticeable fuel savings.

Retail averages are below $2 per gallon in 26 states. South Carolina ($1.79), Missouri ($1.79) and Kansas ($1.79) are the nation’s least expensive markets, and drivers in these states are saving nearly $1 per gallon compared to the state with the highest average, which is Hawaii ($2.75). California ($2.65), Nevada ($2.49), Washington ($2.42) and Alaska ($2.39) round out the top five most expensive markets for gasoline.

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Gas prices are holding relatively steady and have moved by +/- 3 cents or less in 29 states and Washington, D.C. week-over-week. Consumers in 43 states and Washington, D.C. have seen prices fall over this same period, and averages are down a nickel or more per gallon in six states, led by: Delaware (-8 cents), Minnesota (-6 cents) and North Dakota (-6 cents). Averages in seven states have moved higher on the week, led by Michigan (+8 cents).

Averages have fallen nationwide month-over-month, and with the exception of Alaska (-1 cent), consumers are benefitting from monthly savings of more than a nickel per gallon in the price of retail gasoline. Pump prices are down double-digits in 41 states and Washington, D.C. versus one month ago, and drivers in eight states are saving a quarter or more per gallon. The largest monthly discounts are in the Midwestern states of Wisconsin (-36 cents), Minnesota (-30 cents) and Michigan (-30 cents).

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Pump prices typically fall during the winter months due to reduced demand for gasoline. Motorists nationwide continue to experience year-over-year savings, though today’s average is the smallest year-over-year savings of 2015. Alaska (-99 cents) and Hawaii (-96 cents) are the only two states where averages are down by more than 75 cents per gallon year-over-year. Consumers in 42 states and Washington, D.C. are saving 50 cents or more per gallon versus this same date last year, and  California (-23 cents) is the only state posting a yearly savings of less than a quarter per gallon.

With both Brent and WTI reaching their cheapest levels since the global economic crisis, attention is now focused on the Federal Reserve’s potential action to raise interest rates. A strong U.S. jobs report has contributed to rumors that the Fed may increase its rate for the first time since 2008, which could further impact the global oil market. An increase in interest rates would be expected to result in a stronger U.S. dollar, which in turn makes oil (priced in U.S. dollars) a relatively more expensive investment for those holding other currencies, making it a less attractive investment. This could further exacerbate the market’s current oversupply and keep downward pressure on the global price of crude oil.

The U.S. oil rig count fell by its largest weekly increment in nearly three months (28 rigs), though strong production continues to oversupply the market. Members of Congress are also working on a budget deal that could include an end to the decades-old ban on U.S. crude oil exports. An end to the ban would allow unprocessed crude oil produced in the U.S. to enter the global oil market, which could impact both domestic production and global supply.

WTI opened the trading session below $35 per barrel. At the close of Friday’s formal trading session on the NYMEX, WTI was down $1.14 and settled at $35.62 per barrel. This closing price represented a loss of nearly ten percent on the week.

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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