WASHINGTON, D.C. (November 14, 2022)—The national average for a gallon of gasoline slid three cents in the past week to $3.77. The main reason is the global cost of oil, gasoline’s main ingredient, has been stuck in a narrow price range of $85 to $92 a barrel for several weeks.
“While the national average has barely budged, there are now about 13 states with some stations selling gas below $3 a gallon,” said Andrew Gross, AAA spokesperson. “More gas stations could follow, which may be a big help with road trip budgeting as Thanksgiving approaches.”
According to data from the Energy Information Administration (EIA), gas demand increased from 8.66 million b/d to 9.01 million b/d last week. Total domestic gasoline stocks decreased by nearly 1 million bbl to 205.7 million bbl. Tight supply and robust gasoline demand would typically push pump prices higher, but fluctuating oil prices have limited cost increases.
Today’s national average of $3.77 is 13 cents less than a month ago and 36 cents more than a year ago.
The nation’s top 10 largest weekly decreases: Wisconsin (−25 cents), Michigan (−19 cents), Indiana (−16 cents), Illinois (−15 cents), Ohio (−12 cents), Delaware (−7 cents), Texas (−6 cents), Oklahoma (−6 cents), Kentucky (−5 cents) and Wyoming (−5 cents).
The nation’s top 10 least expensive markets: Texas ($3.11), Georgia ($3.16), Mississippi ($3.20), Arkansas ($3.23), Louisiana ($3.27), South Carolina ($3.29), Alabama ($3.30), Tennessee ($3.30), Oklahoma ($3.31) and Missouri ($3.33).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $2.49 to settle at $88.96. Although crude prices jumped at the end of the week due to a weakening dollar, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.