Posts Tagged ‘Gas Expert’

Jeanette Casselano

Today’s national average price for a gallon of regular unleaded gasoline is $2.42, which is an increase of 13 cents over last month and 29 cents more than this time last year. As gas prices continue to reach new heights and hit an all-time high for the year, the summer demand has not kicked in, meaning consumers can expect the price at the pump to continue to rise for coming weeks. Based on recent American Petroleum Institute reports, U.S. gasoline deliveries in March were the second highest March deliveries ever recorded, confirming the forecast that demand is on track for the summer.

Quick Stats

  • The nation’s top ten least expensive markets are: South Carolina ($2.12), Oklahoma ($2.15), Mississippi ($2.17), Tennessee ($2.17), Arkansas ($2.17), Alabama ($2.18), Louisiana ($2.20), Missouri ($2.22), Virginia ($2.23) and Texas ($2.26)
  • The nation’s top ten markets with the largest weekly increases include: Utah (+9 cents), Ohio (+7 cents), Idaho (+5 cents), Alaska (+5 cents), Massachusetts (+4 cents), Connecticut (+4 cents), Indiana (+4 cents), New Hampshire (+4 cents), Rhode Island (+4 cents) and Florida (+4 cents)

West Coast

The West Coast continues to lead the country with the most expensive gas: Hawaii ($3.08), California ($3.01), Alaska ($2.94), Washington ($2.91), Oregon ($2.77) and Nevada ($2.71).

Rockies

Across the region, the Rockies saw an upward trend in gas prices. Utah (+9 cents) and Idaho (+6 cents) landed on this week’s largest price increase list. Typically, during the summer time, the region becomes short on gasoline inventory and has a tendency to see prices move up rather sharply. Drivers in other parts of the region saw relatively small increases: Montana (+2 cents), Wyoming (+2 cents) and Colorado (+1 cent).

Great Lakes and Central States

Despite declines a week ago, drivers in the Great Lakes and Central States saw prices increase with Ohio (+7 cents) and Indiana (+4 cents) landing on this week’s top 10 list for largest increases. With the 12th most expensive gas in the country, Michigan consumers are paying $2.52 at the pump, up +2 cents from last week. Elsewhere in the region, gas prices remained stable. The latest Energy Information Administration report shows that the region’s refiners raised capacity by 23,000 b/d last week, while gasoline stocks in the region dropped by 1.5 million bbl to 56 million bbl. The decline resulted in the lowest posted inventory numbers for the region in nearly three months.

South and Southeast

With area market inventories jumping by 2.5 million bbl, gas prices in the South and Southeast remained steady on the week. High gasoline inventories and low demand are causing some markets to lower prices. Prices fell by one penny from a week ago in South Carolina, Texas, North Carolina, Georgia, Arkansas and Louisiana. As we await the onset of the summer driving season, AAA predicts there are plenty of opportunities for demand to tap into the country’s excess supply and the price of gas to continue to rise.

As on trend, this region carries the country’s least expensive gas prices: South Carolina ($2.12), Oklahoma ($2.15), Mississippi ($2.17), Tennessee ($2.17), Arkansas ($2.17), Alabama ($2.18), Louisiana ($2.21) and Missouri ($2.22). 

Mid-Atlantic and Northeast

This week, four states in the region landed on the top 10 list of biggest increases: Massachusetts (+4 cents), Connecticut (+4 cents), New Hampshire (+4 cents) and Rhode Island (+4 cents), while Pennsylvania ($2.64), Washington, DC ($2.55) and New York ($2.52) held their spot on the list of top 10 most expensive markets.

Consumers will likely continue to see gas prices increase as we enter the peak of summer driving season. Looking further ahead, there is early indication that the start of the Dakota Access Pipeline could impact Northeast gas prices with the potential for crude prices to rise as a result of more competition in the market looking to sell crude oil.

Oil Market Dynamics

At the close of trading last week, WTI crude oil futures fell $1.09 to settle just under $50 per barrel. One of the leading reasons for the drop was skepticism about whether the Organization of the Petroleum Exporting Countries (OPEC) and other producers would extend their pledge to cut output by 1.8 million bbl by another six months. In particular, the market is still unsure if Russia will agree to an extension deal beyond June 30, which could add dramatically to already bloated global inventories.

On Monday morning, U.S. petroleum futures were trading higher across the board, with WTI recovering after costly losses last week. This rebound follows last week’s EIA report that showed gasoline inventory building across the country, which can be attributed to higher import levels and blending activity. While spring stock-building is a normal trend to account for the peak summer demand, the counter-seasonal build is likely pressuring markets and increasing pump prices. Additionally, last week’s Baker Hughes oil rig count report showing the U.S. adding 5 rigs, bringing the total rig count to 688 — is further evidence of increased U.S. production. Traders will look closely at this week’s numbers from key indicators of supply to determine if the market will rebalance in the near term.

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 Prices Reach 2017 High

April 17th, 2017 by Jessica Souto

Tamra Johnson

Today’s national average price for a gallon of regular unleaded gasoline is $2.41. This price is two cents more expensive than one week ago, 12 cents more than one month ago and 30 cents more than one year ago. The national average is at its highest price this year and has now increased for 20 consecutive days. Pump prices in 43 states and Washington D.C. have moved higher over the last week. This increase was most prevalent in the East Coast region where refiners wrapped up seasonal turnaround resulting in significant prices increases last week.

 

Quick Stats

  • The nation’s top ten least expensive markets are: South Carolina ($2.13), Mississippi ($2.17), Tennessee ($2.18), Alabama ($2.18), Arkansas ($2.18), Oklahoma ($2.18) Missouri ($2.19), Louisiana ($2.21), Kansas ($2.23) and Virginia ($2.23).
  • The nation’s top ten markets with the largest monthly increases include: Indiana (+18 cents), Texas (+18 cents), Michigan (+17 cents), Kentucky (+17 cents), Ohio (+16 cents), Illinois (+16 cents), Florida (+15 cents), Wisconsin (+15 cents), Colorado (+15 cents) and Delaware (+14 cents).

West Coast

The country’s six most expensive gas prices continue to reside on the West Coast (Hawaii $3.06), California ($3.01), Washington ($2.90), Alaska ($2.90), Oregon ($2.75) and Nevada ($2.69). Compared to this time last year, four West Coast states are experiencing some of the country’s biggest year-over-year price jumps: Washington (+58 cents), Alaska (+57 cents), Oregon (+54 cents) and Hawaii (+45 cents).

This region could see prices hit $3/gal this month due to maintenance at variety of refineries in the area, including Torrance’s refinery in Southern California and Shell’s Martinez California Refinery. Shell’s maintenance, which is scheduled for late April/early May, could tighten San Francisco Bay area refined products markets. In the Pacific Northwest, refined products supplies are expected to tighten as Tesoro’s 125,000-b/d refinery in Anacortes, WA, carries out an eight-week maintenance program; however, the company is expected to meet its obligations in the Oregon and Washington region by delivering product via barge.

Rockies

Gas prices in this region moved higher on the week: Colorado (+5 cents), Idaho (+4 cent) and Wyoming (+3 cents). Drivers in Colorado continue to see price increases resulting from planned and unplanned maintenance at Phillips 66’s 154,000 b/d Borger refinery in the Texas Panhandle. The refiner supplies gasoline to Colorado and parts of the Gulf Coast and Central States via pipeline.

Great Lakes and Central States

Drivers in some parts of the Great Lakes region experienced weekly declines at the pump: Michigan (-7 cents), Indiana (-7 cents), Ohio (-6 cents) and Illinois (-2 cents). Drivers in some Central states saw slight increases on the week: Nebraska (+2 cents), North Dakota (+2 cents) and Minnesota (+2 cents). Volatility in the region along with early turnaround by regional refineries resulted in significant monthly increases in: Indiana (+18 cents), Michigan (+17 cents), Kentucky (+17 cents), Ohio (+16 cents), Illinois (+16 cents) and Wisconsin (+15 cents).

The latest Energy Information Administration (EIA) report shows that Midwest refiners raised capacity by 23,000 b/d last week, while gasoline stocks in the region dropped by 1.5 million bbl to 56 million bbl. The decline resulted in the lowest posted inventory numbers for the region in nearly three months.

South and Southeast

South Carolina ($2.13), Mississippi ($2.17), Tennessee ($2.18), Alabama ($2.18), Arkansas ($2.18), and Louisiana ($2.21) are posting some of the cheapest prices for gasoline in the country despite recent increases in each state’s respective average price. As we enter into the high-drive season of summer, the demand for gas will increase, dipping into crude oil storage across the country and leading to increases at the pump through September. The latest EIA report shows regional refining capacity increased 102,000 b/d in the Gulf Coast last week while gasoline inventories dropped by 1.8 million bbl.

Mid-Atlantic and Northeast

Pennsylvania ($2.64), Washington, DC ($2.55), New York ($2.52) and Connecticut ($2.48) all land on the list of top 15 most expensive markets. The region made the final switch to summer-blend gasoline last week, causing states in the region to top the list of largest weekly increases: Delaware (+9 cents), Vermont (+6 cents), Maryland (+6 cents), North Carolina (+5 cents), Rhode Island (+5 cents), Maine (+5 cents) and Pennsylvania (+5 cents). Compared to this same time last year, New Jersey (+43 cents), Delaware (+36 cents), and Pennsylvania (+35 cents) are seeing significant increases at the pump. This trend is likely the result of the region’s move toward less substantial gasoline imports.

Oil Market Dynamics

Last week, crude oil futures held onto the week’s gains closing out above $53 per barrel. Competitive prices were led by reports that OPEC and non-OPEC compliance is above 90 percent and the countries are considering extending production cuts beyond June, the original end date for the agreement reached last November. Participating OPEC countries plan to meet on May 25 to discuss how an extension of their agreement could further rebalance global oil supply and inventory levels. 

Markets opened Monday morning with less confidence, countered somewhat by growing U.S. production. The U.S. Energy Information Administration (EIA) reported a larger-than-expected decline in oil stockpiles last week showing growth in U.S. oil output. National crude oil output reached a one-year high of an estimated 9.1 million b/d in March this year. Last week’s Baker Hughes oil rig count report — which showed the U.S. adding 11 rigs last week, bringing the total rig count to 683 — is further evidence of increased U.S. production. Traders will continue to watch the impact that increased U.S. production has on OPEC’s efforts to rebalance the market. At the close of last week’s formal trading session on the NYMEX, WTI was up seven cents to settle at $53.18 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.

Tamra Johnson

Today’s national average price for a gallon of regular unleaded gasoline is $2.39. This price is six cents more expensive than one week ago, nine cents more than one month ago and 35 cents more than one year ago. The national average is at its highest price this year and has now increased for 13 of the last 14 days. Pump prices in 48 states and Washington D.C. have moved higher over the last week, led by the switch over to more expensive summer-blend gasoline and increased driving demand.

Quick Stats

  • The nation’s top ten least expensive markets are: South Carolina ($2.11), Alabama ($2.14), Tennessee ($2.14), Mississippi ($2.14), Oklahoma ($2.15), Arkansas ($2.16), Virginia ($2.19), Louisiana ($2.19), Missouri ($2.20) and Texas ($2.21). 
  • The nation’s top ten most expensive markets are: Hawaii ($3.04), California ($2.99), Washington ($2.89), Alaska ($2.88), Oregon ($2.75), Nevada ($2.67), Pennsylvania ($2.59), Michigan ($2.57), District of Columbia ($2.54) and Illinois ($2.51).
  • The nation’s top ten markets with the largest weekly increases include: Kentucky (+15 cents), Florida (+12 cents), Michigan (+12 cents), Indiana (+11 cents), Alaska (+10 cents), Missouri (+9 cents), Pennsylvania (+9 cents), Illinois (+9 cents), Georgia (+7 cents) and Colorado (+7 cents).

West Coast

West Coast gas prices continue to prove the highest in the country, with six states in the region topping the list of most expensive U.S. markets: Hawaii ($3.04), California ($2.99), Washington ($2.89), Alaska ($2.88), Oregon ($2.75) and Nevada ($2.67). Pump prices in some states will likely breach the $3/gal mark by July.

Prices in the Northwest and California will continue to rise in the coming weeks due to refinery maintenance. BP’s Cherry Point refinery in Ferndale, WA, began maintenance work last week, which will result in tighter supply in the region. PBF Energy’s 157,800-b/d Torrance, CA, plant is also set to begin planned maintenance while production issues at Air Products Wilmington, a company supplying hydrogen to Los Angeles-area refineries has resulted in reduced supply of hydrogen. This supply shortage will impact gas processing abilities at impacted refineries.

Rockies

Gas prices in the Rockies remain the most stable in the nation. Prices at the pump fluctuated by only a few cents, except in Colorado where prices jumped 7 cents on the week. The increase is likely the result of planned maintenance at Phillips 66’s 154,000 b/d Borger refinery in the Texas Panhandle. The refiner supplies gasoline to Colorado and parts of the Gulf Coast and Central States via pipeline.

Great Lakes and Central States

Five Great Lakes and Central states saw some of the country’s most significant gas price increases in the past seven days: Michigan (+12 cents), Indiana (+11 cents), Missouri (+9 cents), Illinois (+8 cents) and Wisconsin (+7 cents).

Phillips 66’s 330,000-b/d Wood River refinery in Illinois is still undergoing planned maintenance work, adding to a growing list of refinery issues in the U.S. Midwest. In addition, BP’s 430,000-b/d Whiting, IN, refinery was experiencing a minor issue on its second-largest crude distillation unit, which was affecting normal operations, but should be remedied in a few days.

 

South and Southeast

The least expensive gasoline prices continue to flow in South and Southeast states, however, this region did see spikes in the last week. Kentucky saw the largest jump (+15 cents) in the country. Despite a 7 cent increase on the week, South Carolina ($2.11) continues to post the lowest prices in the country.

Mid-Atlantic and Northeast

Mid-Atlantic and Northeast states saw some fluctuations in the last week: Pennsylvania (+9 cents), Virginia (+6 cents), New York (+5 cents) and Connecticut (+5 cents). The region will continue to see a jump in price this week as stations make the final change over to summer-blend fuels.

Oil Market Dynamics

Crude oil futures opened Monday trading at their highest level in more than a month as a result of ongoing tensions in the Middle East. An oilfield in Libya was shut down on Sunday after an armed group blocked a pipeline leading to an oil terminal. The Libyan production outage means that one source for crude oil is compromised and may affect global oil supply. Crude oil also rallied and then leveled out following last week’s U.S. missile strike against a Syrian airbase amid fears that further unrest in the region could lead to oil supply disruptions.

Additional factors contributing to increased crude oil prices include high production cut adherence by OPEC and non-OPEC producers and the possibility that participating countries may extend their agreement beyond the June deadline. Traders will keep a close eye on political dynamics in the Middle East and any further discussions between OPEC and non-OPEC producers.  At the close of Friday’s formal trading session on the NYMEX, WTI was up 54 cents to settle at $52.24 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.

Tamra JohnsonGas prices are on the move, reaching an average price of $2.33 per gallon for regular unleaded gasoline. Today’s price is four cents more than a week ago, one cent more compared to one month ago and 27 cents more than the same date last year. National gas prices have increased six of the last seven days. Although the increase in prices has been moderate, it is possible this trend could continue as refinery maintenance wraps up, more expensive summer-blend gasoline becomes available and driving demand increases this spring.  

Quick Stats

  • The nation’s top ten least expensive markets are: South Carolina ($2.04), Tennessee ($2.08), Mississippi ($2.08), Alabama ($2.09), Oklahoma ($2.10), Arkansas ($2.10), Missouri ($2.11), Louisiana ($2.12), Virginia ($2.13) and Texas ($2.15). 
  • The nation’s top ten markets with the largest weekly increases include: Ohio (+18 cents), Michigan (+16 cents), Indiana (+14 cents), Illinois (+11 cents), Wisconsin (+7 cents), Delaware (+7 cents), West Virginia (+6 cents), Kentucky (+5 cents), Oregon (+5 cents) and Georgia (+5 cents).

 

West Coast

Gas prices on the West Coast remain the highest in the country, with six states in the region topping the list of most expensive U.S. markets: Hawaii ($3.05), California ($2.98), Washington ($2.86), Alaska ($2.78), Oregon ($2.72) and Nevada ($2.66). Prices in the Northwest and California will continue to rise in the coming weeks due to refinery maintenance.

BP started planned maintenance at its 236,000-b/d Cherry Point refinery in Ferndale, Washington, last week, while PBF Energy restarted the hydrotreater unit at its 157,800-b/d refinery in Torrance, California, due to unplanned flaring last Monday. This week, the refinery begins major maintenance work which is expected to last 45-55 days and will likely tighten supply and increase California gas prices. Today, BP is also shutting down operations on its Olympic Pipeline until April 10 for planned maintenance. The shutdown will temporarily impact shipments of gasoline in the northern part of the region.

Rockies

Drivers in the Rockies are among the only ones in the nation to see moderate price declines. Prices in the region are often geographically insulated from movement tied to global crude oil prices and have generally been among the more stable in the nation.

Great Lakes and Central States

The Great Lakes and Central States are currently switching from winter-blend to summer-blend gasoline and drivers are seeing significant increases at the pump, with Ohio (+18 cents), Michigan (+16 cents), Indiana (+14 cents), Illinois (+11 cents), Wisconsin (+7 cents) and Kentucky (+5 cents) landing on the list of top 10 weekly increases.

Unplanned mechanical repairs and pipeline issues at Valero’s 172,000-b/d McKee and 103,000-b/d Houston refineries in the Texas Panhandle are impacting delivery and tightening supply in the Midwest region.

South and Southeast

Markets in the South and Southeast continue to post some of the lowest prices for retail gasoline in the nation, including South Carolina ($2.04), Tennessee ($2.08), Mississippi ($2.08), Alabama ($2.09), Louisiana ($2.12) and Texas ($2.15).

ExxonMobil’s 584,000-b/d Baytown, Texas refinery experienced operational issues last week due to severe weather. Valero also reports pipeline issues and unplanned mechanical repairs at both its 172,000-b/d McKee and 103,000-b/d Houston refineries, which has tightened supply in the Dallas area. OPIS reports that during past fuel-supply problems, the market pulled barrels of gasoline from Tyler, Texas and can also receive supply via pipeline from Corpus Christi.

Mid-Atlantic and Northeast

Prices in much of the Mid-Atlantic and Northeast regions have followed the national average the past week with Delaware (+7 cents), West Virginia (+6 cents) and Maryland (+4 cents), all landing on the list of largest weekly increases. The latest report from the U.S. Energy Information Administration (EIA) shows that regional gasoline storage levels dropped by 2.6 million bbl, the largest decline in the country. The region will switch from winter-blend to summer-blend gasoline by April 10 and drivers will continue to see increases at the pump.

Oil Market Dynamics

This morning, the market saw a bump following reports that Iraq plans to increase its production cut compliance as a part of OPEC’s output agreement. This announcement furthered speculation that OPEC and non-OPEC producers may extend their agreement beyond the original six-month deadline of June. The oil reduction deal was brokered last fall in an attempt to rebalance the global oil supply and boost the price of crude oil. While the agreement has lifted the price of crude oil to $50 per barrel, it has also encouraged U.S. producers to invest and drill more. Oil service company Baker Hughes reported that the U.S. increased its rig count by 10 last week, bringing the total to 662. Traders will keep a close eye on discussions between OPEC and non-OPEC producers and any decisions they make regarding further production cuts through the remainder of 2017.  At the close of Friday’s formal trading session on the NYMEX, WTI was up 25 cents to settle at $50.60 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.

Tamra JohnsonNew AAA Survey Reveals Impact of Rising Gas Prices on Consumers’ Lifestyle

WASHINGTON, D.C. (Mar. 28, 2017) – A new AAA survey reveals that nearly a quarter of consumers believe the price at the pump is already too high. AAA projects the national average for a gallon of gasoline to increase 40 cents this summer, peaking near $2.70. To offset gas price increases, more than 70 percent of consumers say they would make everyday lifestyle or driving habit changes. The top five changes drivers would make include:

Additional Resources

  • Infographic 1 | 2 | 3
  • Combining errands or trips
  • Driving less
  • Reducing shopping or dining out
  • Delaying major purchases
  • Carpooling

However, not everyone will jump to make a change. The survey found that younger Americans (18-34) are more tolerant of higher prices.

“Higher gas prices are already influencing the travel industry,” said Bill Sutherland, AAA senior vice president of Travel and Publishing. “The good news is people are still planning to hit the road. With nearly 80 percent of family travelers planning a road trip this year, higher gas prices are making shorter trips to national parks and theme parks the most desired travel destinations.”

During April, Americans across the country will start to see gas prices begin to climb as the industry wraps up spring maintenance and completes the switchover to summer-blend gasoline. Over the years, public opinion for whether a gallon of gasoline would be too much or too cheap has fluctuated as much as the price itself.

  • When gas prices are above the $3.00 benchmark (as they were in 2013 and 2014), most Americans believe prices should be six percent lower.
  • When gas prices are below the $3.00 benchmark (as they were in 2015 and 2016), most Americans believe a 25 percent increase is too high.

This report presents the findings of a telephone survey conducted among two national probability samples (landline only and cell phone), which, when combined, consists of 1,017 adults, 510 men and 507 women, 18 years of age and older, living in the continental United States. Interviewing for this survey was completed on February 2-5, 2017. 517 interviews were from the landline sample and 500 interviews from the cell phone sample. This study has an average statistical error of ±3.1 percent at the 95 percent confidence level for all U.S. adults.

As North America’s largest motoring and leisure travel organization, AAA provides more than 57 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. Motorists can map a route, identify gas prices, find discounts, book a hotel and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile.

Tamra Johnson

Pump prices remain relatively stable, with today’s national average price for regular unleaded gasoline holding at $2.29 per gallon. Today’s average price is down by fractions of a penny compared to one week ago, but has moved one cent higher compared to last month. Drivers are paying 31 cents more per gallon at the pump compared to this same date last year.

 

Quick Stats

  • The nation’s top ten least expensive markets are: South Carolina ($2.01), Tennessee ($2.04), Alabama ($2.05), Mississippi ($2.06), Arkansas ($2.08), Texas ($2.09), Virginia ($2.09), Oklahoma ($2.09), Louisiana ($2.10) and Missouri ($2.10).
  • The nation’s markets that have seen the largest yearly increases include: Washington (+61 cents), Utah (+60 cents), Alaska (+58 cents), Idaho (+56 cents), New Jersey (+55 cents), Oregon (+54 cents), Hawaii (+51 cents), Montana (+44 cents), Pennsylvania (+43 cents) and Connecticut (+40 cents).

West Coast

Gas prices on the West Coast remain the highest in the country with six states in the region topping the list of most expensive U.S. markets: Hawaii ($3.07), California ($2.99), Washington ($2.85), Alaska ($2.80), Oregon ($2.68) and Nevada ($2.66). The latest US Energy Information Administration (EIA) report shows that gasoline inventories dropped to 29.027 million bbl for the week ending March 10, while regional refinery production increased 17 percent. OPIS reports that production increases are likely the result of the completion of a major 45-day turnaround at Phillips 66’s 107,500- b/d refinery in Ferndale, Washington.

Rockies

Gas prices remain stable over the past week with averages in most states moving by just fractions of a penny. The region is home to some of the largest yearly state increases: Utah (+60 cents), Idaho (+56 cents) and Montana (+44 cents). OPIS reports that recent increases near the Utah area largely resulted from a shutdown on the Wahsatch Pipeline, which negatively impacted refinery production in the region. Plains All American Pipeline completed repairs on the pipeline March 10.

Great Lakes and Central States

Volatility continues to characterize pump prices in the Great Lakes region. Some states reflected double-digit declines at the start of the month, only to see gains over the past seven days: Ohio (+6 cents), Indiana (+6 cents) and Michigan (+2 cents). Drivers in other states saw modest declines on the week: Iowa (-3 cents), Minnesota (-3 cents), Wisconsin (-3 cents) and Kansas (-2 cents).

OPIS reports that a unit fire has slowed production at LyondellBasell’s 302,300-b/d refinery in Houston, Texas. The refiner ships most of its gasoline to the Midwest through the Magellan Pipeline. Wolverine Pipe Line Company reports that the new Detroit Metro Access Pipeline (DMAP) is now in service and is transporting refined oil products from Chicago to Detroit.

Mid-Atlantic and Northeast

The East Coast saw a decline in gasoline supplies last week as refiners prepare to switch from winter-blend to summer-blend gasoline. Despite the decline in supply, prices in the regions remain stable on the week with Pennsylvania ($2.49), Washington, D.C. ($2.46), New York ($2.43) and Connecticut ($2.39) all landing on the list of top 15 most expensive markets in the country.

 

South and Southeast

Markets in the South and Southeast continue to post some of the lowest prices for retail gasoline in the nation, including South Carolina ($2.02), Tennessee ($2.04), Alabama ($2.05), Mississippi ($2.06), Arkansas ($2.08), Texas ($2.09), Oklahoma ($2.10) and Louisiana ($2.10). The latest EIA report shows that Gulf Coast crude oil inventories dropped 2.4 million bbl for the week ending March 10. The declines are the result of a nearly 500,000-b/d drop in regional imports last week. As mentioned in the Great Lakes/Central States summary, OPIS reports that a unit fire at LyondellBasell’s 302,300-b/d Houston, Texas, refinery resulted in production cuts. The refiner ships most of its product to the Midwest via the Magellan Pipeline.

Oil Market Dynamics

While prices have been flat in recent weeks, a long-term bearish sentiment continues to underscore the global oil market as speculation about the balance between OPEC cuts and U.S. production drives the market. Last Friday, OPEC’s Joint Technical Committee met to review compliance and participant’s level of adherence to the production cut agreement. Following the JTC meeting, Russia agreed to drop total production by 300,000 barrels per day by the end of April and pledged to maintain that level until the deal expires at the end of June. Saudi Arabia followed the compliance meeting with news that it may consider working with partner countries to continue the cuts beyond the June agreement deadline.

Even with OPEC’s compliance in the 90 percent range, U.S. production continues to cut into any rebalancing efforts by OPEC and non-OPEC countries. On Friday, oil service company, Baker Hughes, reported that the U.S. rig count increased again last week when producers added 14 drilling rigs, bringing the total rig count to 631 in the United States. Traders will continue to watch whether OPEC and non-OPEC members make moves to further cut production in an attempt to balance the global oil supply. At the close of Friday’s formal trading session on the NYMEX, WTI was up three cents to settle at $48.78 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 Prices Make Slow 10 Day Decline

March 13th, 2017 by Jessica Souto

Tamra Johnson

After remaining relatively flat, the national average price for regular unleaded gasoline has now fallen for 10 straight days to today’s average of $2.30 per gallon. Today’s national average is one cent less than one week ago and two cents more than one month ago. Compared to this same date last year, consumers are paying 37 cents more per gallon at the pump.

Gas prices may continue to drop in the near future due to declining crude oil prices and a well-supplied market, but will begin to creep up again over the next month due to seasonal refinery maintenance and the May 1 required switchover for producing summer-blend gasoline. This prediction comes with the necessary caveat that an unexpected market-moving event, such as unplanned domestic refinery maintenance or further production cuts from OPEC and non-OPEC countries, could further impact prices and supply.

Quick Stats

  • The nation’s top five least expensive markets are: South Carolina ($2.03), Tennessee ($2.05), Alabama ($2.05), Mississippi ($2.07) and Arkansas ($2.09).
  • The nation’s most dramatic weekly change in prices include: Indiana (-11 cents), Ohio (-8 cents), Michigan (-8 cents), Kentucky (-8 cents) and Oregon (+8 cents).

West Coast

Most drivers in the West Coast saw increases at the pump this week: Oregon (+8 cents), Washington (+5 cents), Nevada (+3 cents), Alaska (+2 cents) and California (+2 cents). Maintenance continues at Phillips 66’s 107,500-b/d refinery in Ferndale, Washington, while most other regional refiners have already made the switch to summer-blend gasoline. The impact of refinery maintenance was evident in the latest Energy Information Administration (EIA) report, which shows West Coast refinery utilization dropping 0.4 percent and refinery crude inputs dropping 44,000 b/d to a total of 2.162 million b/d. The region continues to be the priciest in the nation with Hawaii ($3.07), California ($3.01), Washington ($2.84), Alaska ($2.79), Oregon ($2.68) and Nevada ($2.64) all topping the list of most expensive markets.

Rockies

Gas prices in the Rocky Mountain states are a mixed bag of increases and decreases on the week, with Utah (+7 cents) landing on the top five list of largest weekly increases. Plains All American Pipeline completed repairs on the Wahsatch Pipeline late Friday evening. The pipeline, which receives crude oil from locations near Evanston, Wyoming, and makes deliveries to refineries in Salt Lake City, shut down February 10, due to indications of soil movement. OPIS reports that many local refiners cut production rates and relied on crude delivery by trucks while the pipeline was offline.

Great Lakes and Central States

The latest EIA report shows a 69,000 b/d drop in gasoline production by regional refiners and blenders to 2.364 million b/d for the week ending on March 3. Local refinery issues are the likely cause of production declines. Phillips 66’s 330,000-b/d Wood River refinery is currently undergoing planned and unplanned maintenance. CITGO’s 185,200-b/d refinery in Lemont, Illinois, lost a compressor at a processing unit and ExxonMobil Inc.’s 260,000-b/d refinery in Joliet, Illinois, is undergoing unplanned maintenance due to undisclosed equipment failure.

Despite recent refinery issues, some drivers in the regions are seeing significant declines at the pump: Indiana (-11 cents), Ohio (-8 cents), Michigan (-8 cents), Kentucky (-8 cents) and Illinois (-5 cents).

Northeast and Mid-Atlantic

Prices in the Mid-Atlantic and Northeast regions have remained relatively flat over the past week, moving by +/- 2 cents or less in most parts of the regions. According to the latest EIA report, regional gasoline inventories dropped by 3.8 million bbl. Pennsylvania ($2.49), Washington D.C. ($2.47) and New York ($2.43), remain on the list of most expensive markets in the country while Tennessee ($2.05) and Virginia ($2.10), both land on the top 10 list of least expensive markets.

South and Southeast

The Southern region continues to remain home to some of the nation’s lowest average prices for retail gasoline with six of the nation’s top 10 least expensive markets: South Carolina ($2.03), Alabama ($2.05), Mississippi ($2.07), Arkansas ($2.09), Texas ($2.10) and Louisiana ($2.10). The latest EIA report shows a drop in regional gasoline inventories as refiners prepare to make the switch to summer-blend gasoline.

Oil Market Dynamics

Crude prices declined again today as the global oil market remains oversupplied, and relatively high U.S. production levels continue to support bearish market sentiment. The possibility of continued production compliance by OPEC is likely to keep the market relatively fickle in the near term. Traders will continue to keep a close eye on OPEC compliance and U.S. supply and production. At the close of Friday’s formal trading session on the NYMEX, WTI was down 79 cents to settle at $48.49 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.

Tamra Johnson

Oil prices slipped fractions of a penny over the weekend, reaching today’s national average price for regular unleaded gasoline of $2.31 per gallon. Today’s price is still two cents more than one week ago, four cents more compared to one month ago and 50 cents more per gallon year-over-year. Retail prices continue to fluctuate but have remained between $2.28-2.32 for more than a month as reports of increased U.S. production continues to counter OPEC rebalancing efforts.

Quick Stats

  • The nation’s top five most expensive markets are: Hawaii ($3.08), California ($2.99), Washington ($2.79), Alaska ($2.77) and Nevada ($2.61).
  • The nation’s top least expensive markets are: South Carolina ($2.05), Tennessee ($2.07), Alabama ($2.07), Mississippi ($2.09) and Arkansas ($2.11).
  • The nation’s most dramatic weekly price increases include: Michigan (+12 cents), Indiana (+11 cents), Ohio (+9 cents), Illinois (+7 cents) and Kentucky (+6 cents).

West Coast

Prices on the West Coast remain the most expensive in the nation, with six states landing on the list of most expensive markets: Hawaii ($3.08), California ($2.99), Washington ($2.79), Alaska ($2.77), Nevada ($2.61) and Oregon ($2.60). Prices in most parts of the region have followed the national average trending higher, with Oregon (+5 cents), California (+5 cents), Nevada (+4 cents) and Washington (+3 cents) all making the list of top ten largest increases. Refiners in California have already made the switch to summer-blend gasoline and OPIS reports that many refineries continue to run at reduced rates due to planned and unplanned maintenance. Refiners in Washington are also undergoing planned maintenance with Phillips 66 conducting turnaround at its 107,500-b/d refinery in Ferndale, Washington, and BP undergoing planned maintenance at its 236,000-b/d Cherry Point refinery in Ferndale, Washington. The latest EIA report shows that West Coast refineries cut processing by 25,000 b/d to a total of 2.206 million b/d of crude oil for the week ending Feb. 24.

Rockies

Issues on the Wahsatch Pipeline are creating tight supply and price increases across most of the region. Plains All American Pipeline released a statement Friday saying that the Salt Lake City, Utah, crude pipeline is expected to reopen this weekend, after shutting down February 10 due to indications of soil movement. The Wahsatch Pipeline receives crude oil from locations near Evanston, Wyoming, and makes deliveries to refineries in Salt Lake City. OPIS reports that Tesoro and HollyFrontier have cut output at their Salt Lake City refineries due to low supplies.

Great Lakes and Central States

These regions saw some of the most dramatic price increases this week: Michigan (+12 cents), Indiana (+11 cents), Ohio (+9 cents), Illinois (+7 cents) and Kentucky (+6 cents). Price increases can be attributed to issues at some regional refineries. Last week, Phillips 66 reported problems with an oil-processing unit at its 330,000-b/d Wood River refinery in Roxana, Illinois. OPIS reports that CITGO experienced power outages at its 185,200-b/d refinery in Lemont, Illinois, last week due to severe weather, while ExxonMobil also experienced weather related issues at its 260,000-b/d Joliet refinery in Channahon, Illinois. 

 

Northeast and Mid-Atlantic

The Northeast and Mid-Atlantic are some of the only regions to see moderate declines on the week. Maine, New Jersey, Pennsylvania, New York, New Hampshire, Massachusetts and Connecticut all saw pump prices move down by a penny or less. Gasoline inventories remain high in the regions. OPIS reports that the healthy supply should keep prices relatively stable as the market prepares for the transition to summer-blend gasoline. Despite minor declines on the week, Pennsylvania ($2.50), Washington D.C. ($2.48) and New York ($2.45) remain some of the most expensive markets in the country.

South and Southeast

States in the south and southeast continue to top the list for lowest prices, with eight out of ten of the nation’s cheapest retail markets located in the regions: South Carolina ($2.05), Tennessee ($2.07), Alabama ($2.07), Mississippi ($2.09), Arkansas ($2.11), Texas ($2.11), Louisiana ($2.12) and Oklahoma ($2.12). The latest EIA report shows that regional gasoline stocks dropped 100,000 bbl to 81.6 million bbl. OPIS reports that Valero experienced some issues at its refinery in Corpus Christi, Texas, last week when a compressor tripped offline due to an instrumentation failure.

Oil Market Dynamics

Today, markets opened posting crude oil losses pressured lower by an increasing U.S. rig count and questions about Russia’s ability to comply with OPEC cuts. Oil production in the U.S. continues to rise, and according to oil services company Baker Hughes, U.S. drillers added seven oil rigs last week, bringing the total rig count up to 609, the most since October 2015.

Globally, the Russian energy ministry released oil production data showing that their oil production has remained unchanged as compared to last month. This information has unsettled traders and many speculate whether or not Russia will thwart efforts by OPEC to rebalance global oil supply. Traders will continue to watch how the market reacts to increased U.S. oil production and look for signs as to whether or not Russia implements production cuts. At the closing of Friday’s formal trading session on the NYMEX, WTI was up 72 cents to settle at $53.33 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.

Average Gas Price Remains Flat to Close February

February 27th, 2017 by Jessica Souto

Tamra Johnson

National gas prices have remained flat, fluctuating by only a couple of pennies for the last 27 days. Today’s average price for regular unleaded gasoline is $2.29 per gallon, which is the same price as one week ago, same price as compared to one month ago and 55 cents more than the same date last year. In mid-March, prices will likely rise as more refiners begin to switch from winter-blend to summer-blend gasoline and driver demand increases.

Quick Stats

  • The nation’s top five least expensive markets are: South Carolina ($2.03), Alabama ($2.06), Tennessee ($2.07), Mississippi ($2.08) and Texas ($2.08).
  • The nation’s top five most expensive markets include: Hawaii ($3.10), California ($2.94), Washington ($2.75), Alaska ($2.74) and Nevada ($2.57).
  • The nation’s top five markets with the most dramatic weekly changes in prices include: Indiana (-10 cents), Utah (+7 cents), Ohio (+7 cents), Michigan (+5 cents) and Idaho (+5 cents).

West Coast

Hawaii ($3.10) remains the nation’s most expensive market for retail gasoline and drivers in the state are paying 16 cents more per gallon than second-place California ($2.94). Regional neighbors, Washington ($2.75), Alaska ($2.74), Nevada ($2.57) and Oregon ($2.56) join in the rankings as the top six most expensive markets for gas. Tight supply in the region has pressured prices higher in most states. The latest report from the U.S. Energy Information Administration (EIA) shows that West Coast gasoline inventories dropped 600,000 bbl to 30.5 million bbl. Last week, OPIS reports that PBF Energy’s Torrance refinery experienced a fire while Tesoro also reported problems at its Wilmington refinery, which has been undergoing planned maintenance since January.

Rockies

Prices in the region remain stable on the week with the exception of Utah (+7 cents) and Idaho (+5 cents) which both saw sizable increases. Plains All American Pipeline reports that the Wahsatch Pipeline — which receives crude oil from locations near Evanston, Wyoming, and delivers to refineries in Salt Lake City, Utah — will remain down until they address “indications of soil movement.” Due to the pipeline issues, OPIS reports that many refiners in the area have been relying on truck deliveries for supply. HollyFrontier, Silver Eagle and Big West Oil have all cut production rates at their Salt Lake City refineries. Tesoro reports that they have resumed operations at its 63,000-b/d Salt Lake City refinery after temporarily shutting down last week due to supply shortages.

Great Lakes and Central States

Indiana (-10 cents), Ohio (+7 cents), Michigan (+5 cents) and Kentucky (+3 cents) are posting the nation’s largest weekly changes. The latest EIA report shows that regional gasoline stocks increased 358,000 bbl, to 60.087 million bbl, while regional refinery utilization dropped for the third consecutive week. HollyFrontier’s 135,000-b/d refinery in El Dorado, Kansas, is currently undergoing planned turnaround work. Region pump prices will likely remain volatile in the coming weeks as refiners begin to make the switch from winter-blend to summer-blend gasoline.

Mid-Atlantic and Northeast

Pump prices in the Mid-Atlantic and Northeast regions remain relatively stable, moving +/- 3 cents or less on the week. Pennsylvania ($2.52), Washington D.C. ($2.47) and New York ($2.46), all land on the top 10 list of most expensive markets in the country while Virginia ($2.10) lands on the list of top 10 least expensive markets. The latest EIA report shows that Northeast gasoline inventory dropped to 75.488 million bbl, which is more than 3 million bbl higher than this same period last year.

South and Southeast

The region continues to remain home to the nation’s least expensive markets for retail gasoline: South Carolina ($2.03), Alabama ($2.06), Tennessee ($2.07), Mississippi ($2.08) and Texas ($2.08). The latest EIA report shows that gasoline inventories in the region dropped 1.7 million bbl for the week ending February 17. Last week, OPIS reports that Phillips 66 experienced minor operation issues at its 218,747-b/d Ponca City refinery in Oklahoma and at its 154,000-b/d refinery in Borger, Texas.

Oil Market Dynamics

The market opened Monday morning posting gains following commitments from the United Arab Emirates and Iran to catch up with their promised production cuts. Continued compliance from OPEC countries has kept crude oil trading higher than last year, but rising U.S. production has placed a ceiling on the market leading to flat prices.

U.S. oil production continues to grow steadily as evidenced by the increasing rig count. Friday, oil field service company Baker Hughes reported that the U.S. added five additional rigs bringing to total rig count to 602. Additionally, according to the most recent EIA weekly status report, U.S. crude oil inventories rose to a total of 518.7 million barrels. Traders will continue to watch the impact that increased U.S. production and inventories have on the market going forward. At the close of Friday’s formal trading session on the NYMEX, WTI was down 46 cents to settle at $53.99 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.

Average Gas Prices Remain Steady Despite Low Demand

February 21st, 2017 by Jessica Souto

Tamra Johnson

National gas prices have increased fractions of a penny to reach today’s average price for regular unleaded gasoline, which is $2.28 per gallon. Today’s average is the same as one week ago, five cents less compared to one month ago and 56 cents more than the same date last year. Prices continue to remain flat due to lower driving demand and an oversupplied market as a result of increased U.S. production. As refinery maintenance season begins and driving demand increases, we could expect to see some of the gasoline supply in the U.S. soaked up.

Quick Stats

  • The nation’s top five markets that have seen the largest monthly decreases include West Virginia $2.27 (-11 cents), New Jersey $2.33 (-9 cents), Pennsylvania $2.53 (-9 cents), Illinois $2.29 (-9 cents) and Delaware $2.22 (-9 cents).
  • The nation’s top five most expensive markets are Hawaii $3.12, California $2.90, Washington $2.74, Alaska $2.71 and Oregon $2.54.

West Coast

Gas prices on the West Coast continue to be the highest in the country, with every state in the region landing on the top ten list of most expensive markets: Hawaii ($3.12), California ($2.90), Washington ($2.74), Alaska ($2.71), Oregon ($2.54), and Nevada ($2.53). West Coast refinery turnaround work ramped up this week and as a result, the latest EIA report shows a five percent drop in gasoline production. Regional gasoline inventories remained healthy, however, increasing by 860,000 barrels to 31.125 million barrels, the largest build since early January. On Saturday, PBF Energy’s 155,000-b/d Torrance refinery experienced a fire in an oil processing area. OPIS reports that operations in other parts of the refinery have continued while the impacted area has been shut down.

Rockies

Drivers in the region have seen a mixed bag of modest increases and decreases over the past week. Issues with the Wahsatch Pipeline, which receives crude oil from locations near Evanston, Wyoming and delivers to refineries in Salt Lake City, Utah, has caused supply problems for some refiners in the area. OPIS reports that Plains All American Pipeline shut down the pipeline last week to address “indications of soil movement” and will keep it closed until they are able to ensure safe operations. Because of the shutdown, OPIS reports that HollyFrontier, Chevron, Silver Eagle and Big West Oil have had to cut production rates at their Salt Lake City refineries and instead depend on truck delivery for crude supplies. Tesoro shut down production at its 63,000-b/d Salt Lake City refinery due to the pipeline issues. Despite problems with the line, state averages in the Utah area have only moved fractions of a penny on the week.

Northeast and Mid-Atlantic

Over the past week, retail averages have remained stable in the Mid-Atlantic and Northeastern region, moving by a penny or less in most areas. Pennsylvania ($2.53) and Washington, D.C. ($2.50) are the only places in the regions with an average price at or above $2.50 per gallon and prices overall remain moderate. New Jersey (-9 cents), Pennsylvania (-9 cents), Delaware (-9 cents), Virginia (-9 cents), Maine (-8 cents) and Washington, D.C. (-7 cents) all landed on the top 15 list of largest monthly declines.

According to the latest EIA report, East Coast gasoline stocks increased by 2.5 million bbl to 76.3 million bbl – a record high for the region. OPIS reports that the increases occurred despite lower imports and lower gasoline production over the past week.

Great Lakes and Central States

The Great Lakes and Central States continue to be the most volatile regions in the country for gas prices with four states landing on the top 10 list of largest weekly changes: Indiana (+5 cents), Michigan (-3 cents), Kentucky (-3 cents) and Ohio (-2 cents).

Several refineries in the Great Lakes and Central regions have cut production rates this week due to planned and unplanned maintenance. Phillips 66’s 330,000-b/d Wood River refinery located in Roxana, Illinois reported a problem with an oil processing unit Tuesday, while OPIS also reports that the company’s 218,747-b/d Ponca City refinery in Oklahoma shut down a fluid catalytic cracking (FCC) unit for unplanned maintenance work. This week’s EIA report shows that gasoline inventories in the Midwest declined for the first time in the past six weeks.

South and Southeast

South and Southeastern states continue to dominate the rankings of the nation’s least expensive markets for gas. South Carolina ($2.04), Alabama ($2.06) and Tennessee ($2.06) are the nation’s cheapest markets for retail gasoline. They are followed in the rankings by regional neighbors, Mississippi ($2.08), Texas ($2.08) and Arkansas ($2.10). Spring turnaround season will likely bring price increases at the pump. OPIS reports that Phillips 66 is planning to begin maintenance in the next 10 days at its 154,000-b/d Borger refinery in the Texas Panhandle.

Oil Market Dynamics

Markets opened Tuesday morning reporting gains after OPEC reiterated its commitment to cut production. OPEC’s most recent Monthly Oil Market Report stated that participating countries successfully implemented 90 percent of the agreed production cuts. Last November, OPEC and non-OPEC countries agreed to cut production by 1.8 million barrels per day for six months starting in 2017 and have since hinted at the possibility of extending those cuts further. The impact the OPEC agreement has on the market will depend on the rate at which the participating countries comply with production cuts. At this time U.S. oil production is up and so are crude oil inventories so retail prices have remained fairly steady. This could all change if OPEC maintains its high level of compliance and refinery maintenance season eats into U.S. supply as driving demand increases. Traders will continue to keep a close eye on OPEC compliance and U.S. supply and production. At the close of Friday’s formal trading session on the NYMEX, WTI was up 4 cents to settle at $53.40 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.

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