Today’s national gas price average of $2.42 is the lowest pump price of the year, a price point not seen since mid-December last year. The average sits at four cents cheaper than last week, 28-cents cheaper than last month and four cents less than last year. The last time the national average was cheaper on the week, month and year was during July 2017.

“Motorists are noticing a big difference as they fill-up at the gas pump this month,” said Jeanette Casselano, AAA spokesperson. “Month-over-month, gas price averages have dropped double digits for every state. For some in the Great Lakes and Central states (Iowa, Kansas, Nebraska and Missouri) state gas prices are as much as 40-cents less than they were in November. In some states, gas prices are nearing $2 per gallon – something that hasn’t been seen since December 2017.”

How low can gas prices go? AAA expects the national gas price average to drop as low as $2.40 by the end of the year due to cheaper crude oil prices. However, pump prices this cheap may not last into 2019. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production by 1.2 million b/d for the first six months of the year. While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices. Crude was up to $52.61 at the market close on Friday, while the week prior, crude was as cheap as $50/bbl.

 Quick Stats

• The nation’s top 10 largest monthly decreases are: Iowa (-40 cents), Kansas (-40 cents), Nebraska (-40 cents), Missouri (-38 cents), Arkansas (-37 cents), South Dakota (-36 cents), Georgia (-36 cents), Wisconsin (-36 cents), Mississippi (-36 cents) and Alabama (-36 cents).
• The nation’s top 10least expensive markets are: Missouri ($2.00), Oklahoma ($2.06), South Carolina ($2.06), Texas ($2.08), Kansas ($2.09), Alabama ($2.09), Arkansas ($2.09), Mississippi ($2.10), Louisiana ($2.10) and Iowa ($2.15).

Great Lakes and Central

While most of the country is seeing decreases, gas prices have jumped noticeably on the week for motorists in Michigan (+7 cents), Indiana (+7 cents), Ohio (+6 cents) and Kentucky (+3 cents). The increase is unexpected as demand is declining and supply increased in the region on the week. Conversely, gas prices are as much as eight cents cheaper for all other states in the Great Lakes and Central region with four states landing on the top 10 with the largest weekly changes: North Dakota (-8 cents), Wisconsin (-7 cents), Minnesota (-7 cents) and Kansas (-7 cents). Overall, the Great Lakes and Central region often experiences periods of volatility.

State gas price averages in the region range from $2.40 in South Dakota to $2.00 in Missouri. In fact, motorists in Missouri can find gas for $2/gal or less at 70 percent of gas stations in the state.

Gasoline stocks in the Great Lakes and Central region built by a surprising 2.6 million bbl on the week, according to Energy Information Administration (EIA). With refinery utilization dropping by one percent, the increase in stocks is likely attributed to a drop in demand as expected this time of year. Total stocks sit at 49.4 million bbl.

South and Southeast

More than half of all South and Southeast states have gas price averages at or under $2.10: Louisiana ($2.10), Mississippi ($2.10), Arkansas ($2.09), Alabama ($2.09), Texas ($2.08), South Carolina ($2.06) and Oklahoma ($2.06). More so, motorists can find stations selling regular unleaded for $2/gal or less in every state in the region. Oklahoma (56 percent) has the largest percentage of gas stations at this mark.

Gas prices are five to seven cents cheaper on the week and as much as 17 cents less expensive year-over-year across the region.

With a 2 million bbl draw, the region saw the largest decline in gasoline stocks in the country on the week. According to EIA, total stocks sit at 80.7 million bbl, which is a surplus of 2.3 million bbl year-over-year. Regional refinery utilization remained at 97 percent, indicating that the large draw could be attributed to exports.

Mid-Atlantic and Northeast

Gas prices are as much 33 cents cheaper on the month in the Mid-Atlantic and Northeast states. While all state gas price averages are less expensive month-over-month, motorists in these states are saving at least a quarter/gallon when filling up: Tennessee (-33 cents), North Carolina (-30 cents), West Virginia (-29 cents), Maine (-25 cents) and Virginia (-25 cents). On the week, gas prices dropped as much as six cents.

Regional refinery utilization jumped to 93 percent (up from 77 percent two weeks ago) as stocks built, but only by 322,000 bbl. Total gasoline stocks continue to measure above the 61 million bbl mark for the third week, which is nearly a 3 million bbl surplus year-over-year.

Rockies

Gas prices continue to trend cheaper across the Rockies. On the week, Colorado (-9 cents) has the largest decrease in pump prices in the country. With a seven-cent decline, Idaho and Montana saw the largest decreases on the week. Utah (-5 cents) and Wyoming (-4 cents) consumers are also paying less to fill up at the start of the week. State gas price averages range from $2.49 to $2.83, which are more expensive than this time last year.

Regionally, gasoline stocks built by 126,000 bbl as refinery utilization dropped to 94 percent. Year-over-year stocks are comparable, with the EIA reporting the Rockies region touting a total of 6.9 million bbl.

West Coast

Motorists in the West Coast region continue to pay the highest pump prices in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.57) is the nation’s most expensive market, followed by California ($3.45), Washington ($3.25), Alaska ($3.14), Nevada ($3.09), Oregon ($3.07), and Arizona ($2.75). While expensive, they are getting cheaper with all state averages being lower on the week: Alaska (-8 cents), Hawaii (-7 cents) and California (-7 cents) saw the largest drops.

The EIA’s weekly petroleum status report for the week ending on November 30, showed West Coast gasoline stocks increased by approximately 700,000 bbl to 27.7 million bbl. Stocks are approximately 2 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.12 to settle at $52.61. Oil prices rallied at the end of last week after OPEC announced that beginning in January 2019, the cartel – alongside non-OPEC members, including Russia – will reduce combined crude oil production by 1.2 million b/d. The cut will be in place for six months and will use October 2018 as a baseline, a time when OPEC and Russia had less crude output than in November. With the announcement, crude prices will likely increase in 2019 ahead of the higher demand driving season next summer. Increased crude prices will likely lead to higher gas prices, given that approximately 50 percent of the cost motorists pay at the pump is based on the cost of crude used to make gasoline.

In related news, EIA’s report for the week ending on November 30 revealed that crude inventories decreased by 7.3 million bbl after 10 weeks of consecutive growth. Total domestic crude inventories now sit at 443.2 million bbl, which is approximately 5 million bbl less than their level at this time last year. Declining inventories contributed to the increase in crude prices this week, and if the trend continues, prices could climb further.

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

WASHINGTON (December 7, 2018) – At $2.44 the national gas price average has set a new record low for 2018. This is nearly a nickel less than this time last December. AAA expects the national gas price average to fluctuate through the end of the month and possibly end the year as cheap as $2.40.

Globally, crude supply is growing faster than anticipated. Contributing to the surplus is the United States’ record-breaking production levels – which hit the highest level ever recorded by the Energy Information Administration at 11.7 million b/d last month. In addition, there is more Iranian supply in the market than expected due to the U.S. granting crude sanction waivers to some of Iran’s largest importers, including India, South Korea and Japan. To help reduce the growing surplus of global crude supply, this week the Organization of Petroleum Exporting Countries (OPEC) met to discuss the potential of cutting crude production by up to 1 million barrels per day. The announcement was expected yesterday, but the cartel delayed the decision until Friday to give time for non-OPEC countries, including Russia, to decide if they will join the production reduction agreement. Following the delay on Thursday, crude oil prices trended cheaper than earlier in the week because the announcement was not as firm as the market expected. AAA forecasts that as long as crude stays below the $60/bbl mark, Americans will continue to see cheaper gas prices through the end of the year.

“Consumers will have more change jingling in their pockets this holiday season as they save on fuel fill-ups, especially compared to this summer. The national gas price average has dropped more than 50-cents since Memorial Day weekend when the average spiked to a high of $2.97,” said Jeanette Casselano, AAA spokesperson. “As prices continue to drop, some motorists are filling up for $2/gallon or less.”

Depending on what part of the country you are in, gas prices can fluctuate greatly. Some states – mostly the West Coast – are still seeing large year-over year differences, while others have cheaper gas prices than a year ago. Here is a snapshot of highs and lows: 

Year-over-Year differences

• Top 5 states with cheaper gas prices year-over-year are: Iowa (-29 cents), Missouri (-23 cents), Nebraska (-22 cents), Indiana (-20 cents) and Michigan (-18 cents)
• Top 5 states with the largest year-over-year difference in gas price averages are: Nevada (+42 cents), Arizona (+40 cents), Utah (+35 cents), California (+34 cents) and Hawaii (+34 cents)
• Top 5 states with the smallest year-over-year difference in gas price averages are: West Virginia (+1 cents), Colorado (+2 cents), Rhode Island (+3 cents), New Hampshire (+3 cents) and Virginia (-3 cents)

Highest and Lowest Gas Price Averages:

• Top 5 states with lowest gas price averages: Missouri ($2.01), Oklahoma ($2.09), South Carolina ($2.09), Texas ($2.10) and Alabama ($2.12)
• Top 5 states with most expensive gas price averages: Hawaii ($3.62), California ($3.49), Washington ($3.27), Alaska ($3.19) and Nevada ($3.12)
• Top 5 states with the most stations selling gas at $2.00/gal or less (percentage of stations): Missouri (58 percent), Oklahoma (52 percent), South Carolina (41 percent), Texas (40 percent) and Mississippi (35 percent)

AAA Members save at Shell through the Fuel Rewards®* Program

Announced this week, AAA members can now save up to five cents per gallon (on up to 20 gallons) through December 31, 2019, when filling up at participating Shell branded stations across the U.S. through the Fuel Rewards program. AAA members just need to register or log in at AAA.com/Shell to reap the benefits of this new program. As an added benefit, members registering for the first time in the Fuel Rewards program by January 31, 2019 will save 25 cents per gallon (on up to 20 gallons) on their first fill-up.

Winter Fuel & Driving Tips

As you hit the road this winter, AAA offers these tips to help conserve fuel and keep motorists safe:

• If possible, only run the engine and heater long enough to remove the chill. This will help to conserve fuel. Also, parking your car in a garage will help it stay warm.
• As a precaution, keep at least half a tank of fuel in your vehicle at all times. It helps to reduce condensation in the fuel system. It also helps ensure an adequate reserve of fuel to run the engine for heat should your car become disabled in a remote location.
• Be sure to pack an emergency roadside kit in your car containing a mobile phone and car charger, first-aid kit, blankets, drinking water and snacks, a flashlight with extra batteries, a basic toolkit, warning flares, an ice scraper, jumper cables and a shovel.

Motorists can find current gas prices at GasPrices.AAA.com and 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.

About AAA: AAA provides more than 59 million members with automotive, travel, insurance and financial services through its federation of 35 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.

* The Fuel Rewards® program is owned and operated by Excentus Corporation, a PDI company.

On the week, motorists in 32 states are paying less to fill up compared to a year ago. As the national gas price average drops to $2.46 it sets a new low price for the year and is cheaper than a year ago by two cents. The last time the daily national gas price average was cheaper year-over-year was 18 months ago on July 6, 2017 when gas prices were $2.24 (versus $2.26 on July 6, 2016).

Not only is today’s national gas price average cheaper year-over-year, but also is 31-cents cheaper than a month ago and on the week, 24 states saw gas prices drop double digits.

“Cheap crude oil prices are driving fuel savings at the pump,” said Jeanette Casselano, AAA spokesperson. “Last week crude dropped to its lowest point of the year at $50/bbl. However, this week’s Organization of Petroleum Exporting Countries (OPEC) meeting could cause crude oil prices to jump if the organization decides to reduce crude production.”

OPEC is expected to make an announcement on crude production at its December 6 meeting in Vienna, Austria. The scheduled OPEC meeting has not had a negative impact on pump prices so far.

Quick Stats 

• The nation’s top 10 largest yearly increases are Nevada $3.15 (+44 cents), Arizona $2.80 (+41 cents), Hawaii $3.64 (+38 cents), California $3.53 (+36 cents), Utah $2.86 (+35 cents), Wyoming $2.84 (+33 cents), Washington $3.30 (+32 cents), Oregon $3.12 (+29 cents), Idaho $2.90 (+26 cents) and Montana $2.78 (+15 cents).
• The nation’s top 10largest monthly decreases are: Nebraska $2.25 (-46 cents), Iowa $2.19 (-46 cents), Michigan $2.27 (-45 cents), Kentucky $2.14 (-42 cents), Kansas $2.16 (-42 cents), Missouri $2.05 (-41 cents), Indiana $2.21 (-41 cents), Ohio $2.13 (-41 cents), Illinois $2.36 (-41 cents) and Oklahoma $2.11 (-39 cents).

Great Lakes and Central

The gas price average in every Great Lakes and Central state is cheaper year-over-year with some pump prices a quarter/gallon less: Iowa (-29 cents), Kentucky (-25 cents), Nebraska (-23 cents), Ohio (-19 cents), Missouri (-18 cents), Michigan (-17 cents) and Kansas (-17 cents).

With a 15-cent weekly decrease, Ohio ($2.13) has the largest drop in the region and the country on the week. Motorists in Kansas (-13 cents), Kentucky (-13 cent), Nebraska (-13 cents), Missouri (-13 cents), Illinois (-12 cents), Michigan (-12 cents), Indiana (-12 cents), Iowa (-11 cents), South Dakota (-11 cents), Wisconsin (-10 cents) and North Dakota (-10 cents) all saw double-digit price drops at the pump to kick-off the week.

With a four percent jump in regional refinery utilization, stocks built by nearly 680,000 bbl on the week. According to the Energy Information Administration (EIA), the region saw stocks mostly build throughout November. Now at 46.8 million bbl, stocks sit at their highest point since the end of October.

South and Southeast

Gas prices are not only cheaper on the week, but also less expensive compared to a month and a year ago across the South and Southeast region. Month-over-month, motorists are seeing the largest savings – up to 30 cents or more/gallon: Oklahoma (-39 cents), Georgia (-37 cents), Arkansas (-36 cents), Texas (-35 cents), Alabama (-35 cents), Mississippi (-35 cents), Louisiana (-34 cents), South Carolina (-34 cents), Florida (-31 cents) and New Mexico (-29 cents). To boot, every state in the region has at least a few stations selling regular unleaded for $2/gallon or less.

On the week, stocks drew by nearly 950,000 bbl pushing total levels to 82.8 million bbl. The draw could likely be attributed to a high number of exports since regional refinery utilization jumped to 97 percent, according to EIA data. With utilization up, stocks are likely to build in the coming week and keep pump prices low.

Mid-Atlantic and Northeast

At $2.20, Delaware has the cheapest gas price average of any state in the Mid-Atlantic and Northeast region. It also has the third largest year-over-year difference in pump prices in the country. Including Delaware (-18 cents), only seven states in the region have pump prices cheaper today than a year ago: Maryland (-9 cents), Maine (-6 cents), Pennsylvania (-6 cents), North Carolina (-2 cents) New Jersey (-2 cents) and Virginia (-2 cents). Vermont (+15 cents) has the largest year-over-year difference in prices.

Despite a draw of nearly 700,000 bbl, gasoline stocks continue to measure above 61 million bbl, the EIA reports. Regional refinery unitization jumped to 86 percent (from 77 percent the prior week) indicating that a large build could be coming in the week ahead and contribute towards reducing gas prices even further.

Rockies

While state gas price averages in the Rockies are as much as 3 to 10 cents cheaper than last month, they are much more expensive year-over-year: Utah (+35 cents), Wyoming (+33 cents), Idaho (+26 cents), Montana (+15 cents) and Colorado (+6 cents). The good news is prices are falling. At $2.58, Colorado (-9 cents) saw the largest pump price drop in the region.

EIA data reports that both regional stocks and refinery utilization remained stable on the week. Stocks continue to register above the 6.8 million bbl mark, a healthy level and about 63,000 bbl surplus year-over-year.

West Coast

Pump prices in the West Coast region remain among the highest in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.64) is the nation’s most expensive market, followed by California ($3.53), Washington ($3.30), Alaska ($3.22), Nevada ($3.15), Oregon ($3.12), and Arizona ($2.80). While expensive, they are getting cheaper with all state averages being lower on the week: Hawaii (-11 cents), California (-8 cents) and Washington (-6 cents) saw the largest drops.

The EIA’s weekly petroleum status report for the week ending on November 23, showed West Coast gasoline stocks increased by approximately 100,000 bbl to 27 million bbl. Stocks are approximately 1.8 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped to settle at $50.93. Crude prices continued to fall last week, reaching their lowest point since October 2017. The drop in price has many market observers speculating that at this week’s OPEC meeting on December 6 in Vienna, Austria, the cartel, alongside Russia, will announce a reduction in crude production, aimed at raising the global price of crude. The exact impact on global prices will be determined by how severe the production cut is and how long the reduction agreement will be held in place. In related news, this morning, Qatar announced it would withdraw from OPEC to develop and increase its natural gas production. The withdrawal will likely not have a huge impact on production as Qatar accounts for just under two percent of OPEC total output.

In the U.S., total domestic crude inventories continue to climb. In the latest weekly petroleum status report from the EIA, crude inventories grew to 450.5 million bbl.  This is strong for the year, even though it is approximately 3.7 million bbl lower than last year’s level at this time. If this week’s EIA report shows another crude inventory build, the news will likely help crude prices remain low.

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

On the week, the national gas price average has dropped seven cents to land at $2.56. As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018. The national average was lowest in January at $2.49 while May brought the most expensive price of $2.97.

“Trends are indicating that the month of December may bring some of the cheapest gas prices of the year,” said Jeanette Casselano, AAA spokesperson. “Currently, 19 states already have gas price averages less expensive than a year ago so as U.S. gasoline demand remains low and supply plentiful, motorists can expect to save at the pump as long as the price of crude oil doesn’t spike.”

Gas prices have been cheaper in the U.S. as crude oil sells at $57/bbl and cheaper – the lowest prices of the year. However, market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on December 6 in Vienna, Austria. At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply, in turn causing gas prices to turn higher in America.

Quick Stats 

• The nation’s top 10 largest weekly decreases are: Ohio (-14 cents), Kentucky (-11 cents), Mississippi (-11 cents), South Carolina (-10 cents), Michigan (-9 cents), Alabama (-9 cents), Arkansas (-9 cents), Georgia (-9 cents), Illinois (-9 cents) and Texas (-9 cents).
• The nation’s top 10 least expensive markets are: Missouri ($2.18), Oklahoma ($2.21), South Carolina ($2.23), Texas ($2.24), Delaware ($2.24), Louisiana ($2.26), Mississippi ($2.27), Alabama ($2.27), Kentucky ($2.27) and Ohio ($2.28).

Great Lakes and Central

The majority of the Great Lakes and Central states are carrying gas price averages cheaper than one year ago: Iowa (-20 cents), Indiana (-16 cents), Ohio (-15 cents), Michigan (-14 cents), Nebraska (-14 cents), Illinois (-11 cents), Missouri (-11 cents), Kentucky (-9 cents), Kansas (-7 cents), Wisconsin (-6 cents) and Minnesota (-2 cents). There are only 19 states in the country with less expensive year-over-year prices and 11 of those are in this region.

On the week, gas prices are as much as 14 cents cheaper in Ohio. Today, state gas price averages range from $2.58 in North Dakota to $2.18 in Missouri.

The week’s prior build in gasoline inventory for the region was cancelled out as stocks drew by nearly half a million according to the Energy Information Administration’s (EIA) latest data. Total stocks continue to register just above the 46 million bbl mark and year-over-year, inventory is at a 1.1 million bbl surplus. Despite the draw, regional utilization jumped seven percent to 91.4 percent indicating that stocks could build in the coming weeks and help to make prices even cheaper.

Mid-Atlantic and Northeast

Across the Mid-Atlantic and Northeast states, gas prices are cheaper on the week with Washington, D.C. seeing the smallest decrease (-2 cents) and Tennessee seeing the largest decrease (-8 cents). As pump prices continue to decline, all state averages remain well below the $3/gal mark – a vast change from this summer when Connecticut, New York, Pennsylvania and Washington, D.C. were routinely at this mark. These states continue to have the most expensive average in the region, but are still at least 15-cents under the $3/gal mark: Connecticut ($2.84), New York ($2.83) and Washington, D.C. ($2.82)

This week, Delaware ($2.24), Maryland ($2.42) and Pennsylvania ($2.76) have state gas price averages cheaper than one year ago with a year-over-year difference of 18, five and one cent respectively.

Gasoline stocks dramatically declined by nearly 3 million bbl on the week to drop stocks to a total of 61.7 million bbl. EIA data shows that stock levels have not been this low since April of this year. The large draw in stocks kept state gas price averages from seeing large declines this week.

South and Southeast

There are five states in the South and Southeast region landing on the Top 10 list of largest weekly declines: Mississippi (-11 cents), South Carolina (-10 cents), Alabama (-9 cents), Arkansas (-9 cents) and Texas (-9 cents). With a seven-cent drop, Florida and North Carolina saw the smallest decreases in the region.

Currently, five states in the region are enjoying pump prices that are cheaper year-over-year: Oklahoma (-7 cents), Louisiana (-6 cents), Florida (-4 cents), Texas (-3 cents) and South Carolina (-1 cent).

Refinery utilization in the South and Southeast increased two percent as stocks built by nearly 2 million bbl on the week, according to EIA data. Total stocks sit at 83.7 million bbl, a level not seen for the region since the end of June. The large increase in stocks contributed to the large decreases in gas prices this past week.

West Coast

Motorists in the West Coast region continue to pay some of the highest pump prices in the nation, with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.76) is the nation’s most expensive market, followed by California ($3.61), Washington ($3.36), Alaska ($3.27), Nevada ($3.20), Oregon ($3.18), and Arizona ($2.84). On the week, all prices in the region are lower. Hawaii (-8 cents), Washington (-5 cents) and California (-4 cents) saw the largest drops.

The EIA’s weekly petroleum status report for the week ending on November 16, showed West Coast gasoline stocks increased by 300,000 bbl to 26.9 million bbl. Stocks are approximately 1.3 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Rockies

For the first time since April, Idaho’s gas price average drops below $3/gal to $2.97. While all states are selling below the $3/gal mark, four continue to carry among the most expensive averages in the country:  Idaho ($2.97), Utah ($2.91), Montana ($2.86) and Wyoming ($2.86). On the week gas prices decreased as much as six cents in Colorado, five cents in Idaho, and as little as two cents in Wyoming.

With a draw of 130,000 bbl, stocks in the Rockies region fell to 6.8 million bbl. Coincidentally, stocks sit at a 130,000 bbl year-over-year surplus. Refinery utilization declined as well, according to the latest EIA data.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped $4.21 and settled at $50.42. Oil prices plunged to their lowest point since October 2017 last week as EIA reported that crude inventories continue to build. The latest EIA weekly petroleum report showed that crude inventories grew by 4.9 million bbl to 447 million bbl. Total domestic crude inventories have grown for nine consecutive weeks, contributing to the crude prices dropping further. If this week’s EIA report shows another build, crude prices will likely continue their descent.

Growth in global crude production, including in the U.S., combined with weaker than expected global crude demand for the fourth quarter of 2018 have contributed to growth in global crude inventories. Market observers will now watch OPEC closely, which may decide to reduce its total crude production at its meeting next month. If OPEC, along with Russia, decides to reduce production, crude prices will likely increase due to the agreement.

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.

Motorists can add cheaper gas prices to their list of ‘things for which to be thankful’ this Thanksgiving holiday. Today’s national gas price average is $2.62, which is seven-cents less than a week ago and the largest one-week decline in pump price this year. In fact, the large drop brings the year-over-year differential in gas prices to only seven cents – that is the lowest yearly change seen July 2017.

“The nearly 49 million Americans hitting the road for Thanksgiving will find pump prices similar to last year,” said Jeanette Casselano, AAA spokesperson. “When it comes time to fill-up during the trip, motorists should keep in mind that gas stations along highly traveled routes may find prices more expensive than in-town. Before setting out for the long Thanksgiving weekend, AAA recommends motorists download the free AAA Mobile app to find the lowest gas prices in their area.”

In addition, the AAA app can help travelers make travel arrangements, request AAA roadside assistance among additional resources. Learn more at AAA.com/mobile.

Quick Stats

• The nation’s top 10 largest monthly decreases are: Iowa (-41 cents), Nebraska (-37 cents), Oklahoma (-36 cents), Missouri (-34 cents), Indiana (-34 cents), Kansas (-33 cents), Kentucky (-32 cents), Michigan (-32 cents), Delaware (-31 cents) and South Dakota (-30 cents).
• The nation’s top 10 least expensive markets are: Missouri ($2.27), Delaware ($2.28), Oklahoma ($2.28), Texas ($2.32), South Carolina ($2.33), Louisiana ($2.33), Alabama ($2.36), Kansas ($2.36), Mississippi ($2.37) and Arkansas ($2.38).

Great Lakes and Central

Motorists in the Great Lakes and Central states are paying as much as 41 cents/gallon less than they paid last month to fill up. As demand remains low, Iowa (-41 cents), Nebraska (-37 cents), Missouri (-34 cents), Indiana (-34 cents), Kansas (-33 cents), Kentucky (-32 cents), Michigan (-32 cents), and South Dakota (-30 cents) are among the top 10 states in the country with the largest monthly declines in gas prices.

On the week, state gas prices averages are as much as 14-cents cheaper in the region with prices ranging from $2.63 in North Dakota to $2.27 in Missouri. Ohio (+2 cents) was the only state in the region and country to see a jump at the pump on the week.

On the week, the Energy Information Administration (EIA) reports that gasoline stocks increased by a small 218,000 bbl, but remain under the 47 million bbl mark. As utilization increases in the region, which saw a one percent jump to 75 percent last week, stocks are expected to build through year-end as demand remains low and keep gas prices cheaper.

Mid-Atlantic and Northeast

Compared to a year ago, Delaware ($2.32) and Maryland ($2.51) are the only two states in the Mid-Atlantic and Northeast region to have gas prices cheaper than one year ago, 17-cents and three cents less, respectively. For all other states, gas prices are as much as 22-cents more expensive year-over-year with these states in the region carrying the largest changes: Vermont (+22 cents), New York (+18 cents), Massachusetts (+17 cents), Connecticut (+16 cents), North Carolina (+13 cents), New Hampshire (+13 cents) and West Virginia (+11 cents).

On the week, state gas prices average are three to eight cents cheaper in the region with prices ranging from $2.88 in Connecticut to $2.28 in Delaware.

Gasoline stocks built by 270,000 bbl to remain relatively stable at 64 million bbl. Meanwhile, refinery utilization in the region stayed consistent at 90 percent. According to EIA data, utilization has been slowly, but surely increasing since the beginning of October.

South and Southeast

As gas prices drop across the region, as much as 10 cents on the week, every state in the South and Southeast has gas stations selling gas at $2.25/gal or less. Some more than others:

On the week, state gas price averages are seven to ten cents cheaper in the region with prices ranging from $2.57 in New Mexico to $2.28 in Oklahoma.

EIA data shows the South and Southeast refinery utilization dropped nearly three percent to land at 93.8 percent for the week ending November 11. Also declining, gasoline stocks drew by 1.1 million to register just under 82 million bbl.

West Coast

Pump prices in the West Coast region remain among the highest in the nation, with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.83) is the nation’s most expensive market, followed by California ($3.64), Washington ($3.41), Alaska ($3.30), Oregon ($3.22), Nevada ($3.23) and Arizona ($2.87). On the week, all prices in the region are lower. Hawaii (-7cents), California (-6 cents) and Washington (-6 cents) saw the largest drops.

The EIA’s weekly petroleum status report for the week ending on November 9, showed West Coast gasoline stocks fell by 827,000 bbl to 26.5 million bbl. Stocks are approximately 1.7 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Rockies

Gas prices remain under $3/gal for every state in the Rockies except Idaho ($3.02). On the week, state gas prices average are two to seven cents cheaper in the region: Utah ($2.95), Montana ($2.89), Wyoming ($2.89) and Colorado ($2.73).

In trend with the rest of the country, Rockies states’ gas price averages are cheaper as compared to a month ago, but for most states on a smaller scale: Colorado (-21 cents), Montana (-12 cent), Idaho (-10 cents), Wyoming (-7 cents) and Utah (-6 cents). In fact, all states but Colorado land on the top 10 list with the smallest monthly change of all states in the country.

Both refinery utilization and gasoline stocks held stable on the week with total stocks measuring at 6.9 million bbl.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI was unchanged and settled at $56.46. Oil prices mostly dropped last week as EIA reported that crude inventories continue to build, now for the eighth consecutive week. Total domestic inventories sit at 442.1 million bbl, which is 16.9 million bbl lower than levels at this time last year. Inventories grew as the EIA reported the U.S. hit a new record for crude production last week. At 11.7 million b/d, it is the highest rate on record since the EIA began tracking it in 1983.

Growth in global crude production, including in the U.S., combined with weaker than expected global crude demand for the fourth quarter of 2018 are leading some market observers to have concerns that the global crude supply glut from 2016 and 2017 has returned. As a result, reports have emerged that the Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, will discuss curtailing crude production by 1 million to 1.4 million b/d at its upcoming meeting on December 6 in Vienna, Austria. Russia, which is not a member of OPEC, confirmed today that it would likely participate in any global crude production reduction agreement. Speculation of a production cut could help buoy crude prices this week. If an agreement is put into place in December, crude prices will likely rise due to reduced global supply.

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

State gas price averages are as much as 12-cents to a nickel cheaper a gallon on the week in more than two-thirds of the country. As demand drops and the end of refinery maintenance season wraps-up, the national gas price average is $2.70. That price is six cents less than last Monday, 21-cents less than last month and just 14-cents more than last year. In fact, the year-over-year price differential has not been this small since early January.

“Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season,” said Jeanette Casselano, AAA spokesperson. “Also driving down pump prices is the fact that crude oil is selling under $65/bbl, a rare sight this year.”

Today, 41 percent of gas stations nationwide are selling unleaded gasoline for $2.50 or less. In comparison, the majority of gas stations were selling gas for $2.51 or more at the start of summer during the Memorial Day holiday weekend.

Quick Stats

The nation’s top 10 least expensive markets are: Delaware ($2.35), Missouri ($2.37), Oklahoma ($2.39), South Carolina ($2.40), Ohio ($2.40), Texas ($2.40), Louisiana ($2.42), Alabama ($2.43), Mississippi ($2.44) and Arkansas ($2.45).

The nation’s top 10 largest weekly decreases: Ohio (-12 cents), Michigan (-11 cents), Nebraska (-10 cents), Iowa (-10 cents), Indiana (-9 cents), Kansas (-9 cents), Delaware (-9 cents), Missouri (-9 cents), Kentucky (-9 cents) and Oklahoma (-9 cents).

Great Lakes and Central

Gas prices in eight Great Lakes and Central states land on the top 10 list of states with the biggest changes, a handful with double-digit drops: Ohio (-12 cents), Michigan (-11 cents), Nebraska (-10 cents), Iowa (-10 cents), Indiana (-9 cents), Kansas (-9 cents), Missouri (-9 cents) and Kentucky (-9 cents). Gas prices are, at a minimum, a nickel cheaper in every state in the region on the week.

Only six states in the country have cheaper gas prices today as compared to a year ago. Five are Great Lakes and Central states: Illinois ($2.68), Michigan ($2.60), Indiana ($2.52), Iowa ($2.53) and Ohio ($2.40). With gas prices just pennies more than last year, these three states also might see the same trend soon: Missouri ($2.37), Nebraska ($2.58) and Wisconsin ($2.61).

The region saw a small draw of 856,000 bbl on the week, tightening gasoline stocks to a new low for the year. The last time the region saw stocks register at the 46 million bbl mark was during October 2017, according to Energy Information Administration (EIA) data. As refineries wrap-up maintenance season it is likely stocks will increase and drive prices potentially even cheaper amid declining demand.

Mid-Atlantic and Northeast

November continues to bring gas price averages under $3 for every state in the Mid-Atlantic and Northeast region. Connecticut ($2.92), New York ($2.91), Washington, D.C. ($2.88) and Pennsylvania ($2.88) have the most expensive averages. Delaware ($2.35) carries the cheapest average in the region and the country this week.

With a nine- and eight-cent decline, respectively, Delaware and Maryland, saw the largest week-over-week change in pump prices.

Despite refinery utilization down two percent to 74.5, the EIA reports that gasoline stocks remain relatively stable at 64 million bbl. Overall, stocks are at a 12 million year-over-year surplus.

South and Southeast

New Mexico ($2.65), Florida ($2.57) and Georgia ($2.56) carry the most expensive state gas price averages among all South and Southeast states. However, while these are pricey for the region, they all rank among the 25 cheapest averages in the country. This week, the following states are the cheapest in the region and rank among the top 10 least expensive in the country: Oklahoma ($2.39), South Carolina ($2.40), Texas ($2.40), Louisiana ($2.42), Alabama ($2.43), Mississippi ($2.44) and Arkansas ($2.48).

Prices are likely to drop even further as stocks built by 2.4 million bbl on the week. In addition, refinery utilization held steady at 97 percent. Total inventories sit at nearly 83 million bbl, which are about 5 million bbl more than this time last year and will continue to contribute towards driving gas prices cheaper.

West Coast

Motorists in the West Coast region are paying some of the highest pump prices in the nation, with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.91) is the nation’s most expensive market, followed by California ($3.70), Washington ($3.47), Alaska ($3.35), Oregon ($3.29), Nevada ($3.26), and Arizona ($2.89). On the week, all prices in the region are lower. California and Oregon saw the largest drops at a nickel each.

The EIA’s weekly petroleum status report for the week ending on November 2, showed West Coast gasoline stocks grew to 27.3 million bbl. Stocks are approximately 200,000 bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Rockies

Gas prices are as much as a nickel cheaper across the Rockies states on the week: Colorado (-5 cents) Montana (-4 cents), Idaho (-4 cents), Utah (-2 cents) and Wyoming (-1 cent). Despite the declines, these five states rank among the 20 most expensive in the country. Notably, motorists in Utah ($2.99) are paying under $3/gal to fill-up for the first time since mid-April

Compared to a year ago, gas price averages in the region are very expensive with four of the five states landing on the top 10 largest yearly changes: Utah (+51 cents), Idaho (+41 cents), Wyoming (+38 cents), Montana (+34 cents) and Colorado (+25 cents).

Refinery utilization decreased below 90 percent for the first time in eight weeks. However, the EIA reports that gasoline stocks built by a small 150,000 bbl on the week. Total stocks sit at 6.9 million bbl, a healthy level for this time of year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased 48 cents to settle at $60.19. Oil prices drifted lower this week, following the release of EIA’s report that total domestic oil inventories grew by 5.8 million bbl last week. They now sit at 431.8 million bbl, which is 25.3 million bbl less than inventories last year at this time. Crude inventories have grown for seven consecutive weeks because of reduced refinery runs while the nation settles into the lower demand fall driving season. A new all-time high estimate in domestic crude production since EIA began publishing the data – 11.6 million b/d – also contributed to last week’s build in crude inventories. Moving into this week, crude prices may drop further if supply concerns remain reduced due to continued growth in inventories.

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 $2.76, the national gas price average is at its cheapest in six months (end of April). On the week, motorists in every state but Hawaii are paying as much as a nickel less to fill-up. Today’s national average is six cents less than a week ago,15-cents less than a month ago but  24-cents more than a year ago. As demand continues to drop, gas prices could get even cheaper.

This price drop is happening at a time that analysts previously thought would likely see pump price increases due to the White House’s re-imposition of sanctions on Iran, some of which will target the country’s energy sector and impedes its ability to export oil. However, in May, when the decision was announced (to take effect in November), the market reacted quickly with crude oil prices (WTI) spiking as high as $77/bbl this summer. At the same time, Iran’s exports began to dip. Today, they are reported to be about one million b/d less than in May while crude oil prices have stayed below $70/bbl for two weeks.

“With the market anticipating and reacting to the pending Iran sanctions throughout the summer, motorists likely have seen the worst in terms of retail prices for the year,” said Jeanette Casselano, AAA spokesperson. “If the crude oil market remains steady, gas prices are likely to continue to fall as much as ten cents in the near-term.”

That being said, should any factors cause an upward shift in crude oil prices, the cheaper gas prices would likely be a temporary trend.

Quick Stats

 The nation’s top 10 largest weekly decreases are: Ohio (-12 cents), Michigan (-9 cents), Indiana (-9 cents), Delaware (-8 cents), Oklahoma (-8 cents), Texas (-7 cents), Maryland (-7 cents), Missouri (-7 cents), Florida (-7 cents) and Georgia (-7 cents).

The nation’s top 10 least expensive markets are: Delaware ($2.44), Missouri ($2.46), South Carolina ($2.46), Oklahoma ($2.47), Texas ($2.48), Louisiana ($2.49), Mississippi ($2.49), Alabama ($2.49), Arkansas ($2.51) and Virginia ($2.52).

Great Lakes and Central

Motorists in seven Great Lakes and Central states are seeing some of the country’s largest month-over-month decreases when filling-up at the pump: Ohio (-35 cents), Indiana (-35 cents), Michigan (-32 cents), Kentucky (-28 cents) Iowa (-25 cents), Missouri (-24 cents), and Illinois     (-23 cents). The cheaper pump prices come as regional refinery maintenance season begins to wrap-up and are in-line with the national trend. On the week, four states land on the top 10 list of largest changes in the country: Ohio (-12 cents), Michigan (-9 cents), Indiana (-9 cents) and Missouri (-7 cents).

Compared to a year ago only four states in the country have cheaper gas prices and they are all Great Lakes and Central states. Ohio ($2.52) and Indiana ($2.61) are both down 12 cents while Illinois ($2.76) and Michigan ($2.71) are down two cents compared to the same time last year

Regionally, gas prices dropped amid stocks plummeting by 2.5 million bbl to total the lowest level of the year at 47 million bbl, according to Energy Information Administration (EIA) data. Typically, a large draw and low supply levels would push prices higher. However, the region saw lots of volatility in gas prices throughout the summer and early fall, which is continuing.

Mid-Atlantic and Northeast

Motorists across the region are all seeing cheaper prices on the week with Delaware (-8 cents) and Maryland (-7 cents) seeing the largest decreases. Rhode Island saw the smallest change with a two-cent drop since last Monday.

Delaware ($2.44) and Virginia ($2.52) have the cheapest gas price average in the region and land among the lowest state averages in the country. Neither state has seen prices this low since March and mid-April, respectively.

For a second week, the EIA reports that the region saw the largest draw in gasoline stocks in the country. Similar to last week, the draw can be attributed to exports in addition to regional refinery utilization rates falling to 76 percent. Stocks drew by 3.1 million bbl for a total at 64.5 million bbl.

South and Southeast

Nearly half of the country’s top 10 states with the largest weekly decreases are South and Southeast states: Oklahoma (-8 cents), Texas (-7 cents), Florida (-7 cents) and Georgia (-6 cents). As gas prices drop, they are shrinking the year-over-year difference in price. In the region, Georgia and Alabama both have the largest difference of 28 cents more while South Carolina (+22 cents) and Oklahoma (+14 cents) have the smallest difference compared to this time last year. Regardless, South Carolina ($2.46) carries the cheapest gas price average of the South and Southeast states this week.

After four weeks of increases, the EIA reports the region added 2.7 million bbl this past week. Refinery utilization increased slightly to 97 percent and total inventories sit at 80.5 million bbl. The utilization rate is the highest and stock levels are the largest of any region in the country, according to EIA data.

West Coast

Motorists in the West Coast region are paying some of the highest pump prices in the nation, with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.91) is the nation’s most expensive market, followed by California ($3.75), Washington ($3.51), Alaska ($3.35), Oregon ($3.34), Nevada ($3.28), and Arizona ($2.90). On the week, all the prices in the region except for Hawaii (+1 cent) are lower. California (-5 cents) saw the largest drop.

The EIA’s weekly petroleum status report for the week ending on October 26, showed West Coast gasoline stocks remained flat at 27 million bbl. Stocks are approximately 600,000 bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Rockies

Compared to the rest of the country, gas prices in the Rockies are falling modestly. On the week, Colorado (-4 cents) saw the largest decline followed by Utah, Idaho and Montana, each with a two-cent drop, and Wyoming (-1 cent).

If Utah’s ($3.00) gas price average continues to drop and falls below $3/gal mark, that will be the first time the state’s average has reached this price point since mid-April.

Regional stocks dropped slightly (200,000 bbl) to measure at 6.8 million bbl. Alongside the decrease in stocks, refinery utilization decreased by 4.3 percent to 91.2 percent, which is the second highest rate on the week according to EIA data.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 55 cents to settle at $63.14. Oil prices moved lower last week as total domestic crude inventories grew by 3.2 million bbl last week, according to the EIA’s latest weekly petroleum status report. Stocks now sit at 426 million bbl, which is 28.9 million bbl lower than the level seen at this time last year, but the highest level since mid-June. Steady growth, for the sixth consecutive week, in crude inventories has helped to check excessive increases in crude prices. Moreover, reimposed sanctions on Iran’s crude exports have not ignited fears in the market about constrained global supply this winter, since the U.S. will reportedly issue eight waivers that allow some of Iran’s top export destinations to continue importing its oil. Oil prices could remain flat or continue falling this week due to reduced concerns about a global crude supply shortage as a result of the sanctions.

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

The national gas price average has been dropping slowly and steadily for the past 16-days. At $2.82, the national gas price average is the lowest since mid-September, but the cheaper gas prices may just be a temporary treat for motorists.

“Just like the outside temperature, motorists are seeing gas prices cool off. The last few weeks saw peak refinery maintenance season start to wrap-up and push less expensive gas prices, but the lower prices are not likely to be a long-term trend,” said Jeanette Casselano, AAA spokesperson. “AAA expects that gas prices will likely start to increase as early as later this week ahead of the Nov. 4 Iran sanctions announcement and the mid-term elections.”

How expensive gas prices will be depends on how the market reacts to the early November events. However, motorists are not likely to pay summer prices this winter.

Today’s average is three cents less than last week, six cents cheaper than last month and 35- cents more expensive than this time last year.

Quick Stats

The Nation’s Largest Monthly Changes are: Michigan $2.79 (-20 cents), Iowa $2.68 (-18 cents), Indiana $2.70 (-18 cents), Delaware $2.52 (-17 cents), Oklahoma $2.55 (-17 cents), Wisconsin $2.74 (-16 cents), Missouri $2.52 (-14 cents), Kentucky $2.61 (-14 cents), Washington $2.53 (+13 cents) and Kansas $2.62 (-13 cents).

The Nation’s Top Ten Least Expensive Markets are: Delaware ($2.52), South Carolina ($2.52), Missouri ($2.52), Mississippi ($$2.54), Louisiana ($2.54), Texas ($2.55), Oklahoma ($2.55), Alabama ($2.55), Arkansas ($2.56) and Virginia ($2.58).

West Coast

Pump prices in the West Coast region are among the highest in the nation with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.90) is the nation’s most expensive market, followed by California ($3.80), Washington ($3.53), Alaska ($3.38), Oregon ($3.36), Nevada ($3.29), and Arizona ($2.91). On the week, all the prices in the region except for Hawaii are lower.

The Energy Information Administration’s (EIA) weekly petroleum status report for the week ending on October 19, showed West Coast gasoline stocks fell to 27 million bbl. Stocks are approximately 1.7 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Great Lakes and Central

Except in Ohio (+8 cents) and Michigan (+3 cents), state gas price averages in the Great Lakes and Central region continue downward. This week, Iowa (-8 cents) saw the largest drop in the country and the region. With a six-cent decrease each, Missouri, Nebraska and Kentucky join Iowa as a top 10 state with the largest change on the week. The pump prices in Ohio and Michigan are atypical of the nationwide-trend this week and likely due to the general fluctuations seen in this region from time-to-time.

Gas prices are pushing cheaper as regional refinery utilization rates are climbing, signaling refinery maintenance season is starting to wrap-up and gasoline stocks could build. However, the region’s large draw of 1.9 million bbl could mean prices may jump early on this week. At 49.8 million bbl in total, stocks sit at their lowest level in 54-weeks. While low, the region typically sees stocks at this or lower levels around year-end, according to EIA data.

Mid-Atlantic and Northeast

As pump prices continue to drop, motorists in Pennsylvania ($2.99), Connecticut ($2.99), Washington, D.C. ($2.97) and New York ($2.96) are paying some of the cheapest prices to fill-up since May. These four states were consistently at the $3.00 or more mark the majority of the summertime.

On the week, four states saw the largest declines in gas price averages in the Mid-Atlantic and Northeast region: Maryland (-6 cents), Virginia (-5 cents), Maine (-5 cents) and Tennessee (-5 cents). Today, Delaware ($2.52) carries the cheapest gas in the region and country.

The region saw the largest draw in gasoline stocks of any region with a 2.3 million bbl drop. Some of the draw can be attributed to exports.  Despite the decline, levels are relatively strong at 67 million bbl total. In fact, that is a nearly 11 million bbl surplus year-over-year.

South and Southeast

With a six-cent drop, six states saw the largest gas price average decreases in the South and Southeast on the week: Oklahoma, Texas, Louisiana, Georgia, Florida and South Carolina. All other states saw prices drop by as much as four-cents.

Seven of the top 10 cheapest gas prices in the country reside among states in the South and Southeast region this week. At $2.52, South Carolina has the least expensive gas price average in the region and is tied with Delaware for cheapest gas in the country.

Gasoline stocks hover near the 78 million bbl mark and only saw a 258,000 bbl draw this past week. This level is on par with this time last year.

Rockies

Idaho (+2 cents) and Utah (+2 cents) are among only four states in the country to see gas prices increase on the week. Meanwhile, Colorado (-3 cents), Wyoming (-2 cents) and Montana (-2 cents) saw prices decline since last Monday.

Compared to a year ago, state gas price averages in the Rockies region are at least 41-cents more expensive. The five Rockies region states rank as the seventh through eleventh states, respectively, with the largest year-over-year average increase in the country: Utah (+49 cents), Idaho (+45 cents), Colorado (+42 cents) Wyoming (+41 cents) and Montana (+41 cents).

With an increase of 300,000 bbl, the Rockies was the only region in the country to see gasoline stocks build on the week. At nearly 7 million bbl, stocks are on par with this time last year.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 26 cents to settle at $67.59. Crude prices ended last week with mostly losses, following release of EIA’s weekly petroleum report that showed crude inventories increased for the fifth consecutive week. Domestic crude inventories gained 6.3 million bbl to total 422.8 million bbl – a level not seen since the beginning of the driving season in June, according to EIA’s latest data. If this week’s EIA report shows another substantial build in total crude inventories, prices are likely to face more downward pressure. However, the potential price decline is likely to be short-lived, as U.S-imposed sanctions on Iran’s crude exports will take effect on Sunday, which may heighten fears in the market about reduced global supply amid growing global crude demand.

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

The national gas price average is $2.85. That is six-cents cheaper than this month’s highest price of $2.91, which was the most expensive average during the month of October since 2014. Today’s price is also four cents cheaper than last week, the same price as last month and 39- cent more than this time last year.

Reduced refinery runs, due to peak maintenance season, have contributed to stable gasoline inventories amid lower demand, which is a contributing factor driving gas prices down.

“Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week,” said Jeanette Casselano, AAA spokesperson. “Prices are falling despite market concerns about global supply and geopolitical tensions, but that could change later this month ahead of the U.S. announcement of imposed sanctions on Iran.”

Quick Stats

• The nation’s top 10 least expensive markets are: Delaware ($2.56), Ohio ($2.57), South Carolina ($2.58), Mississippi ($2.58), Missouri ($2.59), Alabama ($2.60), Louisiana ($2.60), Texas ($2.61), Arkansas ($2.61) and Oklahoma ($2.61).
• The nation’s top 10 largest weekly decreases are: Ohio (-12 cents), Delaware (-10 cents), Michigan (-10 cents), Indiana (-10 cents), Kentucky (-8 cents), Iowa (-7 cents), Maryland (-7 cents), Illinois (-7 cents), Oklahoma (-7 cents) and Missouri (-6 cents).

West Coast

Motorists in the West Coast region are paying the highest prices for retail gasoline in the country, with six of the region’s states landing on the nation’s top 10 most expensive list. Hawaii ($3.90) is the nation’s most expensive market, followed by California ($3.82), Washington ($3.54), Alaska ($3.39), Oregon ($3.38), Nevada ($3.29), and Arizona ($2.92). On the week, most prices are flat. However, Hawaii and Alaska have seen the largest increases, gaining two cents each.

The Energy Information Administration’s (EIA) weekly petroleum status report showed West Coast gasoline stocks decreased slightly to 27.6 million bbl during the week that ended on October 12. Stocks are approximately 1.5 million bbl lower than where they were at this time last year, which could cause prices to spike if there is a supply challenge in the region this week.

Great Lakes and Central

Seven Great Lakes and Central states land on this week’s top 10 list with the biggest declines for a second week: Ohio (-12 cents), Michigan (-10 cents), Indiana (-10 cents), Kentucky (-8 cents), Iowa (-7 cents) Illinois (-7 cents) and Missouri (-6 cents).

In the region, South Dakota ($2.89) has the most expensive gas price average this week, followed by North Dakota ($2.86) and Illinois ($2.82). With the significant price drops this week, Ohio ($2.57) and Missouri ($2.59) have the cheapest price in the region and rank among the top 10 least expensive pump prices in the country.

Gasoline inventories drew by 456,000 bbl on the week, a factor lending to cheaper prices in the region. Despite the decrease, inventories sit at a 3.3 million bbl year-over-year surplus.

Mid-Atlantic and Northeast

On the week, pump prices are as much as a dime cheaper across Mid-Atlantic and Northeast states. Delaware (-10 cents) and Maryland (-7 cents) saw the largest declines of all states in the region, landing on the top 10 list of states with the largest weekly change.

With the large decline in Delaware ($2.56), the state’s average ranks as the cheapest in the country, a rare occurrence for the state. It is the cheapest in the region followed by Virginia ($2.63) and Tennessee ($2.64).

With a draw of 602,000 bbl, gasoline inventories in the region register right at the 70 million bbl mark, according to EIA data. The small drop is helping to drive gas prices down. Notably,  at 70 million bbl, the region is sitting on a 12.1 million bbl year-over-year surplus underscoring the nation’s high gasoline production rates this year.

South and Southeast

Gas prices continue to decline across South and Southeast states this week, dropping 2 to 6 cents for all states. Oklahoma (-6 cents) saw the largest pump price drop on the week. Prices are a nickel cheaper in Louisiana ($2.60) and Texas ($2.61). Influencing part of the cheaper prices is that all Colonial pipeline and terminal operations in the Southeast and Mid-Atlantic have returned to normal following Hurricane Michael.

Despite this week’s cheaper prices, state gas price averages are significantly more expensive than a year ago with Arkansas (+41 cents), New Mexico (+38 cents) and Alabama (+38 cents) seeing the largest year-over-year differences.

This week’s 229,000 bbl decline pales in comparison to the previous two weeks, which each saw a more than 1 million bbl draw. The small drop in the South and Southeast region is not surprising given that it reflects the impact from Hurricane Michael for the week ending October 12, according to EIA.

Rockies

On the week, Colorado (- 3 cents) was the only state to see a change in gas prices. All other pump prices remained stable. All five Rockies states carry among the 15 most expensive state gas price averages in the country: Idaho ($3.11), Montana ($3.01), Utah ($3.01), Wyoming ($2.95) and Colorado ($2.92).

Gasoline inventories remained relatively stable at 6.7 million bbl. According to EIA inventory data, the Rockies region current inventory level is at a deficit compared to this time the last two years.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 47 cents to settle at $69.12. The crude market mostly saw losses last week following EIA’s latest weekly petroleum report, which showed domestic crude inventories grew by 6.5 million bbl. Total crude inventories now sit at 416.4 million bbl, marking the fourth week of consecutive growth and highest level since late June. The larger-than-expected growth in crude levels shocked the market, leading crude prices to fall. This week, prices could rise again due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran’s crude exports.

In related news, Baker Hughes, Inc. reported that the U.S. gained four oil rigs last week, bringing the total to 873. When compared to last year at this time, there are 137 more rigs now than in 2017.

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 $2.89, the national gas price average is two-cents cheaper than it was a week ago amid consumer gasoline demand declining for a third week. Today’s gas price average is four-cents more than a month ago and 42-cents more expensive than a year ago.

The majority of states have seen gas prices decrease on the week with the exception of a handful of states, some of which were impacted by fuel disruptions on the west coast and in the southeast.

“Gas prices may be signaling that they are taking a turn toward slowly decreasing, which is a welcomed change for motorists who have been paying unseasonably high pump prices to fill-up as of late,” said Jeanette Casselano, AAA spokesperson. “Two events last week caused small spikes in retail prices, but those spikes are short-lived.”

On Wednesday, October 12, Hurricane Michael made landfall in Florida and subsequently caused retail fuel shortages along its path in Alabama, Florida, Georgia, North Carolina and South Carolina. Roadway clean-up efforts are underway and as power is restored, fuel deliveries will be a priority.

In addition, last week, a natural gas pipeline rupture in the Western Canadian province of British Columbia forced three Pacific Northwest (PNW) Puget Sound refineries to shut production units. Those refineries are beginning to resume normal operations, but states in the PNW saw spikes in gas prices that will likely last into the week.  

Quick Stats

• The nation’s top 10 least expensive markets are: Mississippi ($2.61), South Carolina ($2.61), Alabama ($2.62), Missouri ($2.65), Arkansas ($2.65), Louisiana ($2.65), Texas ($2.65), Delaware ($2.66), Virginia ($2.67) and Tennessee ($2.68).

• The nation’s top 10 largest weekly changes are: Ohio (-14 cents), Michigan (-12 cents), Indiana (-10 cents), Washington (+9 cents), Oregon (+9 cents), Illinois (-8 cents), Kentucky (-7 cents), Delaware (-5 cents), Wisconsin (-5 cents) and Oklahoma (-4 cents).

South and Southeast

Hurricane Michael caused pump prices in Georgia (+2 cents) to increase on the week. However, Florida (-2 cents), South Carolina (no change) and Alabama (no change), which were also affected by the storm, saw minimal-to-no impact on gas prices. All other states in the South and Southeast are paying less or saw no change in pump prices on the week. Oklahoma (-4 cents) saw the largest price drop in the region.

One factor driving Georgia’s gas price increase is the shutdown of a Colonial Pipeline stub line, which is not a major pipeline, that runs from Atlanta south to Bainbridge. This shutdown, caused by a power outage, will have limited impact on Southern Georgia due to lower demand brought on by the storm. On Friday, officials reported the line could open over the weekend, but no reports have since been available.

For a second week, inventories saw a substantial drop, this time 1.2 million bbl on the week according to the Energy Information Administration (EIA). At 78.3 million bbl, total levels sit more than one million bbl ahead of this time last year. It is likely the next EIA report will not see a large inventory decrease due to Hurricane Michael’s impact on demand, unless there is a high number of exports on the week.

West Coast

Pump prices in the West Coast region are the highest for retail gasoline in the country, with six of the region’s states represented landing in the nation’s top 10 most expensive list. Hawaii ($3.88) is the nation’s most expensive market, followed by California ($3.82), Washington ($3.53), Oregon ($3.38), Alaska ($3.37), Nevada ($3.29), and Arizona ($2.92). All prices in the region have increased on the week, with Washington and Oregon (+9 cents) leading the way, due to refinery shutdowns in the PNW.

The EIA’s weekly petroleum status report showed West Coast gasoline stocks increasing slightly to 28.28 million bbl during the week that ended on October 5. Stocks are approximately 1.5 million bbl lower than where they were at this time last year, which has lead to price volatility as the region grapples with refinery shutdowns in the PNW. The year-on-year deficit will likely leave prices vulnerable to more shocks this week as refineries in the region resume normal operations.

Great Lakes and Central

For the first time in weeks, all Great Lakes and Central states are seeing gas prices decline, with some pump prices declining by double-digits. Six states top the list of the largest decreases in the country: Ohio (-14 cents), Michigan (-12 cents), Indiana (-10 cents), Illinois (-8 cents), Kentucky (-7 cents) and Wisconsin (-5 cents). 

A factor helping to drive down gas prices is the increase of nearly 600,000 bbl of gasoline inventories amid declining gasoline demand. With the build, EIA data measures levels at 52 million bbl once again, which, despite being a low inventory level for the region this year, is a 2.4 million year-over-year surplus. If inventories continue to increase, prices are likely to continue to decrease.

Mid-Atlantic and Northeast

The majority of Mid-Atlantic and Northeast states are seeing cheaper or steady gas prices on the week. Motorists in Delaware (-5 cents), Washington, D.C. (-4 cents) and Maryland (-4 cents) saw the largest declines of all states in the region.

Not only did Delaware ($2.66) have the largest pump price drop on the week, but also it is the state with the largest month-over-month decrease at 17 cents. 

A large 1.4 million bbl build in gasoline inventories helped to keep gas prices mostly stable in the region. With the increase, total inventories measure at 70.6 million bbl, which is the highest for the region in nearly two years. The last time the Mid-Atlantic and Northeast region measured at this level was January 2017. This should help to push gas prices down or stabilize them for motorists.

Rockies

After weeks of increasing gas prices, motorists in Colorado (-2 cent) and Montana (no change) are seeing signs of relief at the pump. Prices are also cheaper in Idaho (-2 cents), Utah (-1 cents) and Wyoming (-1 cent) on the week.

State gas price averages in the region fall within a 16-cent range: Idaho ($3.11), Utah ($3.01), Montana ($3.01), Wyoming ($2.95) and Colorado ($2.95). 

With a drop of nearly 190,000 bbl, gasoline inventories register at 6.75 million bbl according to EIA data. Total inventory measures close to a 325,000 deficit compared to this time last year. If inventories can remain stable amid declining demand, motorists can expect gas prices to remain mostly steady.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 37 cents to settle at $71.34. Oil prices saw whiplash last week, falling in line with the major selloff that occurred for the Dow Jones Industrial Average. Crude prices may continue to climb this week as tensions in the Middle East take center stage, while U.S.-imposed sanctions on Iran’s energy sector continue to loom over the market.

The slight gains crude prices saw at the end of last week occurred despite total domestic crude inventories growing to 410.0 million bbl last week, according to EIA’s latest weekly petroleum status report. However, crude storage levels are 52.2 million bbl lower than where they were this time last year. The year-over-year deficit has contributed to rising crude prices, which has led to the most expensive fall gas prices since 2014. 

In related news, Baker Hughes, Inc. reported that the U.S. gained eight oil rigs last week, bringing the total to 869. When compared to last year at this time, there are 126 more rigs now than in 2017.

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.