Archive for the ‘Fuel’ Category

The national gas price average is $2.51, which is three cents cheaper than last week, four cents less than last month, and 25 cents more than a year ago. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million bbl – the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.

“Increased total domestic stocks of gasoline have helped to ease pump prices,” said Jeanette Casselano, AAA spokesperson. “Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response.”

EIA estimates that demand grew slightly from 8.56 million b/d to 8.66 million b/d. However, the current rate is lower than last year’s 8.87 million b/d at this time.

Quick Stats

  • The nation’s top 10 largest weekly decreases are: Florida (-8 cents), Michigan (-8 cents),Pennsylvania (-6 cents), South Carolina (-6 cents), Delaware (-5 cents), North Carolina (-5 cents), Maryland (-5 cents), Louisiana (-5 cents), Texas (-4 cents) and West Virginia (-4 cents).
  • The nation’s top 10 least expensive markets are: Missouri ($2.17), Texas ($2.19), Mississippi ($2.21), Oklahoma ($2.22), Louisiana ($2.22), South Carolina ($2.23), Arkansas ($2.24), Kansas ($2.24), Delaware ($2.25) and Alabama ($2.27).

Great Lakes and Central States

Price declines have mostly slowed since last week in the region. Although Michigan (-8 cents) is on the top 10 weekly decreases list, Ohio and Missouri saw no change to their state averages from last week, while states like Iowa (-2 cents) and Wisconsin (-2 cents) saw their averages take a slight step back.

Regional gasoline stocks built by 1.7 million bbl, according to the EIA, bumping totals to 58.2 million bbl. Stocks have been steadily building since mid-November and are at the highest level for the region since February 2019. Typical regional fluctuation aside, gas prices are poised to continue to edge cheaper through the end of the month.  

South and Southeast

Gas prices are cheaper across the South and Southeast with four states seeing weekly decreases of four cents or more, which land them on the top 10 list of largest weekly price declines in the country: Florida (-8 cents), South Carolina (-6 cents), Louisiana (-5 cents) and Texas (-4 cents).

Florida ($2.43) carries the most expensive average, followed by Georgia ($2.36). Texas has the least expensive average in the region at $2.19.

The region saw a third week of stock builds. EIA data reports the South and Southeast saw build of 1 million bbl, measuring total stocks at 95.3 million bbl. That is the highest regional stock level on record since the EIA began recording and will likely drive gas prices cheaper for motorists across the region amid lower winter gas demand.

Mid-Atlantic and Northeast

All states in the Mid-Atlantic and Northeast region saw gas prices decrease on the week. These five states saw the largest declines at the pump in the region and nation: Pennsylvania (-6 cents), Delaware (-5 cents), North Carolina (-5 cents), Maryland (-5 cents) and West Virginia (-4 cents).

Compared to last month, gas prices have seen the most significant declines in: Delaware (-9 cents), North Carolina (-8 cents), West Virginia (-8 cents) and Maryland (-6 cents).

Pump price declines are likely to extend through the end of the month as gasoline stocks continue to grow in the region. With a 100,000 bbl build, regional gasoline stocks sit at 65.3 million bbl. Gasoline stocks have been steadily building since mid-November, paving the way for cheaper gas prices for the region.

West Coast

Pump prices in the region have mostly dropped. On the week, Washington (-2 cents) saw the largest decrease in the region, while Hawaii (+1 cent) saw the only increase. Hawaii ($3.66) and California ($3.52) remain the most expensive markets in the country. Washington ($3.10), Oregon ($2.98), Nevada ($2.97), Alaska ($2.95) and Arizona ($2.81) follow.

According to EIA’s report for the week ending on January 17, total gas stocks in the region dropped 1.4 million bbl to 32.4 million bbl. The current supply level is in line with last year’s level at this time, which will likely help prices to stabilize throughout the week.

Rockies

Gas prices pushed cheaper for another week in the Rockies with Colorado (-3 cents) and Wyoming (-3 cents) having the largest decreases on the week followed by Utah (-2 cents) and Idaho (-2 cents). At $2.52, Montana carries the cheapest state average in the region while Utah ($2.60) has the most expensive.

With a 350,000 bbl build, gasoline stocks hit a record-breaking high for the region – totaling 8.8 million bbl. This is the highest recorded stock level for the region since the EIA began reporting. More so, the region has not seen stocks measure at 8 million bbl (other than the week prior) since March 2018. This very high and healthy stock levels should continue to put downward pressure on gas prices for the remainder of winter.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by $1.40 to settle at $54.19. Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop 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.

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The national gas price average is $2.54, which is three cents cheaper than last week, a penny less than last month, yet 30-cents more than a year ago. Gas prices edged cheaper in the last week as gasoline stocks grew, measuring at 258 million bbl – a stock level not recorded by the Energy Information Administration (EIA) in nearly a year.

“Motorists across the country are paying less to fill-up as U.S. gasoline supply outpaces demand this winter,” said Jeanette Casselano, AAA spokesperson. “Typically, we see cheaper gas prices this time of year as motorists generally drive less.”

Today, gas prices are $2.50 or less at 61% of gas stations in the country.

Quick Stats

• The nation’s top 10 largest weekly decreases are: Michigan (-10 cents), Indiana (-9 cents), Delaware (-9 cents), Illinois (-6 cents), Maryland (-6 cents), South Carolina (-6 cents), North Carolina (-4 cents), Texas (-4 cents), Georgia (-4 cents) and Pennsylvania (-4 cents).

• The nation’s top 10 least expensive markets are: Missouri ($2.16), Texas ($2.23), Oklahoma ($2.23), Mississippi ($2.24), Arkansas ($2.25), Kansas ($2.26), Louisiana ($2.26), South Carolina ($2.28), Delaware($2.29) and Alabama ($2.31).

Great Lakes and Central States

State gas price averages in the region are as much as a dime cheaper on the week. Three Great Lakes and Central states land on the top 10 list for largest weekly changes: Michigan (-10 cents), Indiana (-9 cents) and Illinois (-6 cents). Motorists in the region are paying $2.16- $2.61 to fill-up.

While motorists in the region are paying less compared to last week to fill-up, they are paying a lot more compared to this time last year. Gas prices are at least a quarter more expensive across the region, with Ohio (+54 cents) having the largest year-over-year difference. 

Regional gasoline stocks built by 1.5 million bbl, according to the EIA, bumping totals to 56.5 million bbl. Stocks have been steadily building since mid-November and are at the highest level for the region in ten months. Typical regional fluctuation aside, gas prices are poised to continue to edge cheaper through the end of the month. 

South and Southeast

Gas prices are cheaper across the South and Southeast with three states seeing weekly decreases of four cents or more, which land them on the top 10 list of largest weekly differences in the country: South Carolina (-6 cents), Texas (-4 cents) and Georgia (-4 cents). Florida saw the smallest decrease at two cents. 

Florida ($2.50) carries the most expensive average, followed by Georgia ($2.39). Texas and Oklahoma have the least expensive averages in the region at $2.23.

The region saw a second week of substantial stock builds. EIA data reports the South and Southeast saw an increase of 3.4 million bbl, measuring total stocks at 94.3 million bbl. That is the highest regional stock level on record since the EIA began recording and will likely drive gas prices cheaper for motorists across the South and Southeast as regional refinery utilization is strong at 97%.


Mid-Atlantic and Northeast

All states in the Mid-Atlantic and Northeast region saw gas prices decrease on the week. These five states saw the largest declines at the pump in the region: Delaware   (-9cents), Maryland (-6 cents), North Carolina (-4 cents), Pennsylvania (-4 cents) and Wisconsin (-4 cents). 

Compared to last month, gas prices are similar if not slightly cheaper than last month: Delaware (-4 cents), North Carolina (-2 cents), West Virginia (-1 cent) and Maryland ($2.46/no change). All other states in the region are paying as much as four cents more to fill-up month over month.

With a 600,000 bbl build, regional gasoline stocks sit at 65.2 million bbl. Gasoline stocks have been steadily building since mid-November during which time regional refinery utilization has mostly held above 67%, paving the way for cheaper gas prices for the region. 

West Coast

Pump prices in the region have mostly dropped. On the week, Nevada (-2 cents) saw the largest decrease in the region, while Hawaii (+1 cent) saw the only increase. Hawaii ($3.66) and California ($3.52) remain the most expensive markets in the country. Washington ($3.12), Oregon ($2.99), Nevada ($2.98), Alaska ($2.97) and Arizona ($2.82) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices in the region. According to EIA’s report for the week ending on January 10, total gas stocks in the region grew by just over 1 million bbl to 33.77 million bbl. The current supply level is 2.3 million bbl higher than last year’s level at this time, which will likely continue to help keep downward pressure on prices in the region throughout the week.

Rockies

Gas prices pushed cheaper for another week in the Rockies with Colorado (-4 cents) having the largest decrease on the week followed by Utah (-3 cents), Wyoming (-3 cents), Montana (-2 cents) and Idaho (-2 cents). At $2.55, Montana carries the cheapest state average in the region while Utah ($2.62) has the most expensive. 

With a 100,000 bbl build, regional gasoline stocks hit a record-breaking high for the region – totaling 8.4 million bbl. This is the highest recorded stock level for the region since the EIA began reporting. More so, the region has not seen stocks measure at 8 million bbl (other than the week prior) since March 2018. This very high and healthy stock levels should continue to put downward pressure on gas prices in the weeks ahead. 

Oil Market Dynamics 

At the close of Friday’s formal trading session on the NYMEX, WTI increased by two cents to settle at $58.54. Crude prices fell last week after new data showed that China’s economy, the world’s second largest, grew by 6.1% in 2019. It is the country’s slowest expansion in 29 years. The slower-than-expected growth rate has increased market concerns that global crude demand may decline this year. If those concerns continue into this week, crude prices could decrease again. 

In related news, EIA’s weekly report that showed total domestic crude inventories decreased by 2.5 million bbl.The current crude stock level, 428.5 million bbl, is 8.5 million bbl lower than the level at this same time last year.

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

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Despite crude oil price fluctuation and growing geopolitical concerns with Iran in the last week, the national gas price average has held steady at $2.58 since the beginning of the year. Today’s national average is two cents more than last month and 34-cents more expensive than the beginning of 2019.

“A healthy and growing level of domestic gasoline stocks alongside decreasing demand are two factors helping to minimize gas price fluctuations,” said Jeanette Casselano, AAA spokesperson. “In the last week, about 32 states saw pump prices push less expensive by just a penny or two or saw no change at all.”

The Energy Information Administration (EIA) measures U.S. demand at 8.1 million b/d, which is the lowest reading for the first week of the year since January 2016. At 251.6 million bbl – the highest start of the year on record – gasoline stocks have only measured this high two other times in EIA history.

Quick Stats

  • The nation’s top 10 largest weekly changes are: Michigan (+7 cents), Delaware (-5 cents), Minnesota (+4 cents), Ohio (+4 cents), Florida (-4 cents), Utah (-4 cents), Alaska (+3 cents), Indiana (+3 cents), Idaho (-3 cents) and Tennessee (-3 cents).
  • The nation’s top 10 least expensive markets are: Missouri ($2.20), Oklahoma ($2.26), Texas ($2.27), Mississippi ($2.28), Arkansas ($2.28), Kansas ($2.29), Louisiana ($2.30), South Carolina ($2.34), Alabama ($2.35) and Tennessee ($2.36).

Great Lakes and Central States

The Great Lakes and Central States are seeing typical regional gas price volatility. Four states land on the top 10 list for largest weekly changes, all with pump price jumps: Michigan (+7 cents), Minnesota (+4 cents), Ohio (+4 cents) and Indiana (+3 cents). While not on the top 10 least expensive list, Kentucky ($2.38) and West Virginia ($2.57) had the largest pump price decreases on the week in the region, with three–cent drops.

Motorists in the region are paying 31 to 55 cents more to fill-up compared to this time last year. Illinois (+56 cents) and Ohio (+55 cents) carry the largest year-over-year difference in the country and region.

EIA’s data shows regional gasoline stocks have steadily increased for six straight weeks. Total stocks sit at 55 million bbl, the highest level for the region since March 2019. With a healthy stock level amid a typical low-demand season, gas prices are poised to mostly decrease. However, the region often sees fluctuation and motorists can expect that to continue in weeks ahead, though likely minimal.

South and Southeast

Motorists in the South and Southeast are paying less to fill-up on the week, with Florida (-4 cents) seeing the largest decrease followed by Tennessee (-3 cents). All other states saw prices drop by a few pennies or hold steady. Regional gas price averages range from as cheap as $2.26 in Oklahoma to as expensive as $2.48 in the sunshine state.

With a substantial 5.3 million bbl increase, gasoline stocks in the South and Southeast are sitting at a record-breaking 90.6 million bbl. The region has only seen stocks at 90 million bbl three other times in history. With regional refinery utilization at 97.6%, gas prices are expected to edge cheaper throughout this month.

Mid-Atlantic and Northeast

On the week, Delaware (-5 cents) has the largest decline of any state average in the region and the nation. All states in the Mid-Atlantic and Northeast region saw gas prices decrease or hold steady with the exception of Rhode Island (+1 cent) and Massachusetts (+1 cent).

At $2.37, Virginia carries the cheapest gas price in the region and ranks as the 11th least expensive average in the country. Meanwhile, Pennsylvania ($2.81), Washington, D.C. ($2.72) and New York ($2.72) carry the most expensive averages in the region and fall among the top 10 highest state averages in the country.  

EIA measures regional gasoline stocks at 64.6 million bbl, that’s up 800,000 bbl for the week ending January 3. Levels have not been this high since late September (2019), which is helping to edge gas prices cheaper and keep price fluctuation minimal in the region.

West Coast

Pump prices in the region have mostly dropped. On the week, Washington (-2 cents) saw the largest decrease in the region, while Alaska (+3 cents) saw the largest increase. Hawaii ($3.65) and California ($3.53) remain the most expensive markets in the country. Washington ($3.13), Nevada ($3.00), Oregon ($3.00), Alaska ($2.99) and Arizona ($2.83) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices in the region. According to EIA’s report for the week ending on January 3, total gas stocks in the region grew by just over 1 million bbl to 32.65 million bbl. The current supply level is nearly 2 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

Rockies

Utah ($2.65) – down four cents on the week and 17 cents from a month ago – and Idaho ($2.62) – down three cents on the week and 23 cents from a month ago – rank among the top ten states in the country with the largest weekly and monthly decreases. Colorado ($2.63) and Wyoming ($2.61) also land on the largest monthly changes list, down 14 cents and nine cents, respectively.

On the week, gas prices decreased as much as four cents across the region. While gas prices are cheaper on the week and month, compared to a year ago motorists are paying more to fill-up. In Colorado and Montana, yearly averages are 25-50 cents more expensive, but are only 10-15 cents more expensive in Utah, Idaho and Wyoming.

With a 400,000 bbl build, regional gasoline stocks jump to 8.3 million bbl. According to EIA data, that is the highest stock level since February 2017. Gas prices are likely to continue to be less expensive for motorists in the region thanks to the healthy stock supply during a traditionally low-demand season.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 52 cents to settle at $59.04. Crude prices decreased last week after rising sharply following increased tension between the U.S. and Iran. With the U.S. announcing economic sanctions instead of additional military strikes against Iran, prices fell as tension began to ease. If tension continues to cool in the region this week, crude prices could decrease further.

Additionally, crude prices decreased last week after EIA released new data that revealed total domestic crude inventories grew by 1.2 million bbl. They now sit at 431.1 million bbl, which is 8.7 million bbl lower than their level at this time in 2019.

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 held steady on the week at $2.58, but that could change depending on the movement of crude oil prices due to geopolitical concerns. Following airstrikes in Baghdad last Friday, which killed Iran’s Major General Qassem Soleimani, crude oil prices increased, causing market speculation about what could happen to gas prices in the near-term.

“It’s typical to see crude oil prices push more expensive amid current events,” said Jeanette Casselano, AAA spokesperson. “What this increase means in terms of retail prices is yet be seen. It depends on how expensive crude oil prices go and the duration at which it sells at a higher price point.”

Today’s national average is $2.58, which is the same price as last Monday and last month, but 34-cents more expensive than the beginning of 2019.

Quick Stats

  • The nation’s top largest weekly changes are: Ohio (-13 cents), Michigan (-8 cents), Indiana (-8 cents), Florida (+7 cents), Tennessee (+7 cents), Alabama (+5 cents)Louisiana (+4 cents), South Carolina (+4 cents), Georgia (+4 cents) and Mississippi (+4 cents).
  • The nation’s top 10 least expensive markets are: Missouri ($2.20), Oklahoma ($2.26), Kansas ($2.27), Texas ($2.28), Mississippi ($2.29), Arkansas ($2.29), Louisiana ($2.32), Alabama ($2.36), South Carolina ($2.36) and Iowa ($2.37).

South and Southeast

Gas price averages are more expensive across the South and Southeast states with seven landing on the top 10 list for the largest weekly changes in the country. That includes: Florida (+7 cents), Tennessee (+7 cents), Alabama (+5 cents), Louisiana (+4 cents), South Carolina (+4 cents), Georgia (+4 cents) and Mississippi (+4 cents). Of all regional states, only New Mexico ($2.43), Texas ($2.28) and Oklahoma ($2.26) did not see any movement at the pump in the last seven days.

Regionally, gas prices are more expensive compared to a year ago with South Carolina (+45 cents), Alabama (+45 cents), Tennessee (+42 cents) and Georgia (+41 cents) having the largest yearly change. At the beginning of 2019, South Carolina, Alabama and Tennessee all had averages under $2/gal.

Gas prices edged more expensive despite regional gasoline stocks seeing minimal change – a draw of only 100,000 bbl. Energy Information Administration (EIA) reports stocks at 85.5 million bbl and refinery utilization up to a strong 97%. Stocks are expected to build in the coming weeks, which should cause gas prices to decrease unless crude oil prices increase.

Great Lakes and Central States

Five Great Lakes and Central States saw gas prices decrease on the week, three of which land on the top 10 list for largest weekly changes: Ohio (-13 cents), Michigan (-8 cents) and Indiana (-8 cents). Kansas and North Dakota saw prices decrease by a penny. All other states saw pump prices increase by a penny or hold steady. In the region, gas prices range from $2.20 to $2.66.

Gas prices in the region saw minimal movement thanks in part due to a substantial 1.4 million bbl build in gasoline stocks, jumping the regional total to 53.5 million bbl. Stocks have only been this high one other time since the end of March 2019, according to EIA data. With regional refinery utilization at 97%, stocks are expected to continue to build and pave the way for cheaper gas prices, but more expensive crude prices could change this forecast.

Mid-Atlantic and Northeast

The Mid-Atlantic and Northeast region has states on both the top 10 most and least expensive list this week. Motorists in Pennsylvania ($2.82), Washington, D.C. ($2.73), and New York ($2.72) are paying the most while those in Virginia ($2.38) are paying the least.

A three-cent increase was the largest jump seen in the region on the week in: Rhode Island ($2.57), Pennsylvania ($2.82), New Jersey ($2.63), Virginia ($2.38), Delaware ($2.43), New York ($2.72) and Maryland ($2.54). All other states saw slight increases, except for the average in West Virginia ($2.60), which saw no change on the week.

Regional gasoline stocks saw the largest build in the country with 1.5 million bbl. This helped to keep price increases to a minimum. At 63.8 million stocks total, the region hasn’t seen stock levels this high since the beginning of October (2019). A healthy inventory like this is poised to help drive gas prices down, so long as crude does not spike.

West Coast

Pump prices in the region continue to drop into the New Year. On the week, Nevada (-3 cents) and Alaska (-3 cents) saw the largest decreases in the region. Hawaii ($3.65) and California ($3.54) remain the most expensive markets in the country. Washington ($3.15), Nevada ($3.01), Oregon ($3.01), Alaska ($2.96) and Arizona ($2.83) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices, even as demand remains robust. According to EIA’s report for the week ending on Dec. 27, total gas stocks in the region are mostly holding steady at 21.56 million bbl. The current supply level is 3.3 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

Rockies

For another week, gas prices in the Rockies region all decreased on the week: Colorado (-3 cents), Idaho (-3 cents), Utah (-2 cents), Wyoming (-2 cent) and Montana (-2 cent). Regional gas prices are also all cheaper compared to a month ago, by as much as much as a quarter. However, compared to a year ago all state averages are more expensive by 9 cents to 44 cents.

Gasoline stocks built slightly, now registering at 7.9 million bbl for the week ending Dec. 27. Per EIA data, that was the highest weekly stock level recorded in 2019 and the largest since March 2018. With this healthy level combined with strong regional refinery rates (93%), gas prices are likely to continue to be less expensive for motorists in the region.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.87 to settle at $63.05. Crude prices increased last week after the U.S. announced that it conducted a drone strike at an airport in Baghdad and killed Major General Qassem Soleimani – a top military leader in Iran. The incident has escalated tension in the region, raising the possibility that global crude supplies could be disrupted. As market concerns over geopolitical risk increase, crude prices have increased amid uncertainty over how long tensions may continue to rise in the region. Crude prices may rise further this week if tensions continue to mount.

In related news, EIA’s weekly report revealed that total domestic crude inventories decreased by 11.5 million bbl last week, bringing the total to 429.9 million bbl. The current level is 11.5 million bbl lower than last year’s level at this time.

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

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Year-End Gas Prices Edge Higher

December 30th, 2019 by AAA

A year-end spike in road trip travel due to the holidays helped to push the national average more expensive on the week – up four cents to $2.58. Compared to last month, the national average is the same price, but 31 cents more expensive than the end of 2018.

“The majority of states saw gas prices increase in the last week – some by as much as a nickel to a dime, but any spikes in gas prices that motorists are seeing will be short-lived,” said Jeanette Casselano, AAA spokesperson. “AAA expects gas prices to decrease following the holidays.”

In 2019, the national gas price average was $2.61, which is ten cents cheaper than the 2018 average of $2.71.

Quick Stats

  • The nation’s top 10 largest weekly increases are: Michigan (+12 cents), Ohio (+9 cents), Indiana (+8 cents), Illinois (+7 cents), Delaware (+7 cents), Texas (+6 cents), West Virginia (+5 cents), Louisiana (+5 cents), North Carolina (+5 cents) and Alabama (+5 cents).
  • The nation’s top 10 least expensive markets are: Missouri ($2.21), Mississippi ($2.25), Oklahoma ($2.26), Texas ($2.28), Arkansas ($2.28), Louisiana ($2.28), Kansas ($2.28), Alabama ($2.31), South Carolina ($2.32) and Tennessee ($2.32).  

Great Lakes and Central States

Missouri ($2.21) carries the cheapest gas price average in the Great Lakes and Central region and the country. On the flip side, Illinois ($2.65) touts the most expensive average for the region. On the week, the majority of Great Lakes and Central states have more expensive averages, with Michigan (+12 cents), Ohio (+9 cents), Indiana (+8 cents) and Illinois (+7 cents) seeing the largest jumps, which land these states on the 10 top list of biggest weekly changes in the country.

Despite a nearly 400,000 bbl build in gasoline stocks, gasoline prices in the region are up due to year-end holiday travel. Data from the Energy Information Admiration (EIA) lists total stocks at 52 million bbl, which is about 1 million more than this time last year. Stocks are expected to continue to build and drive gas prices cheaper in the new year.

Mid-Atlantic and Northeast

Gas prices are as much as six cents more expensive for motorists across the Mid-Atlantic and Northeast states compared to last Monday, except in Vermont ($2.63) and Massachusetts ($2.56) where prices in both states are stable on the week.  

Pennsylvania ($2.79) ranks among the top 10 most expensive state averages in the country. In the region, motorists can find gas as cheap as $2.35 in Virginia and $2.40 in Delaware.

Regional gasoline stocks drew by 600,000 bbl, dropping total stock levels to 62.3 million bbl, per EIA data for week ending Dec. 20. In the week ahead, gas prices are likely to see continued, though minimal, increases.

South and Southeast

Motorists in the South and Southeast are paying as much as six cents more on the week to fill-up. Texas (+6 cents) and Louisiana (+5 cents) saw the largest increases, while a majority of states in the region are seeing three- to four-cent increases. Gas prices in the region range from $2.25 in Mississippi to $2.45 in Florida.

Gasoline stocks built by a substantial 2.2 million bbl, pushing total stocks to 85.6 million bbl. The large increase in stocks helped to keep this week’s price pump jumps to a minimum. Gas prices could increase in the coming week, but with EIA measuring regional refinery rates at 96%, increases are likely to be small and not linger.

West Coast

Pump prices in the region continued to decline last week. On the week, Alaska (-4 cents) saw the largest decreases in the region. Hawaii ($3.65) and California ($3.56) remain the most expensive markets in the country. Washington ($3.16), Nevada ($3.04), Oregon ($3.03), Alaska ($2.99) and Arizona ($2.83) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices, even as demand remains robust. According to EIA’s report for the week ending on December 20, total gas stocks in the region fell slightly from 31.63 million bbl to 31.58 million bbl. The current supply level is 4.52 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

Rockies

The Rockies region also saw all state averages decrease on the week: Idaho (-4 cents), Utah (-4 cents), Colorado (-2 cents), Montana (-1 cent) and Wyoming (-1 cent). In the region, state averages range from $2.60 – $2.71.

Gasoline stocks held relatively steady at 7.6 million bbl. Per EIA’s latest report, stocks are about 620,000 bbl higher than this time last year. At 95.7%, regional refinery utilization is the second highest in the country and will help to keep gas prices less expensive in the week ahead.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by four cents to settle at $61.72. Crude prices rose last week after EIA’s petroleum status report revealed that total domestic crude stocks decreased by 5.5 million bbl to 441.4 million bbl last week. Total domestic stocks are now at the level they held last year at this time. If EIA’s report this week shows another reduction, crude prices could increase again. Higher crude prices will likely help to push pump prices higher moving into next year.

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

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More than 100 million Americans are taking to the roadways to travel for the holidays, but that hasn’t had a large impact on gas prices. At the start of the work week, only about a dozen states are seeing more expensive gas prices with increases of less than a dime.

“AAA forecasts that 104 million Americans will travel by car – the most on record – for a year-end holiday,” said Jeanette Casselano, AAA spokesperson. “The substantial number of motorists has caused some state averages to increase heading into the holiday week, but these jumps aren’t big and won’t last long or linger past the holiday season.”

Today’s national average is $2.54, which is a penny less than last week and a nickel cheaper than last month. While the national gas price average continues to slowly edge cheaper, it is noticeably more expensive as compared to last year’s holidays – by nearly 20 cents. However, this isn’t deterring people from taking their holiday road trips and some states are seeing lower averages than last year.

Quick Stats

• The nation’s top 10 least expensive markets are: Missouri ($2.19), Mississippi ($2.21), Texas ($2.22), Oklahoma ($2.22), Louisiana ($2.23), Arkansas ($2.25), Kansas ($2.26), Alabama ($2.26), South Carolina ($2.28) and Tennessee ($2.31). 

• The nation’s top 10 largest weekly changes are: Kentucky (+9 cents), Idaho (-9 cents), Nevada (-8 cents), North Carolina (+5 cents), Illinois (-5 cents), Utah (-5 cents), Nebraska (+4 cents), Indiana (+4 cents), Colorado (-4 cents) and California (-3 cents).

Great Lakes and Central States

Four Great Lakes and Central States land on the top 10 list for largest weekly changes, but for increases and decreases alike: Kentucky (+9 cents), Illinois (-5 cents), Nebraska (+4 cents) and Indiana (+4 cents). The three states with large jumps are exceptions for  the region. Filling up continues to be less expensive for the majority of motorists in the region thanks to mostly increasing stock levels since the beginning of November. 

While regional prices are mostly cheaper on the week, they range from 18 cents to 47 cents more expensive compared to this time last year. This is likely due to higher winter crude oil prices. 

The Energy Information Admiration’s (EIA) latest data shows that stocks built by 1.4 million bbl to total 51.6 million bbl. Currently, regional stocks sit at their highest level since early September, which is helping the majority of the region see cheaper weekly gas prices. 

Mid-Atlantic and Northeast

Motorists across the Mid-Atlantic and Northeast states are seeing mostly more expensive gas prices at the start of the holiday week: North Carolina (+5 cents), Maryland (+2 cents), New Jersey (+2 cents), Virginia (+2 cents), Delaware (+2 cents), West Virginia (+2 cents), New York (+1 cent), New Hampshire (+1 cent), Maine (+1 cent) and Connecticut (+1 cent). Increases are incremental and likely due to the substantial amount of holiday motorists – 16 million in the Northeast – expected to travel this week.

In the region, Pennsylvania ($2.75) carries the most expensive state gas price average and lands on the top 10 list of most expensive averages in the country. 

EIA data shows that regional gasoline stocks built, but by a marginal 600,000 bbl, to total 62.9 million bbl. In the same timeframe, regional refinery rates increased, though only by 1%. Gas prices are likely to see some fluctuation in the week ahead, but any increases are not expected to be large spikes or to linger for very long.

South and Southeast

Motorists traveling through the South and Southeast during the holidays will find some of the cheapest state gas prices in the country, ranging from $2.19 – $2.41. Drivers in the region are starting the work week with gas prices slightly more or less expensive, but only by a few pennies. Florida (-4 cents) and New Mexico (-3 cents) saw the largest declines while Tennessee (+2 cents) saw the largest increase. 

Pump prices saw mostly minimal movement as did gasoline stocks and regional refinery rates. EIA data shows stock levels maintained at a healthy 83.4 million bbl, which includes a marginal 24,000 bbl weekly build. Regional refinery rates dipped slightly, down 2%, to 91%. Despite these small jumps, motorists can expect gas prices to edge cheaper following the holidays. 

West Coast

Pump prices in the region continue to decline, with allstates seeing their averages less expensive this winter compared to last year. On the week, Nevada (-8 cents) saw the largest decreases in the region. Hawaii ($3.65) and California ($3.59) remain the most expensive markets in the country. Washington ($3.18), Nevada ($3.06), Oregon ($3.05), Alaska ($3.03) and Arizona ($2.85) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices, even as demand remains robust. According to EIA’s report for the week ending on December 13, total gas stocks in the region grew by approximately 500,000 bbl, bringing the total to 31.63million bbl. The current supply level is 4.08 million bblhigher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

Rockies

Rockies states are seeing some of the largest weekly decreases in the country with Idaho (-9 cents), Utah (-5cents), and Colorado (-4 cents) landing this week’s top 10 list. Pump prices in Montana and Wyoming also edged cheaper during the last seven days.

In the region, state averages range from $2.61 – $2.75, which are very similar to prices last year at this time. This is true for all Rockies states with the exception of Colorado whose average is 36 cents more expensive than this time last year. In Colorado, this year-over-year difference is likely related to more expensive year-end crude oil prices. 

The EIA’s latest report shows gasoline stocks higher on the week, jumping to 7.6 million bbl as refinery utilization increased by 4%, to 96%. This winning combination means motorists in the region will see gas prices push even cheaper through the year-end. 

Oil Market Dynamics 

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 74 cents to settle at $60.44. Crude prices ended the week up slightly over the previous week amid increased optimism that trade tensions are continuing to decline between the U.S and China — the world’s two largest crude oil consumers. This hope has reduced market concerns that global crude demand will decrease next year, helping to raise price expectations for early 2020.

Crude prices also increased this week after EIA’s recent petroleum status report revealed that total domestic crude stocks decreased by 1.1 million bbl to 446.8 million bbl last week. Total domestic stocks are 5.4 million bbl higher than where they were at this time in 2018.

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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AAA Forecasts Pump Prices to Drop Most Significantly West of the Mississippi   

WASHINGTON (December 19, 2019) – The end of the year historically ushers in some of the cheapest gas prices of the year. This was true in 2018 when the national gas price average was recorded at $2.26 on December 31. However, the national gas price average won’t go that low this month. AAA forecasts that gas prices will edge lower than they are today with the national average falling between $2.40-$2.45, which will be 15-20 cents more than last December.

“Depending on where you live in the country, you will see gas prices drop anywhere between a nickel and a quarter this month. While that will offer savings to motorists, it is not as much as they saw last December,” said Jeanette Casselano, AAA spokesperson. “Gas prices are more expensive year-over-year in part due to higher crude prices this winter over last.”

Winter Regional Outlooks

Motorists west of the Mississippi are positioned to see some of the most significant gas price savings. Here is AAA’s outlook for winter by region:

  • West Coast: After a number of refineries underwent planned and unplanned maintenance, pump prices spiked earlier this fall as a result of tight gasoline supply in the region. The good news is the current supply levels are at a surplus since mid-November. These increased gasoline stock levels, amid lower demand, have helped to push prices down this month and will likely continue to put downward pressure on prices in the winter months ahead. Motorists are likely to see gas prices decrease as much as a quarter in the foreseeable future.
  • Rockies: Motorists in the region will see some of the most drastic pump price drops between now and the end of the year thanks to high refinery run rates and healthy gasoline stock levels. Like the West Coast, the Rockies could see gas prices be as much as a quarter cheaper heading in to the new year.
  • South and Southeast: Gas prices are expected to edge cheaper by at least 15 cents in the coming weeks as regional refinery rates and gasoline stocks increase throughout the South and Southeast region. Currently, stocks sit have registered at a healthy 80 million bbls or more since mid-November.
  • Great Lakes and Central States: The region is no stranger to volatility at the pump and this winter will not be any different. AAA forecasts gas prices to edge cheaper by as much as a dime throughout the Great Lakes and Central region, but warns motorists to expect the normal price fluctuation – potentially large swings – from week-to-week.
  • Mid-Atlantic and Northeast: Despite a major reduction in operations due to the fire at the Philadelphia Energy Solutions (PES) refinery this summer, regional gasoline stocks sit at a relatively healthy level, thanks to imports. This has helped to keep regional gas prices trending cheaper along with the national average. AAA expects the region to see prices continue to decrease into the new year, but at a slow and small pace – most likely no more than a dime.

Oil Dynamics

Higher crude prices this winter, when compared to last winter, will contribute to more expensive pump prices. Last winter, crude prices were mostly $44-$52 per barrel; however, this winter’s prices could go over $60 per barrel as the Organization of the Petroleum Exporting Countries (OPEC) and its partners continue to reduce production to reduce global supply.

In early December, OPEC and other major global producers, including Russia, announced an agreement to cut their total crude production by an additional 500,000 b/d. The new OPEC production reduction agreement brings the total production cut to 1.7 million b/d, beginning on January 1, 2020. It is unclear how long the new agreement will be in place, but OPEC will likely review it and announce any amendments at its next meetings on March 5 and 6 in Vienna, Austria.

“The reduction in global crude supply is expected to help drain the market, which will likely be oversupplied during the first half of next year,” added Casselano. “This could potentially mean expensive crude oil and gas prices in January as compared to the start of recent years, assuming crude demand remains robust.”

In addition to the OPEC reduction, market analysts continue to have concerns about a reduction in global crude demand – a result of the ongoing trade war between the U.S. and China.

Savings with Shell and AAA

This month, AAA members can fill up for even less at Shell stations through the Fuel Rewards® at Shell Holiday Bonus Offer. In addition to the five cents per gallon offered through Fuel Rewards, members will receive an additional 25 cents per gallon on their first fill up after registering for the first time as a Fuel Rewards member (30 cents total), through December 31, 2019. This bonus offer is not available to existing Fuel Rewards members.

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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December is finally bringing cheaper gas prices to pumps across the country. Today’s average is $2.55, which is nearly a nickel cheaper than the beginning of the month. Decreasing gasoline demand and increasing stocks are driving the change in pump prices. The latest Energy Information Administration (EIA) reports show gasoline demand at its lowest rate since mid-February and the highest stock levels since this summer.

“As the weather turns colder, people tend to drive less and we see less gasoline demand,” said Jeanette Casselano, AAA spokesperson. “This is causing gas prices to be less expensive. In the lead up to the holidays we may see a small spike in demand, but not enough to impact gas prices substantially.”

Today’s national average is two cents cheaper than last week, a nickel cheaper than last month, but 18 cents more expensive than this time last year.  

Quick Stats

  • The nation’s top 10 largest weekly changes are: Michigan (-9 cents), Idaho (-9 cents), Indiana (-8 cents),California (-8 cents), Ohio (+8 cents), Nevada (-7 cents), Utah (-7 cents), Florida (- 6 cents), Oregon (-5 cents) and Washington (-5 cents).
  • The nation’s top 10 least expensive markets are: Mississippi ($2.20), Missouri ($2.20), Oklahoma ($2.23), Louisiana ($2.23), Texas ($2.23), Arkansas ($2.25), Alabama ($2.25), South Carolina ($2.27), Kansas ($2.27) and Virginia ($2.29).  

Great Lakes and Central States

Aside from Ohio (+8 cents), gas price averages are cheaper on the week across the Great Lakes and Central States. Michigan had the largest decline with a nine-cent drop. Gas prices edged lower as the region saw a 1.4 million bbl build in gasoline stocks. In fact, regional stocks have mostly increased since the beginning of November according to EIA data.

Year-over-year, gas prices in the region are more expensive, ranging from nearly a dime to 50 cents more than mid-December 2018. However, compared to last month, most drivers in the region are paying as much as a dime less to fill-up.

At the start of the work week, gas prices in the region range from $2.20 in Missouri to $2.63 in Illinois.

Mid-Atlantic and Northeast

State gas price averages in the Mid-Atlantic saw minimal movement this week. Delaware ($2.31) saw the largest decrease at three cents, followed by North Carolina at two cents. All other states in the region saw prices decline by a penny or hold steady since last Monday. Gas prices range from $2.29 in Virginia to $2.75 in Pennsylvania.

For a second week, gasoline stocks saw a substantial 1.6 million bbl increase. According to the EIA, that bumps total stocks up to their highest level in six weeks, up to 62.3 million bbl, which is a nearly 3 million bbl year-over-year surplus. The region is poised to see gas prices continue to decline through the year-end.

South and Southeast

The South and Southeast are home to the cheapest gas price averages in the country. Mississippi ($2.20), Texas ($2.23), Louisiana ($2.23), Oklahoma ($2.23), Alabama ($2.25), Arkansas ($2.25), South Carolina ($2.27) and Tennessee ($2.29) rank among the top 10 lowest prices in the country.

On the week gas prices edged cheaper across the region, except in Texas (+3 cents). Florida (-6 cents) saw the largest decline, but most states only saw pump prices push cheaper by a few cents.

Gasolines stocks continued to build, but only by a half a million bbl to push total stocks to 83.4 million bbl, per EIA data. The small increase is likely why most states saw small movements at the pump on the week. Stocks have been consistently building since the beginning of November. This is a trend that should continue into the new year and bring even cheaper gas prices for motorists in the region.

West Coast

On the week, pump prices in the region continue to decline, with most states seeing their averages decrease. California (-8 cents) and Nevada (-7 cents) saw the largest decreases in the region, while Hawaii (+2 cents) saw the only increase.

Hawaii ($3.66) and California ($3.62) remain the most expensive markets in the country. Washington ($3.22), Nevada ($3.14), Oregon ($3.08), Alaska ($3.04) and Arizona ($2.87) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices, even as demand remains robust. According to EIA’s report for the week ending on December 6, gas stocks in the region grew by 1.56 million bbl, bringing the total to 31.15 million bbl. The current supply level is 2.81 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

Rockies

Idaho ($2.81), Utah ($2.80) and Colorado ($2.75) land on the top 10 list for the most expensive state averages in the country this week. That is despite each of those states seeing gas prices decline on the week, as much as eight cents. Wyoming ($2.68) and Montana ($2.64) are also carrying less expensive gas prices at the start of this work week.

Regional refinery rates jumped by 7% in EIA’s latest report as gasoline stocks built to hit nearly 7.5 million bbl. Total stocks sit at a half a million bbl surplus compared to mid-December last year. If refinery utilization and stocks continue to increase, motorists in the region will see gas prices push even cheaper.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 89 cents to settle at $60.07. Crude prices jumped up after the U.S. and China announced that the world’s two largest crude consuming countries have reached a tentative “Phase One” trade agreement that reduces some U.S. tariffs in exchange for increased Chinese purchases of American farm goods. Since the start of the trade war between the two countries, crude prices have suffered because of reduced crude demand expectations as a result of the countries having to pay more for each other’s goods. If trade tensions continue to decrease, crude prices could increase again this week due to reduced market concerns that crude demand will decrease next year.

In related news, EIA’s recent petroleum status report revealed that total domestic crude inventories grew slightly by 800,000 bbl to 447.9 million bbl last week. Total domestic inventories are 5.9 million bbl higher than where they were at this time in 2018.

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/mobi

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At $2.57, the national gas price average is a penny cheaper on the week. The majority of states saw minimal movement at the pump in the last week, several saw decreases of up to four cents while fewer than a dozen states saw gas prices increase.

“Since the end of October, gasoline demand has mostly decreased as gasoline stocks have mostly increased, paving the way for cheaper gas prices,” said Jeanette Casselano, AAA spokesperson. “AAA expects stocks to continue to grow and drive gas prices even cheaper through year-end.”

Today’s national average is a nickel cheaper than last month, but 15-cents more expensive than this time last year.  

Quick Stats

  • The nation’s top 10 least expensive markets are: Texas ($2.20), Mississippi ($2.22), Oklahoma ($2.23), Missouri ($2.23), Louisiana ($2.25), Alabama ($2.27), South Carolina ($2.27), Arkansas ($2.27), Kansas ($2.28) and Virginia ($2.30).  
  • The nation’s top 10 largest weekly changes are: Ohio (-12 cents), California (-10 cents), Michigan (+10 cents), Florida (+8 cents), Nevada (-7 cents), Indiana (+7 cents), Oregon (-6 cents), Utah (-5 cents), Idaho (-4 cents) and Washington (-4 cents).

Great Lakes and Central States

Three Great Lakes and Central States land on the top 10 list for the country’s largest changes on the week: Ohio (-12 cents), Michigan (+10 cents), and Indiana (+7 cents).  These states saw the largest volatility in the region whereas most states saw fluctuation of no more than three cents. In addition to Michigan and Indiana, three other states in the region saw gas prices increase: Illinois (+2 cents), South Dakota (+2 cent) and Wisconsin (+1 cent).

Energy Information Administration (EIA) data shows that both regional refinery rates and gasoline stocks built on the week. Regional refineries rates bumped up 3% to 94% while stocks increased by 800,000 bbl. While many states saw gas prices increase, this combination helped to keep those changes minimal for motorists in the region.

Mid-Atlantic and Northeast

Compared to a month ago and a week ago, motorists in the Mid-Atlantic and Northeast states are seeing mostly cheaper gas prices. On the week, not one state saw gas prices increase and Pennsylvania (-3 cents) saw the largest decrease. On the month, only Washington, D.C. (+1 cent) and Rhode Island (+1 cent) have more expensive averages. Comparing prices to this time last year, the region is seeing a good bit of volatility. Gas prices range from as much as 17 cents more expensive to nearly a dime cheaper.

In the region, gas prices range from $2.76 in Pennsylvania to $2.30 in Virginia.

With a substantial 1.6 million bbl increase to gasoline stocks in EIA’s latest weekly report, it’s no surprise to see cheaper weekly gas prices. At 60.7 million bbl, stocks sit at their highest level since mid-October. More so, at 69%, refinery rates are at their highest since the end of August. High run rates and healthy stock levels are supporting cheaper gas prices for motorists in the region.

South and Southeast

In the South and Southeast, Florida (+8 cents), Louisiana (+3 cents) and Tennessee (+2 cents) have more expensive gas prices averages compared to last week. All other states are paying less to fill up. With a three-cent decrease, Georgia ($2.41), Oklahoma ($2.23) and Texas ($2.20) saw the largest declines at the pump.

Coincidently, compared to one month ago, Florida (+11 cents) and Louisiana (+4 cents) are also the only two states in the region to have more expensive gas prices. Otherwise, motorists in the region are paying as much as nine-cents less to fill-up than they were in early November.

EIA data shows that regional gasoline stocks sit at nearly 83 million bbl, which is the highest level since mid-August. At 94%, regional refinery rates are at their highest since early September. AAA expects inventory levels to continue to build, which will help keep gas prices cheaper in the month ahead.

West Coast

On the week, pump prices in the region continue to decline, with some states seeing the largest weekly drops in the country. California (-10 cents), Nevada (-7 cents) and Oregon (-6 cents) saw the largest decreases in the region.

California ($3.70) and Hawaii ($3.64) remain the most expensive markets in the country. Washington ($3.27), Nevada ($3.21), Oregon ($3.13), Alaska ($3.08) and Arizona ($2.90) follow.

Increased gasoline stocks continue to help put downward pressure on pump prices, as demand remains robust. According to EIA’s report for the week ending on November 29, gas stocks in the region grew by nearly 720,000 bbl, bringing the total to 29.59 million bbl. The current supply level is 1.86 million bbl higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

Rockies

Utah (-5 cents) and Idaho (-4 cents) land on two top 10 lists this week: largest change and most expensive average. Even with the decreases at the pump, Idaho ($2.90) and Utah ($2.87) state averages rank as the seventh and ninth most expensive at the start of the week. Other states in the region also carry pricey averages: Colorado ($2.79), Wyoming ($2.71) and Montana ($2.66) rank as the 10th, 12th and 16th, respectively.

Along with Utah and Idaho, Montana (-3 cents) and Wyoming (-1 cent) gas prices are also cheaper on the week. Colorado’s average held steady.

For a second week, gasoline stocks saw a minimal increase (200,000 bbl) to sit at 7.2 million bbl, per EIA data. Since the beginning of November, the region has seen mostly weekly builds in stocks. If this trend continues, gas prices are likely to decline through the end of the month.   

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 77 cents to settle at $59.20. Crude prices rose after reports emerged that OPEC and its partners announced an agreement to cut crude production by an additional 500,000 b/d to help maintain prices amid market fears of slowing global demand. The new OPEC production reduction agreement brings the total production cut to 1.7 million b/d — which is about 100,000 b/d more than projected — beginning on January 1, 2020. The reduction in global crude supply is expected to help drain the market, which will likely be oversupplied during the first half of next year. It is unclear how long the new agreement will be in place, but OPEC will likely review it and announce any amendments at its next meetings on March 5 and 6 in Vienna, Austria.

One other contributing factor, if concerns around global crude demand due to the trade war between China and the U.S. ease this week, crude prices could increase again.

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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Following a busy holiday long weekend that saw 49 million Americans traveling on roadways, gas prices across the country saw minimal fluctuation, with most states seeing decreases on the week. The national gas price average is one penny cheaper than last Monday at $2.58. Today’s average is three cents cheaper than last month, but 12 cents more expensive than last year at this time.

“Gasoline stocks have steadily increased the past few weeks as gasoline demand has started to slow,” said Jeanette Casselano, AAA spokesperson. “This trend is creating cheaper gas prices for the majority of motorists.”

In its latest report for the week ending Nov. 22, Energy Information Administration (EIA) data shows a substantial 5.1 million bbl build in gasoline stocks amid flat gasoline demand.

Quick Stats

  • The nation’s top 10 least expensive markets are: Louisiana ($2.22), Mississippi ($2.22), Missouri ($2.23), Texas ($2.23), Oklahoma ($2.26), Alabama ($2.28), Arkansas ($2.29), South Carolina ($2.29), Tennessee ($2.30) and Virginia ($2.31).  
  • The nation’s top 10 largest weekly changes are: Ohio (+15 cents), Florida (+7 cents), California (-6 cents), Indiana (-6 cents), Michigan (-5 cents), North Carolina (+3 cents), Utah (-3 cents), Washington (-3 cents), Idaho (-3 cents) and Alaska (-3 cents).

Great Lakes and Central States

On the week, there is minimal volatility at pumps across the Great Lakes and Central region. Only Ohio (+15 cents) and Wisconsin (+2 cents) saw gas prices increase. All other state averages are cheaper or the same as they were last Monday, with Indiana (-6 cents) and Michigan (-5 cents) seeing the largest decreases. Ohio ($2.60), Indiana ($2.43) and Michigan ($2.45) all land on the top 10 list for largest weekly changes.

In the region, gas prices range from $2.63 in Illinois to $2.23 in Missouri. These states rank as the 17th most expensive and the 3rd least expensive state averages, respectively, in the country.

Gas prices in the region saw low volatility due to an increase in refinery rates and a substantial build (1.6 million bbl) in gasoline stocks, according to EIA data. Total stocks sit at 48 million bbl and are poised to continue increasing, leading to cheaper gas prices in December.

Mid-Atlantic and Northeast

Only four states in the Mid-Atlantic and Northeast have more expensive gas prices on the week: North Carolina (+3 cents), Washington, D.C. (+1 cents), Rhode Island (+1 cent) and New Hampshire (+1 cent). All other state averages in the region saw a penny decrease or no movement on the week. Gas prices range from $2.79 to $2.31, with the majority of state averages ranging between $2.47 to $2.56.

Compared to a year ago, a handful of state averages are seeing more than a dime savings: Connecticut (-12 cents), Rhode Island (-11 cents), Massachusetts (-11 cents) and New York (-11 cents).

The region saw a small build in gasoline stocks. The EIA’s latest report shows an 800,000 bbl increase amid a nearly 3% jump in regional refinery utilization. Should stocks and refinery rates continue to increase, motorists in the region can expect gas prices to decrease. 

South and Southeast

Florida (+7 cents) saw the second largest increase in the country and the largest in the South and Southeast region on the week. Georgia ($2.44), South Carolina ($2.29), Alabama ($2.28) and Louisiana ($2.22) also saw increases, but only by a penny. The largest pump price decrease on the week was two cents, which was seen in New Mexico ($2.48), Oklahoma ($2.26) and Texas ($2.23).

For a second week, the region saw gasoline stocks increase. EIA data shows the latest build was 2.2 million bbl. Stocks now sit at 82.8 million bbl, a high level not seen since this summer. Refinery rates decreased slightly from 92.4% to 91.1%. Should inventory levels stay high, gas prices are likely to decrease in the coming week.

West Coast

Pump prices in the region have declined on the week, with some states seeing the largest weekly drops in the country. California (-6 cents), Washington (-3 cents), Alaska (-3 cents) and Oregon (-2 cents) saw the largest decreases in the region.

California ($3.80) and Hawaii ($3.65) remain the most expensive markets in the country. Washington ($3.31), Nevada ($3.28), Oregon ($3.19), Alaska ($3.11) and Arizona ($2.91) follow.

Increased gasoline stocks have helped to put downward pressure on pump prices, as demand remains robust. According to EIA’s report for the week ending on November 22, gas stocks in the region grew by nearly 400,000 bbl, bringing the total to 28.87 million bbl. The current supply level is 1.88 million bbl higher than last year’s level at this time, which will likely continue to put downward pressure on prices throughout the week.

Rockies

State gas price averages in the Rockies are as much as three cents cheaper starting the week: Utah (-3 cents), Idaho (-3 cents) and Wyoming (-1 cent). Montana ($2.69) and Colorado ($2.79) saw no change.

Compared to gas prices at the beginning of last month (November), today’s state averages are fairly consistent. Utah (+10 cents) is the exception.

While gasoline stocks saw a minimal increase (100,000 bbl), regional refinery rates increased more than 3% to 87.5%, per EIA data. Should both stocks and refinery rates continue to increase, gas prices will decrease.  

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.94 cents to settle at $55.14. Continued market fear that tension between China and the U.S. – the world’s two largest crude consumers – will reduce crude demand moving into next year helped push prices down. Additionally, domestic crude prices decreased after the U.S. hit a record high production level of 12.9 million b/d, according to EIA’s latest weekly petroleum status report. If tension between China and the U.S. persists this week, crude prices could slide further.

In related news, total domestic crude inventories increased by 1.6 million bbl last week, bringing the new total to 452 million bbl. The current level is 1.5 million bbl higher than last year’s level at this same time. 

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

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