Posts Tagged ‘AAA Fuel Gauge Report’

At $2.71, gas prices are at their most expensive point in nearly three years and continue to climb. On the week, the national average increased a nickel. Motorists in six west coast states are paying more than $3/gallon. Across the country, only 27 percent of gas stations are selling gas for $2.50 or less.

“Expensive crude oil prices, unrest in the Middle East, strong domestic demand, record production rates and global oil supply surplus have created the perfect storm to drive spring gas prices toward new heights,” said Jeanette Casselano, AAA spokesperson. “Consumers can expect gas prices to increase another 5 to 10 cents this season, but the national average is not expected to reach the $3 mark.”

Today’s gas price average is 18-cents more than a month ago and 30-cents more than a year ago.

“AAA forecast that two-thirds of the 88 million families taking vacation this summer plan to drive to their destination. With more expensive gas prices on the horizon, travelers should plan now for the additional costs,” added Casselano.

Quick Stats

  • The nation’s top 10 largest increases from one year ago are: California (+55 cents), Utah (+54 cents), Hawaii (+50 cents), Idaho (+49 cents), Arizona (+45 cents), Nevada (+43 cents), Oregon (+38 cents), Georgia (+36 cents), Indiana (+35 cents) and Tennessee (+34 cents).
  • The nation’s top 10 least expensive markets are: Oklahoma ($2.43), Arkansas ($2.44), Missouri ($2.45). Mississippi ($2.46), Louisiana ($2.47), South Carolina ($2.48), Alabama ($2.49), Kansas ($2.49), Texas ($2.49) and Minnesota ($2.51).

West Coast

Drivers in the West Coast region are paying some of the highest gasoline prices in the nation: Hawaii ($3.56), California ($3.55), Washington ($3.23), Alaska ($3.20), Oregon ($3.14) and Nevada ($3.13). On the week, all average prices for unleaded regular gasoline in the West Coast states are up. Arizona (+7 cents) is not only seeing the largest increase in its average price in the region, but lands on the top 10 list of states paying the highest prices this week. Prices are significantly more expensive compared to a year ago with many states paying more than or nearly 50-cents more to fill up: California (+55 cents), Hawaii (+50 cents) and Arizona (+45 cents).

According to the Energy Information Administration’s (EIA) latest report for the week ending on April 6, gasoline inventories in the region fell by 600,000 bbl to 31.4 million bbl. This draw marks the third consecutive draw in the region. Although inventories continue to drop, they are now approximately 1.5 million bbl higher than they were at this time in 2017.

Great Lakes and Central

Gas prices are more expensive on the week across all states in the Great Lakes and Central region. With a 6 cent or more increase, three states land on this week’s top 10 list with the largest increases: Michigan (+10 cents), Illinois (+7 cents) and Missouri (+7 cents).

The average gas price in the region is $2.60 with Missouri ($2.45) selling the cheapest and Michigan ($2.78) selling the most expensive gasoline.

Gasoline inventories remained relatively stable on the week in the Great Lakes and Central region. In total, inventories dropped by 26,000 bbl. This marks the fifth week of inventory declines. However, at 58 million bbl in total, inventories are 2 million bbl stronger than early April 2017.

South and Southeast

Excluding New Mexico ($2.63), Georgia ($2.64) and Florida ($2.62), all states in the South and Southeast region are paying the cheapest gas prices in the country. At $2.43, Oklahoma has the lowest gas price average in the country, which is 29-cents more expensive than the lowest price average this time last year, which was held by South Carolina ($2.14).

With a 7-cent jump, Georgia and Texas tied for the region’s largest increase on the week.

The EIA reports a decline in stocks for a second week in the South and Southeast with inventories dropping 1.5 million bbl – the largest decrease of all regions. Overall, total inventories register at 82 million bbl.

Mid-Atlantic and Northeast

West Virginia (+8 cents) tops the region with the largest jump in gas prices for a consecutive week. North Carolina, Tennessee and Virginia saw the second largest changes (+6 cents) among the Mid-Atlantic and Northeast states. Delaware ($2.61) was the only state in the region and country to see the gas price average hold steady.

Pennsylvania ($2.92) is just 8-cents away from hitting the $3/mark. Prices in the state hit a high of $2.90 in both June 2015 and September 2017, but have not risen above that threshold since November 2014.

Gasoline inventories in the region jumped for a second week, adding a substantial 3 million bbl, according to the latest EIA data. This was the only build in inventories of any region in the country on the week. With the upward notch, total gasoline inventories register just above the 61 million bbl mark.

Rockies

Utah (+13 cents), Colorado (+10 cents) and Idaho (+10 cents) top this week’s top 10 list with the largest increases in the country. Both Idaho ($2.99) and Utah ($2.94) are pennies away from reaching the $3 mark, which either state has not seen since summer of 2015. Both states also land on the top 10 states list with the most expensive gas prices.

On the week, gas prices jumped 5 cents in Wyoming and 3 cents in Montana. Prices are expected to continue to climb as tourist season approaches in the Rockies. Motorists filling up in the region this summer can expect gas prices to be at least 40 cents or more expensive than last summer.

Gasoline inventory continued to drop this past week, falling by 500,000 bbl. Total inventories sit at 7.5 million bbl, the lowest for early April since 2015.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI settled at $67.39. Last week, WTI traded at the highest levels since December 2014 and are expected to continue to build momentum this week. Oil prices edged higher last week following new concerns about tension in the Middle East. Following the weekend’s air strikes in Syria, it’s likely prices will go higher. Although Syria is not a major oil producer, tension in the country could ripple to other countries in the region and restrict global oil supply flows.

In its latest report, EIA data for the week ending on April 6 shows domestic crude production in the U.S. hit a new record high of 10.53 million b/d. The increased output led crude storage levels to grow by 3.3 million bbl to 428.6 million bbl. With Baker Hughes, Inc. reporting that the U.S. added seven oil rigs last week – bringing the total to 815 – crude production in the U.S. is likely to continue growing.

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

Gas prices have held at their highest price of the year – $2.66 – for one week. And motorists are seeing fluctuating prices at the pump from state to state with jumps as high as 12-cents in Utah and declines as much as 7-cents in Michigan since last Monday.

“Gas prices are only a penny away from topping the $2.67 high of 2017,” said Jeanette Casselano, AAA spokesperson. “The price is likely to increase as spring brings warmer weather and the switchover to summer blend gasoline, but hopefully we will only see mild jumps in coming weeks.”

Gas prices have edged higher this week following the Energy Information Administration’s (EIA) latest weekly report that showed gasoline inventories dropped by 1.1 million bbl. Additionally, demand for gasoline remains robust at 9.2 million b/d and is more in line with demand levels at the same time in 2017.

Quick Stats

  • The largest yearly increases are: California ($3.52, +54 cents), Hawaii ($3.52, +47 cents), Idaho ($2.89, +44 cents), Utah ($2.81, +42 cents), Arizona ($2.67, +40 cents), Nevada ($3.07, +40 cents), Oregon ($3.10, +35 cents), Maine ($2.66, +33 cents), Rhode Island ($2.64, +33 cents) and South Carolina ($2.43, +32 cents).
  • The nation’s top ten most expensive markets are: California ($3.52), Hawaii ($3.52), Washington ($3.19), Alaska ($3.17), Oregon ($3.10), Nevada ($3.07), Idaho ($2.89), Pennsylvania ($2.87), Washington, DC ($2.83) and Utah ($2.81).

West Coast

Pump prices in this region are among the highest in the nation: California ($3.52), Hawaii ($3.52), Washington ($3.19), Alaska ($3.17), Oregon ($3.10) and Nevada ($3.07). On the week, all average prices for unleaded regular gasoline in these states are up, with Nevada (+6 cents) and Alaska (+4 cents) leading the pack. California, Washington and Oregon each increased by two cents.

EIA reported that gasoline stocks in this region decreased by 600,000 bbl for the week ending on March 30 – the second consecutive weekly decline in stocks. However, when compared to this time last year, they were approximately 2.5 million bbl higher.

Great Lakes and Central

On the week, nine states in the region are paying less to fill up: Michigan (-7 cents), Iowa (-2 cents), Nebraska (-2 cents), Missouri (-2 cents), Indiana (-2 cents), Minnesota (-1 cent), Wisconsin (-1 cent), Kansas (-1 cent), and Illinois (-1 cent). Not all states are seeing cheaper prices; Ohioans are paying 6 cents more to fill up since last Monday.

Gas price averages are volatile across the Great Lakes and Central states with a 31-cent disparity between the highest prices in Illinois ($2.70) to the cheapest in Missouri ($2.39).

Gasoline inventories dropped for a fourth week, lowering total inventories to 57.8 million bbl. This total is in-line with levels from a year ago.

South and Southeast

New Mexico (+4 cents) saw the largest price increase among the South and Southeast states on the week while Florida (-3 cents) and Oklahoma (-2 cents) lead the region in price declines.

Also seeing relief at the pump with 1 cent price declines: South Carolina, Georgia, Texas and Louisiana.

Compared to one year ago, prices are as much as a quarter or more expensive to fill up in the region: South Carolina (+32 cents), Alabama (+30 cents), Georgia (+30 cents) New Mexico (+27 cents) and Mississippi (+25 cents).

Gasoline stocks dropped 1 million bbl on the week. At 83.2 million bbl, total inventories sit at the lowest level since early February this year, but nearly 5 million bbl more than this time last year, according to EIA data.

Mid-Atlantic and Northeast

On the week, gas prices in the region slightly increased with West Virginia (+4 cents) seeing the largest jump at the pump. Only Washington, D.C.  (-1 cent) motorists are seeing a decline. Three states held their gas prices since last Monday: Virginia ($2.47), Connecticut ($2.74) and Massachusetts ($2.62).

Nearly half (12) of the 25 states in the country selling gas for $2.60 or more are Mid-Atlantic and Northeast states. The most expensive include: Pennsylvania ($2.87), Washington, D.C., ($2.83) New York ($2.76), Connecticut ($2.74) and New Jersey ($2.69).

Jumping 1 million bbl, gasoline inventories are at 57.4 million bbl, according to the latest EIA data. Despite carrying the third highest inventory of all the regions, the Mid-Atlantic and Northeast totals are 8.5 million bbl behind this time last year.

Rockies

Utah (+12 cents), Idaho (+9 cents) and Wyoming (+3 cents) land on this week’s top 10 list with the largest increases in the country. Gas prices also inched higher in Montana (+1 cent). Colorado’s ($2.51) gas price average held steady since last Monday. With the latest increase, Utah ($2.81) has seen gas prices jump by a 26-cents inside of two weeks. However, at $2.89, Idaho is carrying the most expensive gas price average in the Rockies.

Gasoline inventory fell below the 8-million bbl mark for the first time since early February and is likely to follow historical trends and drop further into the spring and summer.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased $1.48 to settle at $62.06. Oil prices slid backward amid fears of a trade war between the U.S. and China, as both countries issued trade threats to increase tariffs on key goods produced in each country. If the threats continue this week, the price of WTI will likely take a further hit alongside the equities market in the U.S.

This news follows EIA reporting that crude exports hit a record high of 15.2 million bbl for the week ending on March 30. The last record high occurred in October 2017. Another record high for domestic crude production of 10.5 million b/d last week contributed to the U.S. shipping more oil to other countries.

Additionally, Baker Hughes, Inc. reported that the U.S. gained 11 active oil rigs last week, raising the total number to 808. Increased U.S. crude output will likely put renewed focus on global crude supplies, as OPEC’s production reduction agreement with non-OPEC producers, including Russia, remains in effect. In fact, last week Russia’s Energy Minister Alexander Novak said that Moscow is considering cooperating with OPEC to curb global oil supplies indefinitely after the agreement expires at the end of the year. Since the agreement has been in place, OPEC and its partners have worked to reduce their combined output by 1.8 million b/d.

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

Gas prices are edging up across the country as the market continues to purge winter-blend gasoline to make room for summer storage. At $2.66, the national gas price average is 5-cents more expensive on the week and 11-cents more expensive than two weeks ago.

“Today, only 38 percent of U.S. gas stations are selling gasoline for $2.50 or less and that percentage will likely dwindle in coming weeks,” said Jeanette Casselano, AAA spokesperson. “The holiday weekend, strong demand and preparation for summer gasoline are all factors that have driven and will continue to drive higher gas prices into early spring.”

In spite of price fluctuations, gasoline demand fell to 9.2 b/d according to the latest Energy Information Administration data – the lowest point for the month of March, but remains strong for this time of year.

 

Quick Stats

  • The nation’s top 10 largest weekly increases are: Utah (+14 cents), Kentucky (+10 cents), Missouri (+9 cents), Florida (+9 cents), Arizona (+9 cents), Idaho (+8 cents), Georgia (+8 cents), Nevada (+8 cents), New Mexico (+7 cents) and Indiana (+7 cents).
  • The nation’s top 10 most expensive markets are: Hawaii ($3.52), California ($3.51), Washington ($3.17), Alaska ($3.13), Oregon ($3.09), Nevada ($3.01), Pennsylvania ($2.86), Washington, DC ($2.83), Idaho ($2.80) and New York ($2.77).

West Coast

Drivers in West Coast states are paying the highest pump prices in the nation: Hawaii ($3.52), California ($3.51), Washington ($3.17), Alaska ($3.13), Oregon ($3.09) and Nevada ($3.01). On the week, all drivers in these states saw an increase in prices at the pump. Arizona (+9 cents) saw the largest leap, while Hawaii (+1 cent) saw the smallest.

At 1.59 million b/d, last week’s total gasoline production rate is nearly 60,000 b/d less than the rate last year at this time. According to the EIA’s latest weekly report, total gasoline inventories in the region declined by 36,000 b/d last week to sit at 32.7 million bbl.. However, inventories may decline further with this week’s scheduled planned maintenance at the Phillips 66 Los Angeles Refinery, which can produce up to 147,000 b/d of gasoline.

Great Lakes and Central

Gas prices are more expensive on the week across the Great Lakes and Central region with three states landing on this week top 10 list with the biggest increases: Kentucky (+10 cents), Missouri (+9 cents) and Indiana (+7 cents). Nebraska ($2.56) was the only state in the region to see no change at the pump this week.

Kentucky (+37 cents) and Indiana (+35 cents) are the leading states in the region with the largest year-over-year increase. Ohio (+17 cents) has the region’s and country’s lowest year-over-year difference in gas prices.

With a nearly 500,000 bbl draw, gasoline inventories continue to sit above the 58 million bbl mark. The region carries the second-highest inventory level in the country – second to the South and Southeast’s 84 million bbl.

South and Southeast

At nearly a dime increase, Florida (+9 cents) has the fourth largest gas price jump in the country and the highest in the South and Southeast on the week. Georgia (+8 cent) and New Mexico (+7 cents) also saw large jumps. Despite the increases, the South and Southeast continue to carry the least expensive gas prices averages in the country: Arkansas ($2.38), Mississippi ($2.40), Oklahoma ($2.42), Alabama ($2.43), Texas ($2.43) Louisiana ($2.44) and South Carolina ($2.44).

Motorists in South Carolina are paying 40-cents more for a gallon of gas compared to the beginning of April 2017. This is the third highest year-over-year increase of any state in the country. Georgia (+38 cents) has the fifth highest increase compared to this time last year.

The region was the only one to see a jump in gasoline inventories. With an addition of 418,000 bbl, inventories total above 84 million bbl, according to the EIA.

Mid-Atlantic and Northeast

Pump prices are up as much as 7 cents across the Mid-Atlantic and Northeast region on the week. Pennsylvania (+7 cents) and Maine (+6 cents) saw the largest increases. Pennsylvania ($2.86) and Washington, D.C.  ($2.83) carry the most expensive prices while Virginia ($2.47) and Tennessee ($2.46) sell the least expensive.

Compared to one year ago, Tennessee (+39 cents), Maine (+38 cents), New Jersey (+37 cents) and Massachusetts (+36 cents) motorists are paying significantly more to fill up at the pump.

With a 3.3 million bbl draw, the Mid-Atlantic and Northeast region saw the largest drop in inventory on the week, according to EIA data. At 56 million bbl in total, inventories sit 10 million bbl below this time last year.

Rockies

Utah (+14 cents) and Idaho (+8 cents) land on this week’s top 10 states with the largest increase on the week. At $2.80, Idaho’s gas price average is the ninth most expensive in the country and the most expensive in the Rockies region. Eleven cents cheaper, Utah ($2.69) has the second highest gas price average in the region. On the week, pump prices jumped 4-cents in Colorado, three cents in Wyoming and remained stabled in Montana ($2.58).

Utah (+24 cents) and Idaho (+23 cents) also rank as two of the three leading states in the country with gas prices nearly a quarter more than this time last month.

The EIA reports that gasoline inventories in this region were unchanged on the week, remaining at 8 million bbl.

Oil market dynamics

The NYMEX was closed on Friday due to the holiday. On Thursday, WTI increased 56 cents to settle at $64.94. The increase was led by Baker Hughes active rig count report that revealed the U.S. dropped seven active rigs last week, bringing the total to 797. Price gains were tempered by EIA’s weekly report showing that total crude oil inventories grew by 1.5 million bbl last week. Moreover, domestic crude hit another top record for weekly production at 10.4 million b/d. If this week’s EIA report shows another inventory build, driven by record-setting oil production, prices may move lower as it may signal that global crude supplies may be on the rise 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.

With the arrival for spring, gas prices immediately became more expensive nationwide. The national gas price average is $2.61, which is a nickel more expensive on the week. Six states are seeing double-digit increases: Idaho (+16 cents), Utah (+14 cents), Delaware (+13 cents), New Mexico (+12 cents), South Carolina (+10 cents) and Maryland (+10 cents). As prices soar, the Energy Information Administration (EIA) reports that demand dropped to 9.3 million b/d as gasoline stocks dipped (1.7 million b/d) on the week.

“Right now we are seeing the market starting to purge winter-blend gasoline to make room for summer-blend,” said Jeanette Casselano, AAA spokesperson. “The jump in gas prices is just the beginning for the season. AAA forecasts the national gas price average will be as much as $2.70/gallon this spring and summer.”

Today’s national gas price average ($2.61) is nine cents more than a month ago and 33 cents more expensive than this time last year.

Quick Stats

  • The nation’s top 10 largest weekly increases are: Idaho (+16 cents), Utah (+14 cents), Delaware (+13 cents), New Mexico (+12 cents), South Carolina (+10 cents), Maryland (+10 cents), Alabama (+9 cents), Oregon (+9 cents), Michigan (+9 cents) and Washington (+9 cents).
  • The nation’s top 10 least expensive markets are: Missouri ($2.31), Mississippi ($2.35), Arkansas ($2.36), Alabama ($2.37), Louisiana ($2.39), Texas ($2.39), South Carolina ($2.40), Oklahoma ($2.40), Tennessee ($2.41) and Ohio ($2.42).

West Coast

Pump prices in West Coast states are among the highest in the nation: Hawaii ($3.51), California ($3.47), Alaska ($3.09), Washington ($3.14), Oregon ($3.05) and Nevada ($2.93). On the week, all drivers in these states saw an increase in prices at the pump. Washington (+9 cents) and Oregon (+9 cents) saw the largest jumps, while Nevada (+7 cents) and California (+6 cents) were close behind. Alaska (+2 cents) and Hawaii (+1 cent) saw the smallest increases.

According to the EIA’s latest weekly report, total gasoline stocks in the region increased last week by 400,000 bbl. They now sit at 32.8 million bbl, which is approximately 4.2 million bbl more than last year’s level at this time.

Great Lakes and Central

Gas prices rose sharply in the Great Lakes and Central region on the week. Michigan (+9 cents) and Nebraska (+9 cents) saw the largest increase followed by Indiana (+8 cents), Iowa (+7 cents) and Illinois (+7 cents).

Within the region and the country, Ohio is the outlier seeing gas prices drop one cent since last Monday.

North Dakota ($2.57) was the only state to see prices remain stable in the region in the last week, but continues to be among the most expensive among the Great Lakes and Central. Coincidentally, the state is one of only two in the region to see a gas price drop on the compared to last month: North Dakota (-3 cents) and Minnesota (-2 cents). All other states are paying more to fill up compared to February 2018 with three states paying a considerable amount more on the month: Michigan (+22 cents), Indiana (+21 cents) and Illinois (+15 cents).

For a second week, gasoline inventories dropped. According to EIA data, the region took a 1.3 million bbl draw to register at 58.8 million bbl. Overall, inventory levels stand just below this time last year, but about 3.5 million bbl above the five-year average for this time of year.

South and Southeast

Three states from the South and Southeast region land on the top 10 list with the biggest change with two of them seeing at least an increase of a dime: New Mexico (+12 cents), South Carolina (+10 cents) and Alabama (+9 cents). Texas (+8 cents) and Mississippi (+7 cents) also saw large jumps on the week. Gas prices range from as cheap as $2.35 in Mississippi to as expensive as $2.55 in Florida.

Compared to March 2017, motorists in South Carolina are seeing the biggest difference in gas prices of all states in the region at 38 cents more a gallon. Prior to Hurricane Harvey, the state typically ranked as the cheapest gas prices in the country week after week. While it has occasionally re-taken the cheapest spot since the hurricane prices in the state have fluctuated.

With a 1 million bbl decrease, gasoline inventories fall below the 84 million mark. However, total inventories are at a 4 million bbl surplus compared to last March, according to the EIA.

Mid-Atlantic and Northeast

In the Mid-Atlantic and Northeast region, all states are paying more on the week with motorists in Delaware (+13 cents) and Maryland (+10 cents) seeing double-digit increases at the pump. Washington, D.C. ($2.80), Pennsylvania ($2.80) and New York ($2.73) tout the most expensive prices in the region and could trend closer to the $3/gallon mark this spring.

Paying nearly 40-cents more, four states in the region land on the top 10 list with the biggest changes year-over-year: Tennessee (+37 cents), Delaware (+37 cents), Vermont (+36 cents) and Maryland (+36 cents).

Gasoline inventories increased by a small 206,000 bbl on the week, but still sit at 59.7 million bbl. This is the first year since 2014 that March inventories sit below 60 million bbl. Year-over-year, inventories are at an 8.5 million bbl deficit in the region, according to EIA data.

Rockies

With a 16-cent increase, Idaho saw the biggest spike in gas prices in the region and in the country on the week. The state also ranks as the 10th most expensive state to fill up in nationwide. The spike brings Idaho’s gas price average ($2.72) to the most expensive in the region. Utah (+14 cents) saw the second largest spike in the country and in the region on the week. Motorists in Colorado (+5 cents) and Wyoming (+3 cents) are paying more on the week while Montana’s ($2.58) average saw no change.

With a 77,000 bbl add, gasoline inventories continue to register above 8 million bbl. Inventory totals for the region are about 278,000 bbl ahead of this time last year, according to the EIA.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.58 to settle at $65.88. The futures market for crude oil rallied last week after EIA’s report revealed crude inventories fell for the third consecutive week. Crude oil inventories dropped 2.6 million barrels from the previous week, and storage levels across the country now total 428.3 million barrels. When compared to last March, current domestic crude inventories are 104.8 million barrels lower. This year-over-year change could be attributed to higher than usual gasoline demand in the U.S. for this time of the year, which has also coincided with growing crude and gasoline exports from the U.S.

The lowering crude data also signaled that OPEC’s production reduction agreement with other large producers, including Russia, is helping to drain global crude supplies and lift the price per barrel. The reduction agreement will be in effect through the end of 2018, and it may extend into 2019. Last week in an interview, Saudi Arabia’s Energy Minister Khalid al-Falih said that OPEC would need to continue coordinating with non-OPEC countries in the agreement on what measures to take to curb global crude supplies in 2019. This news contributed to the WTI rally that occurred at the end of last week. The supply reduction agreement, which has been in place since January 2017, has helped participating countries remove 1.8 million b/d from global crude supplies. While the agreement has been in place there has been a reduction in the global supply in crude — which has also helped to lift the price. An extension of the current agreement will likely push prices up and supplies down further.

Meanwhile, U.S. crude production continues to boom. According to EIA’s data last week, production in the U.S. hit another record high of 10.41 million b/d. As another sign of expanded crude production growth in the U.S., Baker Hughes reported that the U.S. gained four active oil rigs last week, bringing the total to 804. The total is 152 more rigs than last year 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.

Consumer gasoline demand is at the highest level on record for March. According to the Energy Information Administration’s (EIA) latest report, demand measured at 9.6 million b/d – levels typical of summer months, not the first quarter of a year. U.S. exports continue to trend high, accounting for a large chunk of this week’s demand data.

“As demand strengthened, gasoline inventories declined, pushing the national gas price average two cents more expensive on the week to $2.55,” said Jeanette Casselano, AAA spokesperson. “As a result, the majority of motorists are seeing more expensive gas prices at the start of this work week.”

Today’s national gas price average of $2.55 is two cents more than a month ago and more than a quarter (26 cents) higher than this time last year.

Quick Stats

  • The largest monthly changes are: Michigan (+17 cents), Ohio (+16 cents), Illinois (+12 cents), New Jersey (-9 cents), Oregon (+9 cents), California (+9 cents), Pennsylvania (-8 cents), Utah (-8 cents) Nevada (+8 cents), and Iowa (-7 cents).
  • The nation’s top ten most expensive markets are: Hawaii ($3.50), California ($3.41), Alaska ($3.07), Washington ($3.05), Oregon ($2.96), Nevada ($2.86), Washington, D.C. ($2.76), Pennsylvania ($2.75), New York ($2.69) and Connecticut ($2.67).

West Coast

Drivers in the West Coast region are paying the highest pump prices in the country. The top six most expensive markets in the country are in the region: Hawaii ($3.50), California ($3.41), Alaska ($3.07), Washington ($3.05), Oregon ($2.96) and Nevada ($2.86). On the week, most West Coast states saw an increase in prices at the pump, with Nevada (+6 cents) seeing the largest. Oregon, Washington, and California each jumped up four cents, while Alaska inched up by a penny. Only Hawaii saw no change in its average price for unleaded regular gasoline.

According to the EIA’s latest weekly petroleum report, gasoline inventories in the region saw a 2.1 million bbl draw last week – a major decline ahead of the spring driving season. Total gasoline stocks in the region sit at 32.4 million bbl, which is approximately 3.4 million bbl more than the level at this time last year.

Great Lakes and Central

In the Great Lakes and Central region, gas prices range from as cheap as $2.27 in Missouri to as expensive as $2.57 in North Dakota. On the week, pump prices are mostly more expensive with Kentucky (+9 cents), Illinois (+6 cents), Michigan (+4 cents) and Indiana (+3 cents) seeing the largest increases in the region. South Dakota (-2 cents), Nebraska (-1 cent), Minnesota (-1 cent) and Missouri (-1 cent) saw the largest decreases in the region. The 11-cents gap between gas price increases and decreases is not surprising as the region traditionally sees high volatility from week to week.

Gasoline inventories dropped by a small 817,000 bbl on the week, but measure at a strong 60 million bbl. Overall, inventory levels in the region are in line with levels this time last year, according to EIA data.

South and Southeast

Motorists are paying more to fill-up on the week in the South and Southeast. Georgia (+6 cents), Texas (+4 cents) and Florida (+4 cents) saw the largest increases in the region. Georgia’s week-over-week increase lands the state on the top 10 states list with the biggest jump in the country.

Despite the increases, the region continues to see some of the cheapest gas in the country. Mississippi ($2.28), Alabama ($2.28), South Carolina ($2.29), Arkansas ($2.30), Texas ($2.31), Louisiana ($2.32) and Oklahoma ($2.34) are among the top 10 states with the least expensive gas prices in the country.

Gasoline inventories dropped on the week yet remain above the 85 million bbl mark. Offline for planned maintenance the past month, Motiva’s Port Arthur, Texas, refinery has brought a processing units back online, which will likely contribute to an increase in inventory in coming weeks.

Mid-Atlantic and Northeast

Gas prices are volatile in the Mid-Atlantic and Northeast region. On the week, prices pushed as much as a nickel more expensive in Maryland while decreasing by a penny in Pennsylvania, New Jersey, Connecticut, Vermont, New York and New Hampshire. Three states saw prices remain stable the past seven days: Maine, Massachusetts and Rhode Island.

Motorists in Washington, D.C. ($2.76), Pennsylvania ($2.75), New York ($2.69) and Connecticut ($2.68) are paying the most expensive gas prices in the region. These four states are also among the top 10 most expensive states in the country this week.

With a 2.4 million bbl decline, the Mid-Atlantic and Northeast region saw the largest draw in the country on the week, according to EIA data. Gasoline inventories now sit at their lowest level of the year at 59.4 million bbl.

Rockies

On the week, Idaho (+2 cents), Colorado (+2 cents) and Utah (+1 cent) saw prices increase. Meanwhile, prices are cheaper in two states: Wyoming (-2 cents) and Montana (-1 cent). At $2.58, Montana carries the most expensive state gas price average in the Rockies region, which is 22-cents more expensive than this time last year.

A fire last week at Holly Frontier’s 41,400 b/d Wood Cross refinery, north of Salt Lake City, Utah, will reduce production rates as a crude unit is shut down for potentially two months. The reduced runs will have an impact on regional inventories and likely impact gas prices this spring. Besides HollyFrontier, there are four other refineries in Utah.

Gasoline inventories continue to register above 8 million bbl, despite a small draw on the week. Levels may tighten in coming weeks with the reduction at Wood Cross refinery; however, inventories are at a healthy level and analysts don’t expect a shortage in the market. Had the reduction happened during the summer, when inventory is tight, it may have had an adverse effect.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.15 to settle at $62.34. Crude prices rallied last week after the International Energy Agency’s (IEA) latest monthly oil market report showed that global crude demand is expected to increase to 99.3 million b/d, an increase of 1.5 million b/d over 2017’s rate of 97.8 million b/d. The report also noted that global supply reached 97.9 million b/d last month, which was fueled by growth in domestic production in the U.S. The figure is 700,000 b/d higher than last year’s rate at this time. These findings gave the market some hope that although crude production is booming in the U.S., the newly produced oil will help meet global demand instead of helping global inventories grow.

The latest weekly U.S. crude production rate record – 10.4 million b/d – was set last week, according to EIA. That rate is likely to continue growing, supported by growth in the number of active oil rigs in the country. Last week, Baker Hughes reported an increase of four rigs. The total is now 800, which is 169 more than last year 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.

 

At $2.53, the national gas price average has held steady for nine days. Factors contributing to the flat price include increased gasoline production that has kept pace with higher than usual demand this winter. The latest Energy Information Administration (EIA) report shows that demand increased week-over-week, registering at 9.2 b/d – the highest gasoline demand level seen this year.

“On the week, the majority of motorists are paying less at the pump with 67 percent However, the West Coast, Great Lakes and Central states are mostly seeing a gas price increase.”

Today’s national average is a nickel less than last month, but 13 cents more than one year ago.

Quick Stats

  • The largest weekly changes are: Michigan (+6 cents), Kentucky (-5 cents), Florida (-4 cents), Ohio (+4 cents), Indiana (+3 cents), California (+3 cents) and New Mexico (+3 cents), Louisiana (-3 cents), Georgia (-3 cents) and Utah (-3 cents).
  • The nation’s top ten least expensive markets are: Alabama ($2.26), South Carolina ($2.26), Mississippi ($2.26), Texas ($2.27), Missouri ($2.28), Arkansas ($2.28), Tennessee ($2.30), Louisiana ($2.31), Kentucky ($2.32) and Oklahoma ($2.32).

West Coast

Pump prices in the West Coast region are among the highest in the country: Hawaii ($3.50), California ($3.37), Alaska ($3.06), Washington ($3.01), Oregon ($2.92) and Nevada ($2.81). On the week, California, Oregon and Nevada saw the largest jumps, increasing by two cents each. Washington inched up by a penny, while the remaining states stayed the same.

According to the EIA, gasoline inventories saw a 1.2 million bbl build last week – the largest increase in nearly two months. Total gasoline stocks in the region sit at 34.4 million bbl, which is approximately 4 million bbl more than the level at this time last year.

Great Lakes and Central

The Great Lakes and Central states saw the most volatility with gas prices increasing 6 cents in one state and decreasing 5 cents on the week in another: Michigan (+6 cents), Kentucky (-5 cents), Ohio (+4 cents) Indiana (+3 cents), and Kansas (-3 cents). In addition, Wisconsin (+1 cent) motorists are paying more. Gas prices are cheaper for all other states in the region.

After last week’s substantial 1.7 million bbl build, gas inventories added 880,000 bbl this week according to the EIA. Total inventories sit at 61 million bbl. The last time the region reached or was above 61 million bbl was in 2016, according to the EIA. It was reported that PBF Energy’s 188,000-b/d refinery in Toledo, Ohio, shut its hydrocracker for planned maintenance last week. A hydrocracker breaks up oil into a variety of byproducts, including gasoline. This could affect regional inventory levels through April, which is when the refinery expects to complete maintenance.

South and Southeast

Prices at the pump are cheaper for every state in the South and Southeast except for New Mexico (+3 cents). Florida (-4 cents) saw the largest drop. Seven of the country’s top 10 states with the cheapest gas price average are in this region: Alabama ($2.26), South Carolina ($2.26), Mississippi ($2.26), Texas ($2.27), Arkansas ($2.28), Louisiana ($2.31) and Oklahoma ($2.31).

Compared to one month ago, gas prices are 4 to 15 cents cheaper. Florida (-15 cents) is seeing the biggest price drop in the region and the country.

At 85.7 million bbl, gasoline inventories in the region are at the second-highest total on record, according to EIA data. If the region builds on current levels this coming week, the record of 85.9 million, set in January 2017, could be broken.

Mid-Atlantic and Northeast

Across the Mid-Atlantic and Northeast region, gas prices dropped as much as 3 cents on the week with Pennsylvania and Delaware landing on this week’s top 10 states list with the biggest decreases. In the region, gas prices range from as low as $2.30 in Tennessee to as expensive as $2.76 in Pennsylvania.

Despite this week’s pump price decreases, all states in the region are paying more than at the same time last year. However, a handful are paying as much as 25-cents or more to fill up versus March 2017: Massachusetts (+31 cents), Rhode Island (+30 cents), Vermont (+30 cents), New Jersey (+29 cents), Connecticut (+29 cents), Washington, D.C. (+28 cents), New Hampshire (+28 cents), Pennsylvania (+26 cents), New York (+26 cents), Maine (+26 cents) and West Virginia (+25 cents).

Gasoline inventories took a large 3.4 million bbl draw on the week, according to the EIA. Regional inventory sits at 61.8 million bbl. The draw is not surprising given an increase in U.S. exports and that local Phillips 66 Bayway refinery continues maintenance.

Rockies

Motorists in the Rockies region continue to see gas prices decline. With a 3-cent drop, Utah saw the biggest change on the week in the region and is among the top 10 states in the country. Gas prices are 2 cents cheaper in Idaho and one cent cheaper in Colorado and Wyoming.  At $2.59, Montana’s average was stable on the week and continues to sell the most expensive gas in this five-state region.

Utah (-2 cents) is the only state in the country paying less at the pump compared to this time last year. Montana (+23 cents) is paying the most year-over-year.

With a 700,000 build, gasoline inventories register at 8.2 million bbl. This is on par with levels this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.92 to settle at $62.04. Earlier in the week, after EIA’s weekly report noted that crude oil inventories increased by 2.4 million bbl last week, WTI prices took a hit. Crude prices rebounded toward the weekend because of a strong rally alongside the stock market. The price of crude has the potential to slide this week amid the fact that U.S. crude production continues to boom.

Crude production hit another record at 10.37 million b/d last week. Market observers are likely to continue watching this number to see if it begins to outpace domestic and global crude oil demand. According to Baker Hughes, the U.S. lost four active oil rigs last week. The current total stands at 796, which is 179 more than last year’s count 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.

Gas Prices on the Rise for Half of the Country

March 5th, 2018 by AAA Public Affairs

Following three weeks of pump price declines, half of the country is seeing gas prices climb as much as 9 cents on the week. At $2.53, the national gas prices average is one cent more than last Monday with 25 states seeing gas prices increases. That being said, today, 63% of motorists in the United States can fill up for $2.50/gallon or less.

“2018 has seen fluctuating crude oil prices, strong gasoline demand and new U.S. oil production records creating a volatile gas price market from month to month for consumers,” said Jeanette Casselano. “Typically, March brings more expensive pricing as days get longer, weather gets warmer and refinery’s gear up to switchover to pricier summer blends.”

Today, gas prices are 8 cents cheaper from last month. However, they are still 22 cents more expensive than this time last year.

Quick Stats

  • The largest weekly changes are: Ohio (+9 cents), Indiana (+8 cents), Georgia (+5 cents), Alaska (+4 cents), Kansas (+4 cents), Michigan (+4 cents), South Carolina (+3 cents), Oregon (+3 cents), Illinois (+3 cents) and New Jersey (-3 cents).
  • The nation’s top ten most expensive markets are: Hawaii ($3.50), California ($3.35), Alaska ($3.06), Washington ($3.00), Oregon ($2.90), Nevada ($2.79), Pennsylvania ($2.79), Washington, DC ($2.73), New York ($2.71) and Connecticut ($2.69).

West Coast

Drivers in six states in the West Coast region are paying the highest pump prices in the country: Hawaii ($3.50), California ($3.35), Alaska ($3.06), Washington ($3.00), Oregon ($2.90) and Nevada ($2.79). On the week, all prices in these states are up. Alaska (+4 cents) and Oregon (+3 cents) saw the largest jumps, while Hawaii and Washington each increased by two cents. Both California and Nevada inched up by a penny.

According to the Energy Information Administration (EIA), gasoline inventories saw a draw down for the third consecutive week; decreasing by 1 million bbl. Still, inventories now sit at 33.2 million bbl, which is nearly 3 million bbl higher than they were at this time last year. Planned maintenance at refineries in the region has helped to lower stocks.

Great Lakes and Central

Gas prices have increased for the majority of states in the region on the week. With a 9-cent jump, Ohio is seeing the largest increase in the country and region followed by Indiana (+8 cents) and Kansas (+4 cents). Only four of the 13 states in the region saw prices decrease: Iowa (-2 cents), Kentucky (-1 cent), Minnesota (-1 cent) and North Dakota (-1 cent).

Compared to last month, all motorists in the Great Lakes and Central states are seeing a cost savings at the pump. These states are seeing the largest drops: Indiana (-15 cents), Kentucky (-15 cents), Iowa (-14 cents), Michigan (-14 cents), Nebraska (-12 cents), Wisconsin (-8 cents), Illinois (-8 cents) and Minnesota (-7 cents).

On the week, gasoline inventories built by 1.7 million bbl to register at 60 million bbl. This is the largest inventory total the Great Lakes and Central region has seen this year and on par with levels this time last year, according to the EIA.

South and Southeast

Gas prices are more expensive on the week for every state in the region. Georgia (+5 cents), South Carolina (+3 cents) and Texas (+3 cents) saw the largest increases in the region and also land on the top 10 states with the biggest changes this week.

Compared to the first week of March 2017, gas prices are more expensive in the South and Southeast region. At 11 cents more, New Mexico is seeing the smallest year-over-year change while Florida (+25 cents) tops the region for the largest yearly price change.

With a 1.8 million bbl build, gasoline inventories in the South and Southeast region total at 85.3 million bbl. This is a new record for 2018 and 3.6 million bbl ahead of inventory levels this time last year.

Mid-Atlantic and Northeast

Gas prices increased in only two states in the Mid-Atlantic and Northeast region on the week: North Carolina (+2 cents) and Tennessee (+1 cent). Gas prices decreased 1 to 3 cents in all other states with New Jersey seeing the largest drop.

Six states land on the 10 top list for largest year-over-year gas price change, paying as much as 30-cents more for a gallon or regular: Massachusetts (+31 cents), Rhode Island (+31 cents), Vermont (+30 cents), New Jersey (+30 cents), Connecticut (+29 cents) and New Hampshire (+28 cents). At 19 cents more, North Carolina is seeing the smallest year-over-year change at the pump in the region.

Gasoline inventories remain above the 65 million bbl mark despite a second week of declines. The region is facing a 10 million bbl deficit compared to this week last year, according to EIA data.

Rockies

On the week, all states are paying less at the pump: Utah (-3 cents), Wyoming (-2 cent), Colorado (-1 cents), Idaho (-1 cent) and Montana (-1 cent). With a 1-cent increase, Montana ($2.59) is selling the most expensive gas in the region followed by Idaho ($2.56). At $2.41, Colorado carries the cheapest gas of all five states.

Inventories took a slight dip, but continue to measure above the 8 million bbl mark. Total inventories are sit about 380,000 bbl below EIA reports from this week last year.

 

Oil market dynamics

After losses throughout last week, WTI increased 26 cents to settle at $61.25 at the close of Friday’s formal trading session on the NYMEX, The losses earlier in the week came after EIA’s petroleum report revealed that crude oil inventories grew by 3 million bbl last week. Moreover, crude runs at refineries inched up to 15.9 million b/d, marking slower than expected growth. At the same time, domestic crude production continues to boom at 10.3 million b/d, which could cause inventories to continue to increase. If they do, oil prices may take a further hit when EIA’s weekly petroleum report week is released on Wednesday. Additionally, the U.S. gained an active oil rig last week, bringing the current total to 800.

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.

Costly Spring Gas Price Spike Coming to a Pump Near You

March 1st, 2018 by AAA Public Affairs

WASHINGTON (March 1, 2018) – For the first quarter of the year, gas prices have been expensive. On average, motorists are paying a quarter more than at the same time last year. While pump prices have dipped in recent weeks, this is not a trend consumers should expect to linger. AAA forecasts the national gas price average will be as much as $2.70/gallon this spring – a costly pump price Americans have not paid since summer of 2015 when prices hit $2.81.

“There is tremendous volatility in the oil and gasoline market. Crude oil is selling at high prices compared to previous years and domestic gasoline demand has been high most of the winter among the factors all driving gas prices up and draining consumers’ wallets,” said Jeanette Casselano, AAA spokesperson. “This spring, consumers may have to make decisions on where they can cut costs to cover gas prices that are potentially 40-cents more per gallon than last spring.”

Additional Resources

  • Gas Price Forecast graphics: 12

A new AAA survey found the vast majority of consumers would change their driving habits or lifestyle to offset higher gas prices. One in four say they would start making changes at $2.75, while 40 percent say $3.00 is their tipping point. Changes consumers said they would make include combining errands or trips (79%), driving less (73%), reducing shopping or dining out (61%), delaying major purchases (50%) and driving more fuel-efficient vehicles (46%).

AAA does not expect the national gas price to be reminiscent of 2011-2014, when motorists were paying on average $3.47/gallon. While some states, like California, may see $4/gallon, it will be temporary.

“Motorists will start to see gas prices make their spring spike in early April. That is when refinery maintenance is expected to be wrapped-up and the switchover to more expensive summer-blend gasoline kicks in along with warmer weather and typical demand increases,” added Casselano. “Consumers can expect prices to likely increase throughout April, May and into the start of summer.”

Fuel Savings Tips for Consumers

According to the AAA Foundation for Traffic Safety’s American Driving Survey, on average Americans drive 32 miles a day and spend 51 minutes behind the wheel. AAA offers a few ways to conserve fuel:

  • Slow down. The faster you drive the more fuel you use. Every 5 mph over 50 mph is like paying an additional $0.18 per gallon, according to the Department of Energy.
  • Share work or school rides by carpooling or consider public transportation.
  • Do not use your trunk for storage. The heavier your car, the more fuel it uses.
  • Combine errands. If possible, park in a central spot and walk from place to place.

Summer Look Ahead

AAA expects summer gas prices to be just as expensive as spring prices, but with the potential that they may not increase at such a quick rate. Heading into summer, a variety of factors including U.S. gasoline supply-demand levels, domestic gasoline production rates, and global crude demand will help better shape the summer forecast.

Oil Market Dynamics Overview

Since December, the crude oil market has been on a volatile ride. West Texas Intermediate (WTI) crude prices hit a closing high of $60/barrel in late December and continued to climb into 2018 up to $70/barrel, translating into expensive gas prices this winter. However, when the financial markets began to fluctuate in February, oil prices took a hit and have been mostly trending cheaper – between $59 and $62 – and gas prices are following suit.

As crude prices bounce around, U.S. crude production continues to soar. Production growth has been fueled by a sharp increase in the number of active oil rigs in the U.S., which currently total 799. That figure is 197 more rigs than last year’s count at this time.

Similar to the year-end crude price spike, the production trend started at the end of 2017 when U.S. crude production hit 10 million b/d for the first time since November 1970. This move surprised most market analysts who did not expect the record to be broken last year. Since January, domestic crude production rates have steadily grown. In fact, according to the Energy Information Administration (EIA), all U.S. crude production in February 2018 has remained above 10 million b/d, and the rate is likely to continue its ascent.

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

Gasoline Demand Dips, Gas Prices Continue to Drop

February 26th, 2018 by AAA Public Affairs

At $2.52, the national gas price average is the cheapest pump price seen this February. The national gas price average for the month of February is $2.56, which is 29-cents more expensive than the $2.28 average of February 2017. On the week, gas prices decreased 1 cent.

“Gas prices continue to trend cheaper for the majority of motorists as demand for consumer gasoline declines for a second week,” said Jeanette Casselano. “Even with the small drop-off, demand continues to register above 9 million b/d, which is a four percent year-on-year increase, according to the Energy Information Administration’s latest report.

While cheaper gas prices are welcomed by motorists, AAA does not expect the trend to continue and will issue a Spring Gas Price Report later this week.

Quick Stats

  • The largest weekly changes are: Indiana (-9 cents), Florida (-5 cents), Michigan (+5 cents), Kentucky (+4 cents), New Jersey (-4 cents), Ohio (+4 cents), South Carolina (-3 cents), New Mexico (-3 cents), Maryland (-3 cents) and Tennessee (-3 cents).
  • The nation’s top ten least expensive markets are: Texas ($2.25), South Carolina ($2.25), Mississippi ($2.26), Alabama ($2.26), Missouri ($2.29), Arkansas ($2.30), Ohio ($2.30), Tennessee ($3.31), New Mexico ($2.32) and Oklahoma ($2.33).

West Coast

Six states in the West Coast region have some of the most expensive pump prices in the country: Hawaii ($3.48), California ($3.34), Alaska ($3.02), Washington ($2.99), Oregon ($2.87) and Nevada ($2.79). On the week, Hawaii and California each increased by a penny, while Alaska dropped by a penny. Washington, Oregon and Nevada’s state averages remain unchanged since last week.

According to the EIA, gasoline inventories in the region fell slightly for the second week. Inventories still sit at a comfortable 34.2 million bbl, which is nearly 4 million bbl higher than they were at this time last year.

Great Lakes and Central

Great Lakes and Central states’ gas prices are showing signs of volatility. On the week, the majority of states saw prices decrease, but a handful of states are paying more compared to last week: Michigan (+5 cents) Kentucky (+4 cents),Ohio (+4 cents) Illinois (+3 cent) and Missouri (+2 cents).

With a 10-cent decrease, Indiana saw the largest pump price drop for the region and the country this past week. In the region, Iowa (-2 cents) saw the second largest drop, and at $2.51 sells among the most expensive gas.

Gasoline inventories continue to build week over week since the start of the year. According to the EIA’s latest report, inventories built by 740,000 bbl to total at 58.3 million bbl. Inventories are just 1.8 million below last year this week.

South and Southeast

On the week, Florida (-5 cents), South Carolina (-3 cents) and New Mexico (-3 cents) lead the South and Southeast states with price declines and land on the top 10 states with the biggest changes this week. All states are paying less on the week except for Oklahoma where prices increased one cent.

Gas prices across the region are among the cheapest in the country: Texas ($2.25), South Carolina ($2.25), Mississippi ($2.26), Alabama ($2.26), Arkansas ($2.30), New Mexico ($2.32) and Oklahoma ($2.33). At $2.52, Florida carries the most expensive gas in the South and Southeast.

Gasoline inventories remain above 83 million bbl despite a small dip of 32,000 bbl on the week. The region carries the largest total inventory of gasoline in the country.

Mid-Atlantic and Northeast

Gas prices are 1-4 cents cheaper across the Mid-Atlantic and Northeast region. New Jersey (-4 cents), Maryland (-3 cents), Tennessee (-3 cents), Delaware (-3 cents), Virginia (-3 cents) and Vermont (-3 cents) saw the largest changes on the week. Despite the drops, motorists in the region are seeing very expensive prices at the pump. In the Mid-Atlantic and Northeast region, the majority of states have gas averages between $2.34 (Virginia) up to $2.81 (Pennsylvania).

Compared to gas prices this week last year, Rhode Island (+32 cents), Massachusetts (+31 cents), New Jersey (+31 cents), Vermont (+31 cents), Connecticut (+29 cents) and Pennsylvania (+29 cents) all land on the top 10 states with the largest year-over-year changes.

Regional inventories dropped to the 65 million bbl mark on the week. According to the EIA, inventory fell by 748,000 bbl. Inventories are 10.2 million bbl below totals compared to this week last year.

Rockies

Motorists across the Rockies continue to see gas prices drop. This week, Colorado (-3 cents) and Utah (-3 cents) saw the largest changes at the pump. Compared to one month ago, gas prices are only more expensive in Wyoming (+1 cents). However, compared to a year ago, gas prices are as much as 27-cents more expensive in Montana. Across the region, everyone is paying more year-over-year: Wyoming (+22 cents), Colorado (+21 cents) Idaho (+15 cents) and Utah (+12 cents).

Building by 453,000, gasoline inventories surpassed the 8 million bbl mark. Total inventories are comparable to inventory levels at this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 78 cents to settle at $63.55. Oil prices are likely to continue rebounding this week after the EIA’s latest petroleum report revealed that U.S. crude inventories unexpectedly fell by 1.6 million barrels. The drop gave some market observers hope that global demand growth this year may help drain global inventories further, even with U.S. production continuing to grow.

EIA’s report also found that U.S. domestic crude production and exports remain high, hitting 10.270 million b/d and 2.04 million b/d respectively. A steady increase in crude oil exports underscores that growth in domestic production has led to the U.S. ability to meet growth in global appetite for oil. The growth and price gains for crude since the end of last year have helped to drive additional investment in drilling activity in the U.S., which currently has 799 active oil rigs, according to Baker Hughes, Inc.

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

Gas Price Averages Trending Cheaper on the Week Nationwide

February 20th, 2018 by AAA Public Affairs

The national gas price average has been steadily decreasing for nearly two weeks dropping from the year-to-date high of $2.61 (on February 5) to today’s national average of $2.53. Motorists in nearly every state are paying less on the week with Midwest and Southern states seeing the largest price drops at the pump. Hawaii (+2 cents) and Indiana (+1 cent) were the only states to see increases.

“The question isn’t how low will they go, but how long will we see prices decline,” said Jeanette Casselano. “A handful of major refineries are undergoing maintenance. If production slows at a high rate and/or if crude oil prices jump, these events could push pump prices back up in late February or March.”

Today’s national gas price average is 4 cent less than one week ago, 1 cent more than a month ago, but 25 cents more than a year ago.

 

Quick Stats

  • The largest monthly decreases are: Michigan (-19 cents), Illinois (-13 cents), Ohio (-13 cents), Kentucky (-10 cents), Indiana (-8 cents), Alaska (-5 cents), Maryland (- 5 cents), Georgia (-5 cents), Mississippi (-4 cents) and North Carolina (-4 cents).
  • The nation’s top ten least expensive markets are: Texas ($2.27), Mississippi ($2.27), Missouri ($2.27), Alabama ($2.27), South Carolina ($2.28), Ohio ($2.28), Arkansas ($2.32), Oklahoma ($2.33), Tennessee ($3.33) and New Mexico ($2.34).

 

West Coast

Pump prices in six states in the West Coast region remain among the most expensive in the country: Hawaii ($3.47), California ($3.33), Alaska ($3.03), Washington ($2.99), Oregon ($2.87) and Nevada ($2.79). On the week, only Hawaii saw an increase (+2 cents). Meanwhile, California and Alaska both saw the largest drop (-2 cents), and Nevada remained unchanged.

According to the Energy Information Administration (EIA), gasoline stocks in the region fell slightly by 600,000 bbl. Inventories still sit at a comfortable 34.4 million bbl, which is 3.3 million bbl higher than they were at this time last year.

 

Great Lakes and Central

Gas prices decreased at the pump all across the Great Lakes and Central region except in Indiana (+ 1 cent). On the week, Michigan (-11 cents), Ohio (-7 cents), Kentucky (-6 cents), Nebraska (-6 cents), Illinois (-6 cents) and Iowa (-6 cents) lead the region in price drops and land on the top10 states with the biggest changes list. A few states, including South Dakota (-2 cent) and North Dakota (-2 cents) did not see quite as high price drops.

North Dakota ($2.61) continues to sell the most expensive gas in the region and the 13th most expensive in the country. Motorists there are paying 31 cents more for a gallon of unleaded compared to this time last year.

With a slight build of 612,000 bbl, gasoline inventories in the region measure at 58 million bbl, according to the latest EIA report. Although the region has seen steady inventory build for seven straight weeks, current levels sit 2.2 million bbl below this time last year yet they are about 1 billion bbl ahead of the five-year average.

 

South and Southeast

Every state in the South and Southeast is paying 5 to 8 cents less at the pump on the week. Florida (-8 cents), Mississippi (-6 cents) Alabama (-6 cents), and Louisiana (-6 cents) lead the region in price drops and land on the top 10 states with the biggest changes list in the last seven days.

In the region, most states are paying less compared to one month ago: Georgia (-5 cents), Mississippi (-4 cents), South Carolina (-4 cents), Missouri (-3 cents), Alabama (-3 cents), Oklahoma (-3 cents), Texas (-2 cents), New Mexico (-1 cent) and Louisiana (-1 cent). Floridians are paying a penny more while prices hold steady for Arkansans.

The EIA’s latest report shows gasoline inventories increased by a substantial 2.2 million bbl, pushing the regional totals to 83.5 million bbl. This total is on par with inventory levels at this time last year.

 

Mid-Atlantic and Northeast

With a 5-cent decrease, North Carolina, Maine, Maryland, Tennessee and Georgia saw the largest weekly changes of all states in the Mid-Atlantic and Northeast region. With a 2-cent decrease, Rhode Island saw the smallest drop. Pennsylvania ($2.83), Washington, D.C. ($2.75), New York ($2.73) and Connecticut ($2.71) continue to sell the most expensive gas in the region and among the most expensive in the country.

Five Mid-Atlantic and Northeast states rank among the top 10 states paying substantially more for gasoline compared to February 2017: New Jersey (+32 cents), Rhode Island (+32 cents), Massachusetts (+31 cents), Vermont (+31 cents) and Pennsylvania (+29 cents). Additional states also paying at least 28-cents more include Connecticut, West Virginia and New Hampshire.

Regional inventories pushed past the 66 million bbl mark on the week with the addition of 1.1 million bbl, according to the EIA. The region has seen consistent build for the past month, yet fall about 1 million bbl behind inventory levels last year.

 

Rockies

Gas prices decreased across all states in the Rockies with Colorado (-3 cents) and Utah (-3 cents) seeing the largest declines on the week, followed by Montana (-2 cents) and Idaho (-2 cent). Prices remained stable in Wyoming ($2.46).

At $2.59, both Montana and Idaho are selling the most expensive gas in the region. Colorado carries the cheapest price at $2.45.

Following a large decline, gasoline inventories built by 25,000 bbl on the week to register at 7.6 million bbl according to the EIA.

 

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 34 cents to settle at $61.68. Crude prices may continue to trend higher this week amid signs of continued growth in U.S. oil production. In fact, last week’s EIA petroleum report revealed that U.S. oil production grew 332,000 b/d, putting total crude output at 10.271 million b/d. Likewise, U.S. crude inventories rose for a third straight week by 1.8 million bbl. Inventory levels now total 422.1 million bbl. Moreover, according to Baker Hughes, the U.S. added 7 oil rigs last week bringing the total rig count to 798. Increased U.S. production coupled with the fourth consecutive week of increases in the U.S. oil rig count has placed a spotlight on OPEC’s restrained production agreement aimed at rebalancing the global oil supply. Market watchers will closely monitor to see how much a surge in U.S. production eats into OPEC’s efforts to rebalance the market to determine the impact it has on crude oil prices.

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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