Archive for the ‘Fuel’ Category

Gas Pump Prices Pushing Cheaper, Again

August 10th, 2020 by EEdmonds

On the week, the majority of states saw gas prices decrease minimally – by one to two cents or saw no change at the pump. Though low, the volatility was enough to drive the national average down a penny from last Monday to $2.17. Today’s average is two cents less than last month and 49 cents cheaper than a year ago.

“As we move into the second week of the August, it is pricing out to be the second cheapest start to the month in more than a decade,” said Jeanette Casselano, AAA spokesperson. “Gas prices have high potential to push cheaper, especially with many school districts planning for virtual learning. This could drive demand down in the weeks ahead as school starts at-home.”

In the latest Energy Information Administration (EIA) weekly report, gas demand fell from 8.8 million b/d to 8.6 million b/d while stocks held steady at 247 million bbl.

Quick Stats

  • The nation’s top 10 largest weekly changes: Utah (+9 cents), Michigan (+6 cents), Kentucky (-4 cents), Ohio (+3 cents), Florida (-3 cents), Tennessee (-3 cents), West Virginia (-3 cents), Pennsylvania (+2 cents), Texas (-2 cents) and Oklahoma (-2 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.81), Texas ($1.84), Louisiana ($1.84), Oklahoma ($1.86), Arkansas ($1.86), Alabama ($1.87), Missouri ($1.87), South Carolina ($1.88), Tennessee ($1.89) and North Carolina ($1.94).

 2020 Hurricane Season

While Hurricane Isaias did not disrupt gas prices, the 2020 hurricane season is far from over. Last week the National Oceanic and Atmospheric Association (NOAA) released the association’s annual August update, which revised the May forecast from 13 to 19 storms to 19-25 through the end of November. This year’s season could be one of the busiest as it has already produced a record-setting nine named storms.

Major storms and hurricanes that take crude and gasoline infrastructure and refineries offline have the largest impact on gas prices.

One positive factor for this year, U.S. gasoline supply is plentiful sitting at a 17 million bbl year-over-year surplus. If a major storm or hurricane does hit the U.S., it will be a matter of short-term shortages and how quickly gasoline stocks can get to areas of need.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 71 cents to settle at $41.22 per barrel. Domestic crude prices decreased last week due to a weak U.S. dollar and after EIA’s weekly report revealed that total domestic inventories decreased by 7.4 million bbl, bringing total domestic stocks to 518.6 million bbl. The decrease in total supply, amid low gasoline demand, could mean that the domestic crude market is rebalancing. Crude prices have the potential to stabilize this week if EIA’s report shows continued growth in demand alongside a reduction in supply.

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.

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.

As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million b/d, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.

“Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks,” said Jeanette Casselano, AAA spokesperson. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25.”

Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.

Quick Stats

  • The nation’s top 10 largest weekly changes: Michigan (-5 cents), Indiana (-4 cents), North Carolina (-4 cents), Idaho (+3 cents), Wyoming (+3 cents), Maryland (+3 cents), Texas (-3 cents), California (+2 cents), Wisconsin (-2 cents) and Florida (-2 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.83), Louisiana ($1.85), Arkansas ($1.88), Texas ($1.88), Alabama ($1.89), South Carolina ($1.89), Missouri ($1.90), Oklahoma ($1.90), Tennessee ($1.91) and Kansas ($1.97).

Mid-Atlantic and Northeast

Motorists in the Mid-Atlantic and Northeast region are saving, on average, 55 cents a gallon compared to last year. Connecticut (-68 cents), New York (-61 cents) and New Jersey (-61 cents) have the largest year-over-year difference in the region and land on the yearly differences top 10 list. On the week, only a handful of states in the region saw gas prices increase and at two cents at most: Maryland ($2.28) and Delaware ($2.24). North Carolina (-4 cents) saw the largest decrease.

With a 3.4 million bbl draw, the region’s stock levels dip to 67.6 million bbl. While measurement levels have not been this low since the end of March, stocks sit at a 9 million bbl year-over-year surplus, according to EIA data. Stock levels have steadily declined for one month, which has contributed to low volatility at the pump. Pump price savings are expected to continue into August, especially with low demand amid COVID-19 travel restrictions in the tri-state area.

Rockies

Pump price volatility remains low with Rockies region gas price averages fluctuating by only as much two cents on the week: Wyoming (+3 cents), Montana (+2 cents), and Colorado (+1 cent).

Gasoline stocks held steady at 7.6 million bbl. This measurement level is typical for the summer season. While many regions have seen demand destruction caused by COVID-19, the Rockies region has seen the least impact of all regions this summer versus last summer. Offering options to socially distance in the outdoors, tourism continues in the region, though at a lower rate than a usual summer.

West Coast

Pump price increases in the West Coast region were moderate last week, with most states seeing their averages increasing by 1 or 2 cents. Alaska and Arizona saw the only declines in the region, falling by a penny each. Hawaii ($3.22) and California ($3.16) remain the most expensive markets in the country. Washington ($2.80), Oregon ($2.66), Nevada ($2.65), Alaska ($2.51) and Arizona ($2.34) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased slightly from 30.92 million bbl to 30.95 million bbl last week. If demand increases in the region this week, healthy stock levels will likely help to moderate pump price increases.

South and Southeast

Gas prices are as much as three cents cheaper across the South and Southeast region compared to last week with Texas ($1.88), South Carolina ($1.89) and Florida ($2.05) seeing the biggest savings. These three states also land on the top 10 list for largest weekly changes in the country. In the region, state averages range from $1.83 to $2.05, which are among the cheapest in the country.

Replenishing last week’s draw, stocks built by 2.1 million bbl in EIA’s latest report -pushing levels up to 89.7 million bbl. That is nearly 5 million bbl ahead of last year and 10.5 million bbl above the five-year average. This healthy level of supply will continue to help keep gas prices cheaper than last summer.

 Great Lakes and Central States

Motorists in the Great Lakes and Central states are seeing savings at the pump on the week. With a decrease of as much as a nickel, these states land on the top 10 list for largest weekly decreases: Michigan (-5 cents), Indiana (-4 cents), and Wisconsin (-2 cents). At $2.36, Illinois carries the most expensive average in the region and Missouri ($1.90) has the least expensive.

After a one-week build, stocks declined by 600,000 bbl to push total levels back to 50 million bbl. Since late May, when many states started to re-open, regional stocks have declined by 5 million bbl, according to EIA data. Total measurement levels are reflective of the typical summer time in the region.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million bbl. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.

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 $2.19 as 1/3 of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks. 

“During the last month, demand has averaged about 8.6 million b/d while, gasoline stocks have steadily declined,” said Jeanette Casselano, AAA spokesperson. “Week by week, we are seeing mostly regional fluctuation at the pump based on gasoline supply and demand.”

At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.

Quick Stats

  • The nation’s top 10 largest changes: Indiana (-6 cents), Michigan (-6 cents), Ohio (-6 cents), New Mexico (+4 cents), Kentucky (-4 cents), South Dakota (+3 cents), Texas (+3 cents), North Carolina (-3 cents), Wisconsin (-3 cents) and Washington (+2 cents).
  • The nation’s top 10 least expensive markets: Mississippi ($1.83), Louisiana ($1.86), Arkansas ($1.88), Alabama ($1.89), Oklahoma ($1.91), Texas ($1.91), South Carolina ($1.92), Missouri ($1.92), Tennessee ($1.93) and Kansas ($1.98).

Mid-Atlantic and Northeast

On the week, North Carolina (-3 cents), West Virginia (-2 cents) and Maine (+2 cents) saw the largest swings at the pump on the week. All other Mid-Atlantic and Northeast state averages increased or decreased by a penny, while others saw no change at all. Gas prices in the region range from $2.43 in Pennsylvania to $2.00 in Virginia.

Stock levels declined for a third week, this time by 1.3 million bbl. At 71 million bbl, total stocks are at their lowest point since May. However, levels are at an 11.5 million bbl year-over-year surplus, according to EIA data. Regional refinery rates have averaged about 50% since early May, which is helping to keep stock levels at very healthy levels and yielding minimal gas price fluctuation.

Rockies

On the week, states in the Rockies region saw gas price impacts of only a penny. Montana ($2.21) and Wyoming ($2.15) each saw an increase, Utah ($2.27) and Colorado ($2.46) a decrease and Idaho ($2.34) saw no change at all.

With a build of just over 100,000 bbl, gasoline stocks measure 7.6 million bbl. Stocks have been sitting at 7 million bbl or more since mid-May, which is typical for the summer season. However, levels were as high as 9.4 million in early March. This trend shows that as stay-at-home restrictions are lifted, motorists in the region are driving more. At nearly 90% regional refinery utilization is the highest of any region in the country.

West Coast

Pump price increases in the West Coast region were moderate last week, with most states seeing their averages increasing by +2 cents. Hawaii ($3.21) and California ($3.14) remain the most expensive markets in the country. Washington ($2.79), Oregon ($2.66), Nevada ($2.64), Alaska ($2.52) and Arizona ($2.35) follow.

According to EIA’s latest weekly report, total gas stocks in the region increased from 29.6 million bbl to 30.9 million bbl last week. If demand increases in the region this week, healthy stock levels will likely help to moderate pump price increases.

South and Southeast

On the week, gas prices pushed four cents, at most, in either direction with New Mexico (+4 cents) and Texas (+3 cents) seeing the largest increases and Florida (-3 cents) seeing the largest decline. The region continues to lay claim to the lowest state averages in the country. Of the top 10 states with the cheapest average, eight reside within the South and Southeast region: Mississippi ($1.83), Louisiana ($1.86), Arkansas ($1.88), Alabama ($1.89), Oklahoma ($1.91), Texas ($1.91), South Carolina ($1.92) and Tennessee ($1.93).

The region saw a significant draw of nearly 4 million bbl, dropping stocks to total of 87.6 million bbl in EIA’s latest data report. This is the lowest measurement since mid-April, but still 4 million bbl ahed of this time last year. Gas prices will likely see fluctuation, though minimal in the week ahead.

Great Lakes and Central States

Motorists in this region are seeing gas price fluctuation on the week. With a six cent decrease, Indiana ($2.16), Michigan ($2.19) and Ohio ($2.12) top the list for this week’s largest changes in the country. Also landing on the list of biggest changes: Kentucky (-4 cents), South Dakota (+3 cents) and Wisconsin (-3 cents). With a one cent increase, Nebraska ($2.11) was the only other state to see a jump on the week.

Stocks built for the first time since mid-June, which is likely a contributing factor towards the cheaper gas prices for the majority of the region. With a 700,000 bbl add, total levels sit at 51.2 million bbl, which is about average for this time of year.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could stabilize crude prices this week, as coronavirus outbreaks continue to grow 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.

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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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