Posts Tagged ‘AAA Fuel Gauge Report’

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.

 

Pump Prices Cheaper on the Week for Majority of the Country

February 12th, 2018 by AAA Public Affairs

At $2.58, the national gas price average has decreased for the first time week-over-week this year. Today’s price is 3 cent less than last week, 6 cents more than a month ago and 30 cents more than a year ago. Motorists can find gas for $2.50 or less at 53 percent of gas stations across the country.

“Gas price averages are less expensive for 78 percent of states compared to last Monday. Motorist filling up in the Midwest, South and East Coast are most likely to see the positive change at the pump,” said Jeanette Casselano. “Unfortunately, it’s too early to know if this one-week decline is the start of a cheaper gas price trend.”

Consumer gasoline demand and gasoline inventories increased according to the latest Energy Information Administration (EIA) reports. Hitting its highest level this year, gasoline demand registered at 9.1 million b/d, a 169,000 b/d increase year-over year. Total U.S. gasoline inventories built by 3.4 million bbl to total 245.5 million bbl, which sits about 1.4 million bbl above the five-year average.

Quick Stats

  • The largest weekly changes in the nation’s top ten markets are: Indiana (-14 cents), Michigan (-11 cents), Kentucky (-9 cents), Ohio (-8 cents), Illinois (-6 cents), Utah (+6 cents), Hawaii (+5 cents), Missouri (-4 cents), Maryland (-4 cents) and Florida (+4 cents).
  • The nation’s top ten most expensive markets are: Hawaii ($3.44), California ($3.35), Alaska ($3.04), Washington ($3.00), Oregon ($2.89), Pennsylvania ($2.86), Nevada ($2.78), Washington, D.C. ($2.77), New York ($2.76) and Connecticut ($2.74).

 

West Coast

Drivers in six states in the West Coast region are paying the most expensive gas prices in the country: Hawaii ($3.44), California ($3.35), Alaska ($3.04), Washington ($3.00), Oregon ($2.89) and Nevada ($2.78). Conversely, Arizona ranks as the 9th state with the least expensive gas prices.

Only seven states in the country saw gas prices increase on the week, four of them were West Coast states. Hawaii (+5 cents) and Nevada (+3 cents) saw the region’s largest increases. Washington and California each increased by a penny, while Alaska decreased by a penny and Oregon saw no change in its average price.

According to the EIA, gasoline stocks in the region surged to a five-year peak – increasing by 1.1 million bbl. Inventories of gasoline now sit at 35 million bbl, which is unusually high for the region at this time of the year. Last year at this time, stocks were about 5 million bbl lower than the present level.

Great Lakes and Central

Gas prices are less expensive on the week across the Great Lakes and Central region, except North Dakota where prices remained stable. Indiana (-14 cents), Michigan (-11 cents), Kentucky (-9 cents), Ohio (-8 cents) and Illinois (-6 cents) saw not only the largest decreases in the region, but in country. In the region, North Dakota ($2.63) and Iowa ($2.60) are selling the most expensive gasoline. At $2.37, Ohio is selling the cheapest gas in the region and the 7th cheapest in the country.

Compared to one month ago, Michigan (-16 cents), Ohio (-13 cents), Illinois (-12 cents), Indiana (-11 cents) and Kentucky (-5 cents) are five of only six states in the country that are paying less at the pump. These states have seen very volatile gas prices since January.

Gasoline inventories in the region have built every week this year according to EIA reports. With a build of nearly 1 million bbl, gasoline inventories total 57 million bbl this week.

South and Southeast

All but one state in the South and Southeast are seeing cheaper pump prices on the week. Mississippi and Texas lead the region with the largest decrease of 4 cents. Florida (+4 cents) is the only state in the region to see an increase. At $2.64, the sunshine state’s gas average is the most expensive in the region and ranks as the 13th most expensive at the country. Conversely, six states in the region rank among the 10 with the cheapest gas prices in the country: Texas ($2.33), Mississippi ($2.33), South Carolina ($2.34), Alabama ($2.34), Arkansas ($2.37) and Oklahoma ($2.38).

Gasoline inventories increased by a small 146,000 bbl on the week and continue to sit above the 81 million bbl mark, according to the EIA.

Mid-Atlantic and Northeast

Motorists across the Mid-Atlantic and Northeast region are enjoying cheaper gas prices on the week. The states with the largest declines include Maryland (-4 cents), North Carolina (-4 cents), Delaware (-3 cent), Maine (-3 cents), Tennessee (-3 cent), and Washington, D.C. (-3 cents). All other states saw prices drop 1-2 cents. Gas prices in the region are as expensive as $2.86 (Pennsylvania) and as cheap as $2.41 (Virginia).

Compared to one month ago, gas prices on average are 7 cents more expensive for the Mid-Atlantic and Northeast region. Motorists in New Jersey (+11 cents) are seeing the biggest month-over-month increase, while motorists in West Virginia (+2 cents) are paying the smallest difference.

With a 1.6 million bbl build, regional gasoline inventories register at 65 million bbl. According to the EIA, that is the largest build of any region in the country. However, large inventory builds may not be common as local Phillips 66 Bayway refinery turnaround is underway through at least this month and will reduce capacity temporarily.

Rockies

Utah (+6 cents) tops the Rockies region list for the states with the largest increases on the week. With a 3-cent increase, Idaho also joins the list. Gas prices are slightly cheaper for motorists filling up in Colorado (-1 cent) and Wyoming (-1 cent). Gas prices remain stable in Montana, but at $2.61 is the most expensive gas price average, along with Idaho ($2.61), in the Rockies region.

Gasoline inventories in the Rockies saw the largest one-week decline on the year dropping by 386,000 bbl. Registering at 7.4 million bbl, inventories sit at their lowest mark of the year.

 

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by nearly $2 to settle at $59.20. Price gains made throughout January, which saw a closing high of $66.27, were wiped away after trading last week. Last week’s losses, which were buoyed by a strengthening dollar, may continue into this week after EIA’s latest weekly petroleum report revealed that U.S. crude production hit 10.25 million b/d – a new record weekly production rate.

The continuing growth in U.S. crude oil production may give the market some pause as it continues to assess the long-term impact of OPEC’s production reduction agreement, which remains in effect through the end of 2018. On the other hand, OPEC’s latest forecast for oil demand projects that global oil demand will increase by 1.59 million b/d. The estimate is an increase of 60,000 b/d from last year, which may help to drain growing oil exports from the U.S.

A sign of potentially explosive growth in U.S. crude production, the latest Baker Hughes, Inc. report found the active oil rig count in the U.S. grew by 26 new rigs last week to total at 791. This is the highest number of active rigs since April 2015, and it will likely push production to even higher levels later this year.

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

Gas Price Trends Showing No Relief

February 5th, 2018 by AAA Public Affairs

The national gas price average has increased for the sixth consecutive week, landing today’s national average at $2.61. That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.

“Every motorist in the country is paying more at the pump year-over-year. At 18 cents, Utah is seeing the smallest increase and California is feeling the biggest increase at 52 cents compared to the same time last year,” said Jeanette Casselano. “Strong demand coupled with steadily rising oil prices means filling up will continue to cost consumers more this month. In fact, the last time the national gas price average was this high, but under $3/gallon in February was in 2010.”

On the week, U.S. consumer gasoline demand hit 9 million b/d. In 2017, demand did not reach this mark until early March, according to the Energy Information Administration (EIA).

Quick Stats

  • The largest monthly changes in the nation’s top ten markets are: Iowa (+22 cents), California (+21 cents), Minnesota (+19 cents), Nebraska (+18 cents), Kansas (+17 cents), North Dakota (+17 cents), Oklahoma (+17 cents), Florida (+16 cents), Louisiana (+16 cents) and Missouri (+16 cents).
  • The nation’s top ten least expensive markets are: Texas ($2.36), Mississippi ($2.37), South Carolina ($2.37), Alabama ($2.37), Missouri ($2.38), Arizona ($2.38), Arkansas ($2.39), Tennessee ($2.41), Oklahoma ($2.42) and New Mexico ($2.43).

West Coast

Six of the most expensive gas prices in the country are in the West Coast region: Hawaii ($3.39), California ($3.34), Alaska ($3.05), Washington ($2.99), Oregon ($2.89) and Nevada ($2.75). On the week, California (+7 cents) saw the region’s largest increase, while Washington, Oregon and Nevada each saw a 4 cent increase, Alaska jumped 2 cents and Hawaii increased by a penny.

According to the EIA, gasoline stocks in the region dropped by the largest amount seen in the last 12 weeks – nearly 700,000 bbl. Inventories of gasoline sit at 33.9 million bbl, which is still 3.3 million bbl higher than last year’s level at the same time.

Great Lakes and Central

On the week, gas prices are less volatile than we have seen in the Great Lakes and Central region since the start of the year. While prices increased for most states, from 1 to 6 cents, a few states saw no change (Wisconsin) or a 1-cent decrease at the pump: Illinois and Missouri.

In the region, 10 of 13 states are selling gas for $2.50 or more: Michigan ($2.67), Iowa ($2.64), North Dakota ($2.63), Illinois ($2.62), Nebraska ($2.62), Indiana ($2.60), Minnesota ($2.58), South Dakota ($2.58), Wisconsin ($2.54) and Kentucky ($2.51). Missouri ($2.38) and Ohio ($2.45) have the lowest gas price average in the region.

Gasoline inventory bumped up 875,000 bbl to push levels to 56 million bbl. The last time inventory was this high was April 2017, according to the EIA. For the first time in three weeks, regional refinery utilization rates increased to 92 percent. The week prior’s rate was the lowest since mid-November.

South and Southeast

Florida (+6 cents) and New Mexico (+6 cents) land on this week’s top 10 states with the largest weekly increases. In fact, all states but Georgia (no change) saw price bumps at the pump. Still, prices in the South and Southeast remain among the cheapest in the country and under $2.43 for all states except: Florida ($2.61) and Georgia ($2.49).

With a 2.4 million bbl decline, gasoline inventories sit right at 81 million bbl. According to the EIA, January inventory levels have not been this low since 2015.

Mid-Atlantic and Northeast

Four states in the region are 25-cents or less away from the $3/gal mark: Connecticut ($2.75), New York ($2.77), Washington, D.C. ($2.80) and Pennsylvania ($2.88). On the other side of the coin, Tennessee ($2.41) is selling the cheapest gas in the region. On the week, gas prices increased 1 to 4 cents in the region with motorists in New Jersey (+4 cents) and Vermont (+4 cents) seeing the largest increases.

For another week, gasoline inventory continue to register at 63 million bbl and only saw a slight build of 98,000 bbl. Overall, the EIA reports inventory levels for the Mid-Atlantic and Northeast region have held at or above 61 million bbl since the beginning of the year.

Rockies

Gas prices in Utah ($2.45) remain stable on the week while all other states are paying more: Wyoming (+3 cents), Colorado (+2 cents), Montana (+2 cent) and Idaho (+1 cent).

In the Rockies, four states land on the top 10 list of the smallest month-over-month changes in gas prices compared to the rest of the country: Wyoming (+4 cents), Utah (+4 cents), Idaho (+3 cents) and Montana (+3 cents).

Gasoline inventories built for the first time since the beginning of the year. With the addition of 171,000 bbl, inventory levels push up to 7.8 million bbl in the region.

 

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased 35 cents to settle at $65.45. Last week’s losses, which were buoyed by a stronger dollar, may extend into this week after EIA’s latest weekly report revealed that crude inventories grew by an astonishing 6.8 million b/d.

The crude oil growth may give the market some pause as it assesses the long-term impact of OPEC’s production reduction agreement, which remains in effect through the end of 2018. Countries outside of the agreement, such as the U.S., have seen production grow as global demand has grown, enabling these countries to export more oil while OPEC and its allies reduce production.

In the U.S., crude production continues to grow. The latest Baker Hughes, Inc. report found the active oil rig count in the U.S. grew by six and now totals 765. The current total is 182 more rigs than last year’s count in early February.

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

Rising Crude Oil Prices Push Up Pump Prices for Consumers

January 29th, 2018 by AAA Public Affairs

At $2.58, the national gas price is four cents more expensive on the week. Across the country, motorists in 47 states and Washington, D.C. have seen pump prices increase as much as 9 cents with the Great Lakes, Central, South and Southeastern states seeing the largest increases. The Energy Information Administration (EIA) reports an increase on the week in gasoline demand and inventories.

“Compared to the first few weeks of January last year, consumer gasoline demand is noticeably higher, which is surprising giving the frigid winter much of the country has experienced this month,” said Jeanette Casselano. “But demand isn’t the only factor driving prices up. Crude oil has been selling at very expensive rates the past few months. Those higher market prices are now trickling over to consumers at the pump.”

Nationally, gas prices are 10 cents more expensive than one month ago and 30 cents more than one year ago. On the month, Iowa (+18 cents) has seen the largest increase. Compared to one year ago, motorists in Indiana (+52 cents) top the list for the largest increase, while New Mexico (+15 cents) has seen the smallest increase in the country.

Quick Stats

  • The largest weekly changes in the top ten markets are: North Dakota (+9 cents), California (+8 cents), Missouri (+8 cents), Indiana (+6 cents), Kansas (+6 cents), Oklahoma (+6 cents), Minnesota (+6 cents), Mississippi (+5 cents), Alabama (+5 cents) and Alaska (-5 cents).
  • The nation’s top ten least expensive markets are: South Carolina ($2.33), Texas ($2.34), Alabama ($2.35), Mississippi ($2.36), New Mexico ($2.36), Arkansas ($2.37), Arizona ($2.37), Missouri ($2.38), Louisiana ($2.40) and Tennessee ($2.40).

West Coast

Drivers in the West Coast region are buying gasoline at some of the highest prices in the nation. Six of the most expensive markets in the country are found in this region: Hawaii ($3.38), California ($3.28), Alaska ($3.03), Washington ($2.96), Oregon ($2.85) and Nevada ($2.71). On the week, California (+8 cents) saw the region’s largest increase, while Alaska (-5 cents) saw the largest decrease.

Last week, total refinery utilization dropped to 88.6 percent from 96.9 percent the previous week due to refineries undertaking planned maintenance, according to EIA’s latest weekly petroleum status report. As a result, inventories of gasoline dropped slightly to 34.6 million bbl, which is 3.4 million bbl higher than last year’s level at the same time.

Great Lakes and Central

Gas prices are as much as 9 cents more expensive on the week in the Great Lakes and Central states. Five states land on this week’s top 10 states with the largest increases list: North Dakota (+9 cents), Missouri (+8 cents), Indiana (+6 cents), Kansas (+6 cents), and Minnesota (+6 cents). Though it claims the smallest increase on the week, Michigan (+2 cents) touts one of the most expensive gas price averages in the region at $2.62. Illinois has the most expensive ($2.63), while Missouri ($2.37) sells the region’s cheapest gas.

The EIA reports that the region is sitting on 55 million bbl, the highest gasoline inventory for the Great Lakes and Central states since early June 2017. On the week, inventories built by1.8 million bbl.

South and Southeast

Motorists in the South and Southeast are seeing higher than average gas prices for this time of year. Four states are paying at least 25-cents more compared to January 2017: Georgia (+31 cents), Oklahoma (+29 cents), South Carolina (+29 cents), Alabama (+28 cents), Mississippi (+27 cents), Arkansas (+26 cents) and Louisiana (+25 cents).

Despite the year-over-year increases, the region is home to some of the cheapest gas prices in the country: South Carolina ($2.33), Texas ($2.34), Alabama ($2.35), Mississippi ($2.36), New Mexico ($2.36), Arkansas ($2.37) and Louisiana ($2.40). This is the first time since August 2017 that South Carolina has claimed the cheapest gas in the country and region.

Gasoline inventories in the region dipped by 814,000 bbl on the week. Total inventories measure at 83.5 million bbl, which is 2.5 million bbl below levels this time last year, according to the EIA.

Mid-Atlantic and Northeast

Four states in the region have gas prices that are 5 cents more expensive on the week: Virginia ($2.42), New Jersey ($2.68), Maine ($2.63) and New York ($2.74). Of these states, New York is one of the most expensive in the region and the country, along with Pennsylvania ($2.86), Washington, D.C. ($2.79) and Connecticut ($2.72).

Compared to one month ago, gas prices in the Mid-Atlantic and Northeast region are 6 to 15 cents more expensive. Virginia (+15 cents), Tennessee (+15 cents), New Jersey (+14 cents), Delaware (+14 cents) and Pennsylvania (+14 cents) lead the region with the largest month-over-month changes.

The region saw the largest addition of gasoline inventories with a 2.3 million bbl add. The 63 million bbl total sits eight million bbl below EIA’s report from the same week last year.

Rockies

Utah (-2 cents) and Idaho (-1 cent) were among the minority of states this week in the country and the region to see gas price decreases. Colorado (+4 cents) and Montana (+2 cent) saw small increases, while Wyoming remained stable. Montana ($2.60) and Idaho ($2.57) tout the most expensive gas in the region this week. Gas averages are about 15 cents cheaper in Wyoming ($2.45).

For a second week, gasoline inventories took a small draw. However, levels continue to remain above 7 million bbl.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 63 cents to settle at $66.14. Moving into this week, oil prices are likely to continue trending higher. EIA’s latest weekly report highlights that U.S. crude inventories reached their lowest level in nearly three years at 411.6 million barrels.

Crude production in the U.S. continues to inch closer to a new 10 million b/d record, which most market analysts expect the U.S. to hit sometime this year. According to the EIA, crude output grew by 128,000 b/d, reaching 9.88 million b/d. Market observers remain cautiously optimistic about this year due to worries about growing production rates from large producers who are not participating in the OPEC production agreement. These producers, such as the U.S., could thwart OPEC efforts to rebalance supply.

Last week’s U.S. oil rig count from Baker Hughes, Inc. showed that the number of active oil rigs increased by 12, raising the total to 759. For drivers, the crude price rally could mean even higher pump prices in the near future.

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

More Americans Willing to Ride in Fully Self-Driving Cars

January 24th, 2018 by AAA Public Affairs

ORLANDO, Fla. (January 24, 2018) – American drivers are beginning to embrace self-driving vehicles, according to a new study from AAA. The annual survey reveals that 63 percent of U.S. drivers report feeling afraid to ride in a fully self-driving vehicle, a significant decrease from 78 percent in early 2017. Millennial and male drivers are the most trusting of autonomous technologies, with only half reporting they would be afraid to ride in a self-driving car. To ensure that American drivers continue to be informed, prepared and comfortable with this shift in mobility, AAA urges automakers to prioritize consumer education.

Additional Resoures

“Americans are starting to feel more comfortable with the idea of self-driving vehicles,” AAA Automotive Engineering and Industry Relations Director Greg Brannon said. “Compared to just a year ago, AAA found that 20 million more U.S. drivers would trust a self-driving vehicle to take them for a ride.”

While riding in a fully self-driving vehicle is a futuristic concept for most, testing of these vehicles in the United States means that sharing the road with an automated vehicle is an increasing near-term possibility. In this situation, drivers remain leery of self-driving vehicles. In AAA’s survey, only 13 percent of U.S. drivers report that they would feel safer sharing the road with a self-driving vehicle while nearly half (46 percent) would actually feel less safe. Others say they are indifferent (37 percent) or unsure (4 percent).

Additional survey results include:

  • Women (73 percent) are more likely than men (52 percent) to be afraid to ride in a self-driving vehicle, and more likely to feel less safe sharing the road with a self-driving car (55 percent versus 36 percent).
  • Millennials are the most trusting of self-driving vehicles, with only 49 percent (down from 73 percent) reporting that they would be afraid to ride in a self-driving car. While the majority of baby boomers (68 percent) still report being afraid to ride in a self-driving car, this generation is significantly more comfortable with the idea than they were a year ago, when 85 percent reported being afraid.
  • Baby boomers (54 percent) and Generation X (47 percent) drivers are more likely than millennial drivers (34 percent) to feel less safe sharing the road with a self-driving car.

Although fears of self-driving vehicles appear to be easing, U.S. drivers report high confidence in their own driving abilities. Despite the fact that more than 90 percent of crashes are the result of human error, three-quarters (73 percent) of U.S. drivers consider themselves better-than-average drivers. Men, in particular, are confident in their driving skills with 8 in 10 considering their driving skills better than average.

“AAA found that American drivers are very confident in their driving abilities, which may explain some hesitation to give up full control to a self-driving vehicle,” Brannon said. “Education, exposure and experience will likely help ease consumer fears as we steer toward a more automated future.”
To help educate consumers on the effectiveness of emerging vehicle technologies, AAA is committed to the ongoing, unbiased testing of automated vehicle technologies. Previous testing of automatic emergency braking, adaptive cruise control, self-parking technology and lane keeping systems has shown both great promise and great variation. Future AAA testing will look at how well systems work together to achieve higher levels of automation.

AAA provides more than 58 million members with automotive, travel, insurance and financial services through its federation of 36 motor clubs and nearly 1,100 branch offices across North America. Since 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for safe mobility. Drivers can request roadside assistance, identify nearby gas prices, locate discounts, book a hotel or map a route via the AAA Mobile app. To join, visit AAA.com.

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