Archive for the ‘Fuel’ Category

On the week, the national gas price average held steady at $2.18 as the majority of state averages saw minimal impact at the pump. With the exception of a few outliers –  Florida (+10 cents), Utah (+10 cents) and Idaho (+5 cents) – state averages either decreased by four cents or less or increased by no more than two pennies.

Gas prices are trending cheaper despite an increase in demand. Up 3% over last week, gasoline demand measured at 8.8 million b/d – the highest reading since the pandemic started. Though, according to the Energy Information Administration (EIA), year-over-year demand is down about 8%.

“This summer is no doubt the cheapest at the pump for motorists in more than a decade. The last two months have yielded a national average of $2.14,” said Jeanette Casselano, AAA spokesperson. “While we expect to see typical fluctuation, August gas prices are not expected to spike, especially amid increases in COVID-19 cases.”

Today’s national average, which is one cent more than last month and 53 cents cheaper than last year, has been largely unaffected by Tropical Storm Isaias. The storm, according to the National Hurricane Center, is likely to regain hurricane strength before reaching the coast between northeastern South Carolina and southern North Carolina later today. Given lower than normal U.S. gasoline demand and healthy stock levels, gas prices nationally are not likely to be impacted by Isaias.

Quick Stats

  • The nation’s top 10 largest weekly changes: Florida (+10 cents), Utah (+10 cents), Idaho (+5 cents), Washington, D.C. (-4 cents), Indiana (-4 cents), Michigan (-2 cents), Ohio (-2 cents), West Virginia (-2 cents), Oklahoma (-2 cents) and Colorado (-2 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.82), Louisiana ($1.85), Texas ($1.86), Arkansas ($1.87), Alabama ($1.88), Oklahoma ($1.88), Missouri ($1.89), South Carolina ($1.90), Tennessee ($1.92) and North Carolina ($1.96).

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 35 cents to settle at $40.27 per barrel. Domestic crude prices increased after EIA’s latest weekly report revealed that total domestic crude inventories decreased by 10.6 million bbl, bringing the current total to 526 million bbl. The price increase, amid increasing gasoline demand, up from 8.55 million b/d to 8.81 million b/d in the new EIA report, could mean that the domestic crude market is meeting demand and production is stabilizing as coronavirus infections continue to increase worldwide. If crude supplies continue to decline alongside rising demand, domestic crude prices could continue to increase this 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.

Gasoline demand increased on the week to the highest level (8.7 million b/d) since March as stocks decreased, but the combination wasn’t enough to significantly impact gas price averages across the country. On the week, the national gas price average only increased one penny to land at $2.19. That is nine cents more than last month and nearly 60 cents less than a year ago.

“The Energy Information Administration’s (EIA) data shows gasoline demand and supply continue on a roller coaster ride,” said Jeanette Casselano, AAA spokesperson. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”

From May to early July in 2019, gasoline demand averaged 9.5 million b/d. For the same time period this year, demand is measuring at 8 million b/d while gasoline stocks sit, on average, at a 24 million bbl surplus. The low demand and high supply are keeping gas prices relatively cheap for the summertime.

Quick Stats

  • The nation’s top 10 largest weekly increases: Indiana (+11 cents), Michigan (+9 cents), Delaware (+7 cents), Maryland (+5 cents), Ohio (+4 cents), Oregon (+4 cents), Illinois (+4 cents), Vermont (+4 cents), Washington (+4 cents) and Connecticut (+3 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.84), Louisiana ($1.85), Texas ($1.88), Arkansas ($1.88), Alabama ($1.89), Oklahoma ($1.89), Missouri ($1.91), South Carolina ($1.94), Tennessee ($1.94)and Kansas ($1.98).

Mid-Atlantic and Northeast

Gas price fluctuation was low among the majority of Mid-Atlantic and Northeast states on the week. Delaware (+7 cent) and Maryland (+5 cents) saw the largest increases in the region and land on the top 10 list of states with the biggest changes, along with Connecticut (+4 cents) and Vermont (+3 cents).  Washington, D.C. (-1 cent) and West Virginia (-2 cents) were among a minority of states in the country to see gas prices push cheaper.

The region saw stock levels plummet by nearly 3 million bbl. The EIA’s latest report measures total stock levels at 72.3 million bbl, which is still a healthy supply level for this time of year. While stocks could decrease further in the week ahead due to an unplanned shutdown at Phillips 66’s 265,000-b/d Bayway refinery in Linden, N.J., at the end of last week, this event has not had an immediate impact at the pump given the abnormally high level of stocks on hand.

Rockies

At $2.14, Wyoming carries the least expensive state gas price average among all Rockies states. Conversely, at $2.47, Colorado carries the most expensive gas price average, but, along with Idaho ($2.34) did not see gas prices increase on the week. Notably, Utah (-1 cent) saw a decrease while Wyoming (+3 cents) and Montana (+2 cents) saw the largest weekly increases.

Gasoline stocks built for a second week, according to EIA data. With a 100,000 bbl addition, total stocks sit at 7.5 million bbl – which is a typical measurement for summertime in the Rockies and will help to keep gas price volatility down in the weeks ahead, especially if demand stays relatively steady.

West Coast

Pump prices increased slowly last week in the West Coast region, and the trend is likely to continue this week. Washington and Oregon saw the largest increases in the region at +4 cents. Hawaii ($3.21) and California ($3.12) remain the most expensive markets in the country. Washington ($2.77), Nevada ($2.64), Oregon ($2.64), Alaska ($2.50) and Arizona ($2.33) follow.

According to EIA’s latest weekly report, total gas stocks in the region decreased from 30.3 million bbl to 29.6 million bbl last week. If demand increases, decreasing stocks will likely contribute to increasing pump prices in the region this week.

South and Southeast

South and Southeast state gas price averages saw minimal fluctuation on the week. South Carolina (+3 cents) saw the largest jump while Florida ($2.10) saw no change. All states in the region, with the exception of Florida and New Mexico ($2.02), have averages of $1.99 or below at the start of the work week. Georgia ($1.99) is likely to break the $2/gallon mark this week.

Stocks increased by nearly a half a million bbl to push closer to the 92 million bbl mark – which is about 10 million bbl more than this time last year. This extremely healthy supply of gasoline stocks will help to minimize fluctuation at the pump in weeks ahead.

Great Lakes and Central States

Indiana (+11 cents) and Michigan (+9 cents) had the highest gas price increases on the week in the country. Ohio (+4 cents) and Illinois (+4 cents) also land on the top 10 list for largest jump, though their increases are notably less. All other states in the region saw pump price increases of only a few cents, if at all.

Even with the increases, motorists in the region are paying 50 to 75 cents less a gallon to fill up compared to last July. Illinois (-76 cents), Indiana (-69 cents), Michigan (-69 cents) and Ohio (-68 cents) have among the largest year-over-year differences in the country.

With a 2 million bbl draw, the region saw stocks decrease for a third week in a row down to 50.6 million bbl. This drops total stock levels to not only the lowest measurement of the year, but the lowest since December 2019, according to EIA data. If stock levels continue to push lower, the region can expect to see incremental price changes at the pump.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 93 cents to settle at $40.55 per barrel. Domestic crude prices were volatile last week after EIA’s weekly report revealed that total domestic crude inventories increased by 5.7 million bbl to 539.2 million bbl. Increasing crude stocks could mean that crude production is still too high given where demand is currently, as new coronavirus outbreaks emerge. If EIA’s data shows another increase in total domestic supply this week, crude prices could decline.  

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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The national gas price average increased just one cent to $2.18 on the week despite a dip in U.S. demand for gasoline and gasoline stocks increasing by 1 million bbl. The slight drop in demand – 47,000 b/d – amid the increase in stocks comes as many states report increases in COVID-19 cases, potentially causing Americans to reconsider outings. However, for motorists who hit the road for the Independence Day holiday, gas prices were a welcome sight.

“Independence Day weekend gas prices were nearly 60 cents cheaper than last year and on top of that, they were the most inexpensive prices seen for the holiday since 2004,” said Jeanette Casselano, AAA spokesperson.

Beyond typical fluctuation at the pump, on the week a few states saw prices jump due to fuel tax increases on July 1. This includes California, Illinois, Indiana, Iowa, Nebraska, South Carolina and Maryland.

Quick Stats

  • The nation’s top 10 largest weekly changes: Florida (+8 cents), Washington, D.C. (+6 cents), Nebraska (+6 cents), Indiana (-5 cents), South Dakota (+3 cents), Utah (+3 cents), Ohio (-3 cents), Kentucky (-3 cents), Michigan (-3 cents) and California (+2 cents).  
  • The nation’s top 10 least expensive markets: Mississippi ($1.82), Louisiana ($1.84), Arkansas ($1.86), Texas ($1.87), Alabama ($1.88), Missouri ($1.88), Oklahoma ($1.88), South Carolina ($1.91), Tennessee ($1.93) and Kansas ($1.96).

Mid-Atlantic and Northeast

Washington, D.C. (+6 cents) saw the second highest weekly increase in the country and the largest jump among Mid-Atlantic and Northeast states on the week. However, for all other states in the region, gas price fluctuation was minimal. Eight states saw no change at the pump while others only experienced a one to two cent increase or decrease.  

Pennsylvania ($2.43) and Washington, D.C. ($2.34) rank among the top 10 most expensive states in the country. Virginia ($1.98) is the only state in the region with a less than $2/gallon average.

Regional stocks held above 75 million bbl with EIA’s report showing a small dip from 75.4 to 75.2 million bbl. The mostly stable hold on stocks helped to keep gas price fluctuation to a minimum in the past week.

Rockies

With a one cent increase on the week to $2.47, Colorado carries the most expensive gas price average in the Rockies region and ranks as the 7th highest in the country. Also seeing pump price increases since last Monday: Utah (+3 cents) and Montana (+1 cent), while gas prices held steady in Idaho ($2.34) and Wyoming ($2.11).

For the first time since the end of May, gasoline stocks built for the region. Stocks added a modest 170,000 bbl to jump to 7.4 million bbl. At 85%, the region is home to the highest refinery rate in the country. This should encourage low volatility in the region in the coming month.

West Coast

Increases in pump prices across the West Coast region slowed last week, and prices are likely to continue that trend this week. California and Hawaii the saw largest increases in the region at +2 cents. Hawaii ($3.20) and California ($3.09) remain the most expensive markets in the country. Washington ($2.73), Nevada ($2.62), Oregon ($2.60), Alaska ($2.49) and Arizona ($2.34) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased from 29.8 million bbl to 30.3 million bbl last week. Increasing stocks will likely contribute to slowing pump price increases this week in the region.

South and Southeast

With an eight cent increase, Florida ($2.10) was the outlier among the South and Southeast states on the week. All other states in the region either saw a decrease or pump price averages hold steady on the week. These states saw the largest decrease at two cents: South Carolina ($1.91), Texas ($1.87), Oklahoma ($1.88) and Tennessee ($1.93).

With a build of nearly 1 million bbl, the region saw the largest increase in gasoline stocks of any in the country. The addition bumps total stock levels to 91 million bbl. The increase is likely due to a number of states reporting high increases in COVID-19 cases, which could be encouraging motorists to venture out less.

Great Lakes and Central States

Gas prices are fluctuating across the region with some Great Lakes and Central States seeing increases and decreases of as much as a nickel. These six states rank among the top 10 with the largest weekly changes in the country this week: Nebraska (+6 cents), Indiana (-5 cents), South Dakota (+3 cents), Ohio (-3 cents), Kentucky (-3 cents) and Michigan (-3 cents). Part of Nebraska’s jump can be attributed to gas taxes that increased from 29.3 cents a gallon to 33.2 cents on July 1.

For a second week, gasoline stocks decreased but not as dramatically as the previous week. This is contributing to dips in gas prices for many states. The latest EIA report shows stocks dipped by just 120,000 bbl to drop levels to 52.4 million bbl.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 83 cents to settle at $40.65 per barrel. Domestic crude prices increased after EIA’s weekly report revealed that total domestic crude inventories fell by 7.2 million bbl to 533.5 million bbl. Decreasing crude stocks could mean that crude production is meeting demand as it continues to recover amid new coronavirus outbreaks around the world, which could suppress global crude demand during the second half of 2020.

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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Gas Demand Sees Significant One-Week Increase

June 29th, 2020 by EEdmonds

On the week, gasoline demand, as estimated by the Energy Information Administration (EIA), increased 10% from 7.8 million bbl to 8.6 million bbl. While the demand rate is much lower than a typical summer reading, it’s the highest recorded since late March showing continued signs that Americans are filling up more.

“The increase in gasoline demand contributed towards the national gas price average’s four cent jump to $2.17. While that average will continue to increase ahead of the Independence Day holiday weekend, travelers will find pump prices about 50 cents cheaper than last year’s holiday,” said Jeanette Casselano, AAA spokesperson.

AAA did not release an Independence Day holiday travel forecast this year, but does forecast that Americans will take 683 million road trips from July 1 – September 30. Before you hit the road for the holiday or a summer trip, AAA recommends:

  • Make sure your vehicle is road trip ready – have your engine and oil levels checked.
  • Include an emergency road kit in your vehicle with an extra cell phone charger, first-aid kit, a blanket, flashlight, basic tools, jumper cables, and gloves.
  • Visit AAA’s COVID-19 Travel Restrictions Map at TripTik.AAA.com for the latest state and local travel restrictions.
  • Pack face coverings, cleaning supplies and a thermometer.
  • Take all necessary travel documentation, including health insurance cards.

Quick Stats

  • The nation’s top 10 largest weekly increases: Kentucky (+9 cents), Michigan (+9 cents), West Virginia (+9 cents), North Carolina (+8 cents), Colorado (+8 cents), Indiana (+8 cents), South Carolina (+7 cents), Pennsylvania (+7 cents), Minnesota (+6 cents) and Georgia (+6 cents).
  • The nation’s top 10 largest monthly increases: Colorado (+41 cents), Montana (+35 cents), West Virginia (+28 cents), Kansas (+28 cents), Kentucky (+27 cents), North Dakota (+27 cents), Delaware (+27 cents), South Carolina (+26 cents), Texas (+24 cents) and North Carolina (+24 cents).

Mid-Atlantic and Northeast

Mid-Atlantic and Northeast states saw fairly large pump price jumps compared to recent weeks with increases ranging from 4 to 9 cents. West Virginia (+9 cents), North Carolina (+8 cents) and Pennsylvania (+7 cents) saw the biggest increases in the region and land on this week’s top 10 largest weekly increases list. All other states saw prices fluctuate between four and eight cents with the exception of New York (+2 cents).

With the exception of Virginia ($1.96), all Mid-Atlantic and Northeast state averages are $2 per gallon or more. Pennsylvania ($2.43) carries the most expensive average in the region and also lands on this week’s respective top 10 most expensive markets list in the country.

Most states in the region saw smaller increases at the pump likely due to the large increase in gasoline stocks, which added 1.3 million bbl, according to EIA data. Regional gasoline stocks sit at 75.4 million bbl. Gas prices are likely to increase for most states in the region, but the tri-states – New York, New Jersey and Connecticut – may see smaller jumps due to the requirement that travelers from states with high coronavirus rates quarantine upon arrival.

Rockies

All states in the Rockies region saw gas prices increase, but there was volatility to how expensive they pushed: Colorado (+8 cents), Montana (+5 cents), Wyoming (+4 cents) and Idaho (+2 cents). State gas price averages in the region rank among the most expensive in the country, with Colorado ($2.46) and Idaho ($2.34) landing on this week’s top 10 list.

The larger jumps in pump prices are a little surprising as regional gasoline stocks held steady at 7.3 million bbl and refinery rates increased by 2%. Changes like these typically lead to less volatility, which could be seen in the week ahead.

 West Coast

Pump prices across the West Coast region increased last week, and prices likely are poised for more increases ahead of the holiday weekend. Alaska and Arizona the saw largest increases in the region at +5 cents. Hawaii ($3.18) and California ($3.07) remain the most expensive markets in the country. Washington ($2.72), Nevada ($2.61), Oregon ($2.59), Alaska ($2.48) and Arizona ($2.34) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased slightly from 30.1 million bbl to 30.2 million bbl last week. Increasing stocks, alongside increasing demand, may help to slow pump price increases this week in the region.

South and Southeast

This Independence Day holiday weekend motorists will find the cheapest gas prices in the South and Southeast region. On the week, New Mexico ($2.01) and Florida ($2.02) are the only states in the region with an average greater than $2 per gallon and to see increases less than a nickel. Pump prices jumped as much as nine cents for all other states in the region on the week.

Stocks saw a minimal draw of 700,000 bbl to push total stock levels to 90.1 million bbl. The region could see a large draw next week, following the holiday weekend, which could cause gas prices to increase ahead of the holiday. However, gas demand could decrease in states in the region that see an increase in coronavirus infections, which could delay reopening plans.  

Great Lakes and Central States

It was a volatile week at the pump across the Great Lakes and Central States. Kentucky (+9 cents), Michigan (+9 cents) and Minnesota (+6 cents) saw the largest increases in the region and land on the top 10 list for largest weekly jumps in the country.

Gasoline stocks in the region saw a substantial 1.9 million bbl draw, which is one reason for the fluctuation in gas prices. However, refinery rates saw the largest increase, at 7%, of any region in the country, according to EIA data, which could lead to a build in stocks in the agency’s next report and smaller increases at the pump.

Oil Market Dynamics

 At the end of Friday’s formal trading session, WTI decreased by 23 cents to settle at $38.49 per barrel. Domestic crude prices pushed cheaper last week due to an increase in new coronavirus infections worldwide, which could suppress crude demand if stay at home orders increase. For this week, crude prices could continue to decline if the market continues to worry that efforts to stimulate the global economy will falter because of uncontained outbreaks.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

The rate at which gas prices are increasing across the country is slowing. Thirty states only saw an increase of a penny or two, causing the national average to push more expensive by three cents to $2.13 since last Monday.

The slower rate can be tied to demand. Measuring at 7.87 million b/d, gasoline demand saw a small week-over-week decline and continues to be significantly lower (21%) compared to this week last year.

“Demand levels are likely to ebb and flow in the coming weeks as people continue to be cautious about travel,” said Jeanette Casselano, AAA spokesperson. As a result, pump prices will likely continue to increase, but at a slower rate through the end of the month.

Today’s national average is 19 cents more expensive than a month ago, but remains significantly cheaper – 53 cents – than a year ago.

Quick Stats 

  • The nation’s top 10 largest weekly increases: Delaware (+10 cents), West Virginia (+9 cents), North Dakota (+9 cents), Montana (+8 cents), Washington, D.C. (+6 cents), Virginia (+6 cents), Colorado (+6 cents), Ohio (+6 cents), Maryland (+5 cents) and Wisconsin (+5 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.76), Louisiana ($1.79), Alabama ($1.83), Arkansas ($1.83), Texas ($1.83), Oklahoma ($1.84), Missouri ($1.85), South Carolina ($1.86), Tennessee ($1.89) and Kansas ($1.92).

Rockies

Montana (+8 cents) and Colorado (+6 cents) had the largest jumps in the region, which also landed both states on the country’s top 10 list again this week. The Rockies region’s three other state averages only saw changes of just a few cents, including a decline: Utah (-1 cent), Idaho (+2 cents) and Wyoming (+3 cents).

At the start of the week, state averages are: Colorado ($2.38), Idaho ($2.32), Utah ($2.26), Montana ($2.12) and Wyoming ($2.07).

Regional gasoline stocks dipped by a small 340,000 bbl to drop total levels to 7.3 million bbl. The EIA reports regional refinery utilization saw a second week of significant increase, jumping up to 82%. That is a 13% increase since the week ending May 22. The increase in utilization will likely yield higher stocks and in turn help to minimize pump price increases.

 West Coast

Pump prices in the West Coast region mostly increased last week, and prices likely are poised for more increases this week. Nevada (+5 cents) saw largest increase in the region, while Hawaii (-2 cents) saw the only decline. Hawaii ($3.16) and California ($3.04) remain the most expensive markets in the country. Washington ($2.68), Nevada ($2.58), Oregon ($2.57), Alaska ($2.43) and Arizona ($2.29) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased slightly from 30.1 million bbl to 30.2 million bbl last week. Increasing stocks, alongside increasing demand, may help to slow pump price increases this week in the region.

South and Southeast

State gas price averages in the South and Southeast region only increased a few pennies on the week. While Florida ($2.02) remains the only state in the region with an average greater than $2 per gallon, New Mexico ($1.98) and Georgia ($1.92) are likely the next states to break this threshold. At $1.76, Mississippi carries the cheapest average in the region and country.

After a few weeks of stock builds, the EIA reports the South and Southeast region saw a draw of just under 1 million bbl. Total stocks drop down to 90.8 million bbl, which is still a significant 10 million bbl surplus. The rate at which gas prices increase has started to slow in the region, which is likely to continue to be the trend for the rest of the month, although a spike ahead of the July 4 holiday weekend can’t be ruled out.

Mid-Atlantic and Northeast

Weekly increases were minimal – one to three cents – for the majority of the region with the exception of these three states: Delaware (+10 cents), West Virginia (+9 cents) and Maryland (+5 cents).

For motorists filling up within the Mid-Atlantic and Northeast region, they can expect to find state averages fluctuating from a high of $2.36 in Pennsylvania to a low of $1.92 in Virginia.

The prior week’s nearly 1 million bbl build was wiped out with a draw of 1 million bbl according to EIA data for the week ending June 12. Regional gasoline stocks sit at 74.1 million bbl as refinery utilization dipped just under 50%. AAA expects the region to see gas prices continue to increase in the weeks ahead, especially as more Americans feel comfortable traveling.

Great Lakes and Central States

As forecasted, the bulk of the region saw smaller increases on the week at three cents or less, although two Great Lakes and Central states landed on the top 10 list for largest weekly jumps: North Dakota (+9 cents) and Ohio (+6 cents).

The region was just one of two to see stocks build. According to the EIA, stocks increased by 455,000 bbl to push total levels to 54.5 million bbl. On trend with the rest of the country, gas prices in the region will continue to increase, though at a slower rate, in the week ahead.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 91 cents to settle at $39.75 per barrel. Domestic crude prices increased at the end of last week amid increased market optimism regarding trade relations between the U.S. and China and greater focus on compliance with the production reduction agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, which has worked to cut global crude production by 9.7 million b/d since May 1, 2020. It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July. For this week, crude prices will likely remain volatile as the market assesses if global crude demand will decrease due to a spike in new coronavirus infections worldwide.

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.

Americans are filling up at the pump more and more. Since mid-May, gasoline demand has increased 18% to 7.9 million b/d, according to the latest Energy Information Administration (EIA) report. The slow, but steady rise in demand has pushed the national pump price more expensive by 13% in the same timeframe. Today’s national average is $2.10. That is seven cents more on the week, 24 cents more on the month, but 59 cents cheaper on the year.

“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices, said Jeanette Casselano, AAA spokesperson. “Higher demand will contribute to increasing gas prices in the coming weeks, but they aren’t going to spike to typical summer prices. That’s because demand won’t be sufficient enough to drive down stocks levels. Gasoline stocks sit at a significant surplus of nearly 24 million bbl year-over-year.”

Today, only one-third of state averages are $1.99 per gallon or less and the majority of those are states in the South and Southeast.

Quick Stats

  • The nation’s top 10 largest weekly increases: North Carolina (+13 cents), Montana (+12 cents), Texas (+12 cents), South Carolina (+12 cents), Nebraska (+12 cents), Colorado (+12 cents), Kansas (+11 cents), Florida (+11 cents), Wisconsin (+11 cents) and Georgia (+10 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.74), Louisiana ($1.76), Arkansas ($1.79), Alabama ($1.80), Texas ($1.81), Oklahoma ($1.81), Missouri ($1.85), South Carolina ($1.85), Virginia ($1.86) and Tennessee ($1.87).

Rockies

Motorists in the Rockies region are enjoying some of the largest year-over-year pump price savings. Four of the five states land on the top 10 list for largest yearly difference: Idaho (-84 cents), Montana (-84 cents), Utah (-84 cents) and Wyoming (-80 cents). Coloradoans are seeing a savings, but at a much lower amount of about 50 cents less from last June.

On the week, Rockies states saw gas price averages increase from a few pennies to double-digits. At 12 cents, Colorado and Montana had some of the largest jumps and land on the country’s top 10 list. With this week’s increases, all states in the Rockies have averages of $2.03/gallon or more.

Regional gasoline stocks held steady at 7.6 million bbl, but EIA data shows regional refinery utilization increased by 6% up to 77%. The Rockies region has the second highest refinery rate in the country. Should stocks increase that would help to minimize large pump price jumps in coming weeks.

West Coast

Pump prices in the West Coast region increased last week, and prices are poised for more increases this week. Alaska (+8 cents) and Arizona (+8 cents) saw the largest increases in the region. Hawaii ($3.18) and California ($3.00) remain the most expensive markets in the country. Washington ($2.64), Nevada ($2.53), Oregon ($2.55), Alaska ($2.41) and Arizona ($2.29) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased slightly from 29.8 million bbl to 30.1 million bbl last week. Increasing stocks, alongside increasing demand, may help to slow pump price increases this week in the region.

Great Lakes and Central States

Eight Great Lakes and Central state averages pushed more expensive by double-digits on the week. Nebraska (+12 cents), Kansas (+11 cents) and Wisconsin (+11 cents) had the largest increases in the region and land among the top 10 states with the biggest weekly jump. Illinois (+1 cent) and Indiana (+2 cents) saw the smallest weekly increases seen in the region.  State averages in the region range from $1.84 to $2.30.

The large price swings are surprising given that regional gasoline stocks and refinery utilization both held steady on the week at 54 million bbl and 75%, respectively, according to EIA data. Typically large jumps at the pump coincide with a large draw in stocks. However, this region typically sees high volatility in price swings from week to week. It’s likely many of the states which saw large increases in the last week will see smaller increases in the week ahead.

South and Southeast

Louisiana ($1.76) and New Mexico ($1.97) were the only states in the South and Southeast region to not see double-digit increases at the pump. All other states saw gas prices push more expensive by 10 to 12 cents, with Texas (+12 cents), South Carolina (+12 cents) and Florida (+11 cents) seeing the largest increases. These three states also land on the top 10 list for largest weekly increases in the country.

On the week, gasoline stocks built by only 100,000 bbl, to 91.7 million bbl. Refinery utilization rates were reported by the EIA at nearly 78%, a small 2% increase from the week prior. The small increases in stocks and refinery rates would typically mean smaller increases at the pump, especially with a utilization rate that is at its highest point in two months. Motorists could expect to see prices increase at a slower rate in the week ahead given these latest spikes.

Mid-Atlantic and Northeast

While pump price volatility in the Mid-Atlantic and Northeast is low compared to other regions, within the region there were significant pump price jumps on the week. West Virginia ($2.03) and Virginia ($1.86) saw the largest increases at nine cents and seven cents, respectively, followed by Maryland (+7 cents) and Kentucky. New York (+1 cent), which just started to open up in the last week, saw the smallest increase. 

With a nearly 1 million bbl build, regional gasoline stocks sit at 75.1 million bbl. That is the second highest stock level in the country and the highest level for the region since February 2017. It’s likely the region could see continued spikes at the pump in the week ahead as demand builds and motorists return to the road in larger numbers.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by eight cents to settle at $36.34 per barrel. Domestic crude prices decreased last week amid increased market concern that an increase in new coronavirus infections could lead to another reduction in crude demand. Additionally, EIA’s weekly report showed that total domestic crude inventories grew by 5.7 million bbl last week, bringing the total to 538.1 million bbl. The increase in crude supplies also helped to push prices lower, since it signals that domestic crude production may need to reduce further in order to meet lower than normal demand. If these trends continue this week, crude prices could decline further.

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.

For 66 days, the national gas price average held below the $2/gallon mark, pushing as cheap as $1.76. In the past week, the average has inched up to $2.03. Despite the consistent increases at the pump, prices are still significantly cheaper year-over-year. In fact, during the first week of June the past five years, gas prices have typically averaged $2.81.

“The beginning of June has not seen gas prices this low since 2004,” said Jeanette Casselano, AAA spokesperson. “As crude oil prices trend higher and gasoline demand increases, Americans will see gas prices push more expensive, but this summer will be cheaper than last.”

U.S. gasoline demand continues to show increasing strength. The Energy Information Administration’s (EIA) latest reading shows a 4% weekly increase at 7.5 million b/d. That is the highest demand level since states began issuing stay-at-home orders in mid-March.

Quick Stats

  • The nation’s top 10 largest weekly increases: Colorado (+13 cents), Indiana (+12 cents), Missouri (+11 cents), Montana (+10 cents), Kentucky (+10 cents), Michigan (+9 cents), Kansas (+9 cents), Alabama (+8 cents), Tennessee (+8 cents) and Alaska (+8 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.66), Texas ($1.69), Louisiana ($1.70), Arkansas ($1.71), Alabama ($1.72), Oklahoma ($1.73), South Carolina ($1.73), Missouri ($1.76), Kansas ($1.77) and Virginia ($1.79).

Great Lakes and Central States

Indiana (+12 cents), Missouri (+11 cents), Kentucky (+10 cents) and Kansas (+9 cents) saw the largest pump price increases in theGreat Lakes and Central states region. They also land on the top 10 list for largest weekly increases in the country. All other states in the region saw increases, but they were only 2 to 4 cents.

Illinois ($2.29) ranks as the 7th most expensive state average in the country and the highest in the region. On the other end of the spectrum, Missouri ($1.76) and Kansas ($1.77) rank as the 8th and 9th least expensive averages, respectively.

Gasoline stocks in the region drew by about 600,000 bbl to push total stocks down to 54.4 million bbl, according to EIA data. The small draw, combined with mostly steady refinery rates, will likely help to keep any price increases in the week ahead minimal.

South and Southeast

Gas prices are two to five cents more expensive across the South and Southeast on the week. Tennessee (+8 cents) saw the largest weekly increase in the region and ranks among the top 10 biggest changes in the country.

The region continues to lay claim to the cheapest prices in the country – all under $1.99. Eight states land on the top 10 list: Mississippi ($1.66), Texas ($1.69), Louisiana ($1.70), Arkansas ($1.71), Alabama ($1.72), Oklahoma ($1.73), South Carolina ($1.73) and Tennessee ($1.79).

Gasoline stocks saw a significant 2.5 million bbl build to push total stocks to 91.6 million bbl, per the EIA’s latest reports. That is the highest level of stocks seen in the region since social distancing began and is a nearly 9 million bbl year-over-year surplus. Motorists can expect continued price increases, if demand continues to climb, at the pump in the week ahead. Additionally, Tropical Depression Cristobal could impact pump prices in the region, but it depends on the path of the storm and its impact on gasoline production and distribution.

Mid-Atlantic and Northeast

The Mid-Atlantic and Northeast region continues to see the lowest pump price volatility. While gas prices increased across the region on the week, they only pushed more expensive by a few pennies. Delaware (+5 cents) and Maine (+7 cents) saw the largest increases.

Gas prices in the region range from $2.25 to $1.76. In fact, the majority of the states in the region continue to carry gas prices under $2/gallon with motorists able to fill up for $1.99 or less at 63% of stations in the region.

The EIA reports regional gasoline stocks increased by 500,000 bbl to push total levels to 74.2 million bbl. Motorists can expect pump prices to continue to trend more expensive, but with jumps of only a few cents.

Rockies

Colorado (+13 cents) and Montana (+10 cents) land on this week’s top 10 list of states with the largest weekly increase. Idaho (+6 cents) is the only Rockies state to not make an appearance on this list two weeks in a row.

Over the past few weeks, pump price increases in Idaho ($2.27) and Utah ($2.27) have pushed the states back on the top 10 most expensive state average list. 

Although regional refinery rates were up to nearly 71% in EIA’s latest report, gasoline stocks decreased by 128,000 bbl to 7.6 million bbl. Gas prices are likely to continue to increase in the week ahead, but the rate at which they push more expensive may slow down given recent weekly spikes.

West Coast

Pump prices in the West Coast region also continue to increase, which contributes to those state averages remaining the most expensive in the country. Alaska (+8 cents) saw the largest increases in the region and is last on today’s top 10 largest weekly increases list. Hawaii ($3.17) and California ($2.95) remain the most expensive markets in the country. Washington ($2.58), Nevada ($2.50), Oregon ($2.49), Alaska ($2.33) and Arizona ($2.21) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased from 29.2 million bbl to 29.8 million bbl last week. Increasing stocks, alongside increasing demand, may help to slow pump price increases this week in the region.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by $2.14 to settle at $39.55 per barrel. At the end of last week, crude prices increased amid market optimism that the Organization of the Petroleum Exporting Countries (OPEC) and other major crude exporters, including Russia, would extend their 9.7 million b/d production reduction agreement for May and June 2020 into July. Over the weekend, the cartel and its partners agreed to extend the deal for July, which is expected to reduce global crude supplies by nearly 10 percent while global crude oil demand remains low due to COVID-19. Crude prices will likely increase this week in reaction to OPEC’s announcement.

Additionally, approximately one third of crude oil and natural gas production in the Gulf of Mexico has been halted, as Tropical Depression Cristobal makes landfall in Louisiana. The storm is expected to bring tropical-storm force winds and potential storm surge and flooding to the state’s coastal areas. There is no estimate for when the facilities will resume operations. Facilities will likely be inspected after the storm has passed to determine if personnel can return safely. Any impact on domestic crude prices will depend on how long production remains shuttered and the extent of damage caused by the storm.

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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The national gas price average is $1.97, just one penny more expensive than last week. Part of the incremental jump can be attributed to increases in gasoline demand, which saw a 7% week-over-week increase. However, demand is still down nearly 25% compared to last year, according to the Energy Information Administration’s (EIA) latest reports.

“Americans are slowly but steadily returning to driving, causing gas prices to increase across the country,” said Jeanette Casselano, AAA spokesperson. “The good news is gas is still cheap. Motorists can fill-up for $2/gallon or less at 70% of gas stations across the country.”

Today’s national average is 20 cents more than a month ago, but 85 cents less than a year ago.

Quick Stats

  • The nation’s top 10 largest weekly increases are: Alaska (+12 cents), Colorado (+12 cents), Idaho (+8 cents), Utah (+7 cents), New Mexico (+7 cents), South Dakota (+6 cents), Montana (+6 cents), Nevada (+5 cents), Washington, D.C. (+4 cents) and Wyoming (+4 cents).
  • The nation’s top 10 least expensive markets are: Mississippi ($1.58), Alabama ($1.64), Louisiana ($1.64), Arkansas ($1.64), Texas ($1.65), Missouri ($1.65), Oklahoma ($1.65), South Carolina ($1.67), Kansas ($1.68) and Tennessee ($1.71).

Great Lakes and Central States

Pump prices saw very modest increases or decreases on the week – two cents or less – in theGreat Lakes and Central states, with the exception of South Dakota (+6 cents). State averages in the region range between as low as $1.65 in Missouri to as expensive as $2.22 in Illinois. Both of these states rank among the top 10 least and most expensive state averages, respectively, in the country.

Compared to a year ago, motorists are seeing pump price savings of roughly 80 – 95 cents.

The region’s refinery utilization rate saw the largest jump of any in the country, increasing by 4%. At 77%, it is also the highest rate among all regions. It contributed to a 300,000 bbl build in Great Lakes and Central States stocks, to total 55 million bbl. According to EIA data, gasoline stocks have surpassed year-ago levels (of nearly 48 million bbl).

South and Southeast

All South and Southeast states saw pump price jumps on the week with the majority seeing increases of a penny or two. New Mexico (+7 cents) was the outlier in terms of price increases. 

Gas prices continue to average well below $2/gallon across the region. Florida ($1.88) carries the highest average. Motorists can find gas for $1.75 or less at 68% of stations in the region.

While gasoline stocks drew by 1.1 million bbl, total stock levels (89 million bbl), sit at a more than 4 million bbl year-over-year surplus. Stocks could see an increase next week as refinery rates jumped 2% up to 74%. Motorists can expect continued increases, though not spikes, at the pump.

Mid-Atlantic and Northeast

On the week, the region saw gas prices push more expensive, though mostly by one to two cents. Washington, D.C. (-6 cents) was the only state in the region to see a decrease.

Five states in the region – Pennsylvania ($2.24), New York ($2.18), Washington, D.C., ($2.12), New Jersey ($2.02) and Maryland ($2.02) – carry averages of $2/gallon with a handful of others just pennies away from hitting this mark again: Massachusetts ($1.98), Rhode Island ($1.98), Vermont ($1.96) and Connecticut ($1.96).

Gasoline stocks have steadily increased throughout the month of May. The latest build – nearly 2 million bbl – pushes total levels to close to 74 million bbl. That is a near-high mark for stocks in the region this year. More so, stock levels sit at a 10 million bbl year-over-year surplus. However, refinery rates are still low, sitting at 50%.

Rockies

All five Rockies states land on this week’s top 10 list of states with the largest weekly increase: Colorado (+12 cents), Idaho (+8 cents), Utah (+7 cents), Montana (+6 cents) and Wyoming (+4 cents). Colorado ($2.07) had the largest jump in region and second largest in the country on the week. Only Wyoming ($1.94) and Montana ($1.82) have averages under the $2/gallon mark.

In EIA’s latest report, gasoline stocks built by a modest 100,000 bbl, bumping total stocks up to 7.8 million bbl. Year-over-year, the region has a 1.1 million bbl surplus of stocks. Refinery rates saw a slight dip, falling slightly to 69%

West Coast

Pump prices in the West Coast region mostly increased last week alongside the easing of stay-at-home orders in the region. Alaska (+12 cents) and Nevada (+5 cents) saw the largest increases in the region, while Hawaii (-2 cents) saw the region’s only decline. Hawaii ($3.16) and California ($2.90) remain the most expensive markets in the country. Washington ($2.54), Oregon ($2.44), Nevada ($2.46), Alaska ($2.25) and Arizona ($2.18) follow.

According to EIA’s latest weekly report, total gas stocks in the region decreased from 31 million bbl to 29.2 million bbl last week. Decreasing stocks may help to lift pump prices this week, if demand continues to rebound in the region.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by $1.78 to settle at $35.49 per barrel. At the end of last week, crude prices spiked amid increased market optimism that demand for crude oil and refined products from it, including gasoline, may be rebounding. For this week, crude prices may continue to rise if the market believes that the 9.7 million b/d production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and other major crude exporters, including Russia, is helping to rebalance the global oil market as demand remains low due to COVID-19. 

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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After dropping to a low of $1.76 in April, the national gas price average is pennies away from hitting the $2/gallon mark. Today’s average is $1.96, which is eight cents higher than a week ago, 19 cents more than last month, but still a significant 87 cents cheaper than the end of May 2019. 

The more expensive pump prices can be attributed to fluctuations in crude and demand. In the past week, crude oil hit its highest price point – nearly $34 per barrel – since the Administration declared the COVID-19 outbreak a national emergency and many states started implementing stay-at-home restrictions. While demand has been increasing since the end of April, it is down 28% compared to the first three weeks of May last year.  

“Americans have seen significantly cheaper-than-normal gas prices the past two months. However, those low prices – as well as crude oil prices – have been pushing more expensive” said Jeanette Casselano, AAA spokesperson. “While motorists will see pump prices continue to increase, AAA does not expect the summer average to be as expensive as last year’s season.”

One factor that could cause a sudden spike in gas prices is the Atlantic hurricane season, which is June 1 through November 30. The National Oceanic and Atmospheric Administration predicts the 2020 season will be above-normal, potentially resulting in 13-19 named storms. An average Atlantic hurricane season typically produces 12 named storms, including three major hurricanes.

Quick Stats

  • The nation’s top 10 largest weekly increases are: Colorado (+16 cents), Utah (+15 cents), Kentucky (+14 cents), Idaho (+12 cents), Minnesota (+12 cents), Michigan (+11 cents), North Dakota (+11 cents), Missouri (+11 cents), Indiana (+10 cents) and Delaware (+10 cents).  
  • The nation’s top 10 largest monthly increases are: Wisconsin (+71 cents), Ohio (+58 cents), Michigan (+55 cents), Indiana (+51 cents), Illinois (+44 cents), Kentucky (+40 cents), Iowa (+40 cents), Minnesota (+33 cents), Idaho (+28 cents) and Oklahoma (+27 cents).   

Great Lakes and Central States

Gas prices continue to push more expensive with one dozen Great Lakes and Central states seeing an increase of a dime or more on the week. Kentucky (+14 cents), Minnesota (+12 cents), North Dakota (+11 cents), Missouri (+11 cents) and Wisconsin (+10 cents) saw the largest jumps in the region.

While state gas price averages across the region are more expensive on the month, they continue to be cheaper compared to this time last year by 75 cents to nearly a dollar.

Regional refinery utilization saw a 3% increase – up to 73% – while gasoline stocks held steady at 54 million bbl, in the Energy Information Administration (EIA) latest weekly reports. Since mid-March, stocks have fluctuated to a high of 60.5 million bbl. However, this latest measurement is the lowest level of the year, which is contributing to more expensive gas prices recently.

South and Southeast

Florida ($1.88) and Oklahoma ($1.63) saw the largest weekly increases amid all South and Southeast states, while Louisiana (+2 cents) saw the smallest increase. For another week, the region remains home to the cheapest state gas price averages. Mississippi ($1.58), Arkansas ($1.61), Texas ($1.62), Alabama ($1.63), Louisiana ($1.63) and Oklahoma ($1.64) carry the least expensive averages in the region and the country.

The latest build in gasoline stocks have driven total regional levels up to 90.2 million bbl. However, with the holiday weekend and states re-opened for business, next week’s EIA measurement report has the potential to show stock declines. Regardless, stock levels and refinery rates are amid the highest in the country, which will contribute to more moderate jumps in gas prices in coming weeks.

Mid-Atlantic and Northeast

As gas prices increase across the country, five Mid-Atlantic and Northeast states carry averages of $2/gallon or more: Pennsylvania ($2.22), New York ($2.18), Washington, D.C., ($2.13), New Jersey ($2.02) and Maryland ($2.01). At $1.75, Virginia has the lowest state average in the region.  On the week, the region saw prices increase between two and eight cents.

Regional gasoline stocks have increased for two weeks with levels inching closer to the 72 million bbl mark, per EIA’s latest report. This build is supported by a small increase in regional refinery utilization, which has mostly hovered near the 50% mark the last four weeks. Gas prices are likely to continue increasing in the week ahead.

Rockies

Colorado (+16 cents), Utah (+15 cents) and Idaho (+12 cents) land on this week’s top 10 list of states with the largest weekly increase. Wyoming (+5 cents) and Montana (+1 cent) saw less significant jumps at the pump since last Monday. With the double-digit increases, Idaho ($2.13) and Utah ($2.17) are the only states in the region with an average greater than $2/gallon.

Regional gasoline stock levels have decreased by 18% since the beginning of April. Despite the consistent draw, gas prices have remained mostly low due to a year-over-year 1.3 million bbl surplus combined with the fact that regional refinery utilization rates have climbed back to 71%. The EIA’s latest stock level measurement shows nearly 7.8 million bbl.

West Coast

Pump prices in the West Coast region increased last week, pushing state averages up in the region. Arizona (+8 cents), Alaska (+7 cents) and California (+6 cents) saw the largest increases in the region. Hawaii ($3.17) and California ($2.86) remain the most expensive markets in the country. Washington ($2.50), Oregon ($2.43), Nevada ($2.41), Arizona ($2.16) and Alaska ($2.14) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased slightly from 30.8 million bbl to 31 million bbl last week. As gas demand continues to grow in the region, increasing stocks may help to slow price increases, barring any supply challenges.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 67 cents to settle at $33.25 per barrel. Although tension between Hong Kong and China lowered prices on Friday, crude prices generally increased last week amid growing market optimism that domestic crude demand continues to rebound as more states ease stay-at-home restrictions and demand for gasoline has grown. For this week, crude prices may continue to rise if the market believes that the 9.7 million b/d production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and other major crude exporters, including Russia, is helping to rebalance the global oil market as demand remains low due to COVID-19. 

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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When it is safe to travel, AAA expects vacationers will explore America’s backyard

Pump prices continue to increase across the country with nearly every state’s average pushing more expensive on the week, on average by four cents. At the start of the Memorial Day work week, the national gas price average is $1.87.

The last time the national gas price average leading into the holiday was under $2/gallon was 17 years ago in 2003. That year motorists paid, on average, $1.50 to fill-up. Gas prices this year won’t be as cheap as 2003, but today’s national average is a dollar cheaper than one year ago.

“Gas prices around Memorial Day have not been this cheap in nearly 20 years. However, as the country continues to practice social distancing, this year’s unofficial kick-off to summer is not going to drive the typical millions of Americans to travel,” said Jeanette Casselano, AAA spokesperson. “Despite inexpensive gas prices, AAA anticipates this year’s holiday will likely set a record low for travel volume.”

For the first time in 20 years, AAA will not issue a Memorial Day travel forecast due to COVID-19 impacts on the underlying economic data used to create the forecast.

Americans can expect gas prices to continue to push more expensive, possibly hitting $2/gallon in the next few weeks. This is mostly due to demand increasing as states re-open. This week will also bring the Environmental Protection Agency’s waiver on the sale of winter-blend gasoline to an end. Stations will switch over to summer-blend gasoline, which has a lower Reid Vapor Pressure to prevent excessive evaporation when outside temperatures rise. Reducing the volatility of summer gas decreases emissions that contribute to unhealthy ozone and smog levels. Typically, the switchover to summer-blend can cause gas prices to spike during the summer driving season, but that will likely not be the case this year due to the impact of COVID-19 on demand and crude oil prices.

Quick Stats

  • The nation’s top 10 largest weekly increases are: Idaho (+17 cents), Pennsylvania (+8 cents), Wisconsin (+7 cents), Iowa (+7 cents), Colorado (+7 cents), Kansas (+7 cents), Maryland (+6 cents), Utah (+6 cents), Nebraska (+5 cents) and Minnesota (+5 cents).  
  • The nation’s top 10 least expensive markets are: Mississippi ($1.51), Arkansas ($1.52), Oklahoma ($1.52), Missouri ($1.54), Texas ($1.56), Alabama ($1.57), Kansas ($1.57), South Carolina ($1.60), Louisiana ($1.60) and Tennessee ($1.62).

Great Lakes and Central States

The nation’s largest weekly gas price increases can be found for a second week in the Great Lakes and Central States region. Five states from the region land on the top 10 list for largest jumps, though this week’s increases are less than a dime: Wisconsin (+7 cents), Iowa (+7 cents), Kansas (+7 cents), Nebraska (+5 cents) and Minnesota (+5 cents).

With increases over the last two weeks, Illinois ($2.13) is the only state in the region whose average has jumped back over $2/gallon. At $1.86, Indiana carries the second most expensive average in the region, while Missouri ($1.54) touts the cheapest.

The Energy Information Administration (EIA) reports that regional gasoline stocks have decreased for six straight weeks, bringing total stock levels down to the lowest measurement of the year at 54 million bbl. However, stocks remain above the year-ago level of 49.5 million bbl and the five-year average of 52.6 million bbl.

South and Southeast

Gas prices continue to push more expensive for the majority of South and Southeast states as most of the region pushes towards re-opening. With an increase of six cents, Arkansas ($1.52) and Tennessee ($1.62) saw the largest jumps on the week. South and Southeast state pump price averages remain below $2/gallon by 25 – 50 cents. Florida ($1.77) carries the most expensive average while Arkansas ($1.52) touts the cheapest.

Motorists continue to enjoy vastly cheaper prices – 90 cents to more than a dollar cheaper – compared to last year. Even with prices expected to push more expensive this month, filling up will continue to be a cost savings compared to May 2019.

Regional gasoline stocks continue to measure at very healthy levels despite a 1.2 million draw in the EIA’s latest report. Total stocks now measure at 88.3 million bbl. That is 17 million bbl more than the Mid-Atlantic and Northeast regions’ stock level, which is the region with the second highest stock level in the country. While gas prices are likely to increase alongside demand, the healthy stock level should contribute to smaller jumps at the pump.

Mid-Atlantic and Northeast

On the week, Pennsylvania (+8 cents) saw the largest increase among Mid-Atlantic and Northeast states and saw the second biggest jump of all states in the country. Otherwise states in the region saw mostly increases of a few pennies, but no more than a nickel. State averages range between $2.17 in Washington, D.C. to $1.71 in North Carolina. In addition to Washington, D.C., New York ($2.15) and Pennsylvania ($2.14) carry the most expensive averages in the region and land among the top 10 highest in the country.

While gasoline stocks saw a slight increase, to push total stocks to nearly 71 million bbl, regional refinery rates dropped just below 50%. As more states in the region move towards opening, which is likely to increase gasoline demand, motorists can expect gas prices to increase, but still remain cheap compared to typical May pump prices.

Rockies

Motorists in the Rockies are seeing significant savings – more than a $1/gallon – at the pump year-over-year. Idaho (-$1.22), Utah (-$1.17) and Montana (-$1.12) all land on the top 10 list for largest yearly difference in the country. Wyoming has a difference of 97 cents less year-over-year.

The past week brought fluctuation through the region with Idaho (+17 cents), Colorado (+7 cents) and Utah (+6 cents) seeing increases as the pump. Wyoming ($1.82) and Montana ($1.74) mostly held steady. With the jump, Utah’s average increased to $2.02, the only state in the Rockies region with an average more than $1.99/gallon.

Regional gasoline stocks have consistently decreased for six weeks according to EIA data. The latest draw of 400,000 bbl puts total stocks right at 8 million bbl as refinery rates bump up to 70%. Even with gas prices poised to see further fluctuation in the week ahead, motorists in the region are still saving when they fill-up. 

West Coast

Pump prices in the West Coast region are among the most expensive in the country, with more increases expected as states in the region ease restrictions this week. When compared to a week ago, California (+4 cents) and Nevada (+4 cents) saw the largest increases in the region. Arizona (-1 cent) saw the only decline. Hawaii ($3.17) and California ($2.80) remain the most expensive markets in the country. Washington ($2.45), Oregon ($2.38), Nevada ($2.35), Arizona ($2.07) and Alaska ($2.05) follow.

According to EIA’s latest weekly report, total gas stocks in the region decreased from 31.2 million bbl to 30.8 million bbl last week. As more motorists take to the roads in the region this week, gas demand is expected to continue to grow. Higher gas demand, amid falling gas stocks, will likely lead pump prices to increase this week.  

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by $1.87 cents to settle at $29.43 per barrel. Crude prices increased last week amid growing market optimism that crude demand continues to rebound as more states re-open and demand for gasoline has grown in recent weeks. For this week, crude prices may continue to rise if the market believes that the 9.7 million b/d production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and other major crude exporters, including Russia, is helping to rebalance the global oil market as demand remains low due to COVID-19. 

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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