AAA Newsroom: National Gas Price Report for August 4th, 2019

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On the week, the average national gas price dropped by two cents to $2.71. This is less expensive than a week, a month (-4 cent) and a year (-15 cents) ago. Prices are cheaper as demand saw a small dip on the week, even though overall demand remains robust for the summer. 

“While gas prices continue to drop, the rate at which they are decreasing has slowed,” said Jeanette Casselano, AAA spokesperson. “On the week, most states saw cheaper pump prices of only a few pennies and motorists can expect this trend to continue into early August.”

Today, motorists can find gas for $2.75 or less at 65% of gas stations across the country. 

Quick Stats

• The nation’s top 10 largest monthly decreases are: Florida (-17 cents), Alaska (-17 cents), Michigan (-14 cents), Illinois (-13 cents), Delaware (-12 cents), California (-10 cents), Kentucky (-9 cents), Arizona (-9 cents), Colorado (-9 cents) and Idaho (-9 cents).

• The nation’s top 10 least expensive markets are: Louisiana ($2.33), Mississippi ($2.33), Alabama ($2.35), Arkansas ($2.37), South Carolina ($2.37), Oklahoma ($2.41), Tennessee ($2.43), Texas ($2.44), Missouri ($2.45) and Kansas ($2.46).

South and Southeast

Motorists in the South and Southeast saw some of the largest declines at the pump and all states in the region have cheaper gas prices on the week. In fact, four states land on the top 10 list of largest weekly changes: Florida (-7 cents), Georgia (-4 cents), Texas (-4 cents) and South Carolina (-3 cents). This is the second week in a row that Florida and South Carolina have appeared on the top 10 weekly changes list.

In the region, motorists are seeing savings year-over-year ranging from 19 to 28 cents cheaper. Those savings are likely to only increase as gas prices push less expensive moving into August.

Regional refinery utilization jumped to 93.5% and gasoline stocks saw a 857,000 bbl build, according to Energy Information Administration (EIA) data for the week ending Jul. 26. This was the only region in the country to see stocks increase for the EIA’s latest reporting period. Total stocks measure at 83.8 million bbl which is a 5.5 million bbl surplus compared to levels at the end of July. The region’s strong measurement of gasoline stocks is helping to push gas prices cheaper and this trend should continue as August typically yields high regional utilization and stock levels for the region.

Great Lakes and Central States

Ohio (+4 cents) and Indiana (+1 cent) were two of only five states in the country to see gas prices increase on the week. All other states in the Great Lakes and Central states region saw prices decrease on the week with Michigan (-10 cents) and Illinois (-9 cents) seeing the largest declines in the region and the country.

Pump prices are also trending cheaper compared to one month ago, with motorists in Michigan (-14 cents) seeing the largest monthly decrease in the region. Other Great Lakes and Central states with large month-over-month changes: Illinois (-13 cents), Kentucky (+9 cents) and Indiana (-6 cents). North Dakota (+6 cents) is this only state in the region with more expensive gas prices compared to a month ago.

For a second week, gasoline inventories dipped, and the draw was substantial at nearly one million bbl. The EIA also reports regional utilization declined from 99% to 95%. While pump prices pushed cheaper on the week, the lower stock and utilization levels could yield some price fluctuation in the week ahead.

Mid-Atlantic and Northeast

Gas prices are as much as three cents cheaper on the week for motorists in the Mid-Atlantic and Northeast states, though a small number of states – fewer than five – saw prices remain stable on the week. Tennessee saw the largest decline.

The region is one of two with states on both the top 10 most and least expensive averages list in the country this week. At $2.88, Washington, D.C. ranks as the 10th most expensive and Tennessee ($2.43) ranks as the 7th least expensive state average.

The EIA reports gasoline stocks held on the week at the 59 million bbl mark while regional refinery utilization fell a percentage point to 76%. Analysts anticipate gasoline stocks to increase in August due to gasoline imports, which would assist in keeping gas prices cheaper in the coming weeks.

Rockies

For the first time in a few months, motorists in Utah (+6 cents), Wyoming (+2 cents) and Montana (+1 cent) are paying more to fill-up. Meanwhile, Colorado (-2 cents) and Idaho (-1 cent) have slightly cheaper gas prices. With the price fluctuations, Utah ($2.91) and Idaho ($2.89) rank, respectively, as the eight and ninth most expensive gas averages in the country this week.

Regional refinery utilization remains above 100% for a second week while gasoline stocks saw a small draw to drop totals to 7.4 million bbl. This poises the region for cheaper gas prices, especially as demand is likely to drop along with the end of peak tourism season in the region.

West Coast

Pump prices in the West Coast region are the highest in the nation, with most states in the region landing on the top 10 most expensive list today. California ($3.67) and Hawaii ($3.64) are the most expensive markets in the country. Washington ($3.28), Nevada ($3.23), Oregon ($3.13) and Alaska ($3.08) follow. Arizona ($2.77) is the only state in the region to fall off the list. Most state averages in the region have decreased on the week, with Alaska (-5 cents) seeing the largest decline.

The EIA’s recent report for the week ending on July 26 showed that West Coast gasoline stocks sit at 32.3 million bbl, growing by approximately 300,000 bbl from the previous week. The current level is nearly 150,000 bbl higher than last year at this time, which could help prices stabilize if there is any disruption in supply or gas demand increases in the region this week.

 Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.71 to settle at $55.66. Crude prices mostly decreased last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers. Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil. If the trade tensions between the countries continue to increase this week, crude prices will likely decline further.

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

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AAA Newsroom: National Gas Price Report for July 29th, 2019

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Today’s national average is $2.73. While this is two cents more expensive than on the same day last month, it is three cents cheaper than last week and 12-cents less expensive than a year ago.

“Gas prices this month are on average a dime less expensive than in July 2018. These less expensive gas prices have encouraged summer road trips as evidenced by robust demand numbers since May,” said Jeanette Casselano, AAA spokesperson. “Right now, pump prices are poised to push even cheaper going into August.”

On the week, every state but Michigan saw gas prices trend less expensive. The majority of the top 10 states with the largest weekly declines saw gas prices move a nickel cheaper since last Monday.

Quick Stats

  • The nation’s top 10 largest weekly decreases are: Florida (-9 cents), Kentucky (-8 cents), Missouri (-5 cents), Iowa (-5 cents), Delaware (-5 cents), Kansas (-5 cents), South Carolina (-5 cents), Tennessee (-5 cents), Alaska (-5 cents) and Louisiana (-4 cents).
  • The nation’s top 10 least expensive markets are: Mississippi ($2.35), Louisiana ($2.36), Alabama ($2.38), Arkansas ($2.39), South Carolina ($2.40), Oklahoma ($2.42), Tennessee ($2.46), Texas ($2.48), Virginia ($2.48) and Kansas ($2.48).

South and Southeast

Gas prices are pushing cheaper across the South and Southeast. On the week, state averages are three to nine cents less: Florida (-9 cents) is seeing the largest decline followed by South Carolina (-5 cents) and Louisiana (-4 cents). These three states land on the top 10 list for the largest weekly decreases in the country.

New Mexico ($2.56) is the only state in the South and Southeast region to see cheaper gas prices on the week (-3 cents), month (-3 cents) and year (-18 cents). All other states in the region have cheaper averages on the week and the year. On the month, gas prices are as much as eight cents more expensive in these other states.

Energy Information Administration (EIA) data released last week shows that regional refinery utilization dropped for a second week, now down to 91%. Stocks dipped along with utilization, but overall levels remain close to the 83 million bbl mark. If utilization and stock levels continue to decline, the region could be poised to see some fluctuation in prices at the pump next month, especially as summer travel begins to slow and the school year begins.

 Great Lakes and Central States

With a four-cent increase, Michigan ($2.84) is the only state in the country to see gas prices increase on the week. In fact, four Great Lakes and Central states land on the top 10 list for largest weekly decreases in the country: Kentucky (-8 cents), Missouri (-5 cents), Iowa (-5 cents) and Kansas (-5 cents). In the region, gas prices range from $3.00 to $2.48.

Gas prices are declining as the region sees gasoline inventories remain robust at 50 million bbl and regional refinery utilization jumps to 99% – one of the highest rates in the country, per EIA data. While the region often sees volatility from week-to-week, should stock levels and utilization remain high, motorists can expect cheaper or stable gas prices in August.

Mid-Atlantic and Northeast

Across the Mid-Atlantic and Northeast states, gas prices are cheaper or stable on the week. With a nickel decrease, both Delaware ($2.49) and Tennessee ($2.46) saw the largest pump price declines.

This week, Delaware holds the title for the state with not only the largest weekly decrease in the region but the largest year-over-year decline (-26 cents) and monthly change (-8 cents) too.

Gasoline stocks saw a build of just under a half a million bbl as regional refinery utilization jumped from 69% to 77%. The increasing utilization numbers are positive considering the recent fire and pending subsequent closure of the Philadelphia Energy Solutions (PES) refinery in Philadelphia, which was the largest refinery on the East Coast. If utilization continues this positive trend, gas prices would likely follow suit pushing cheaper. However, August can tend to see higher volumes in terms of miles traveled in the region, which could cause some moderate spikes throughout the Mid-Atlantic and Northeast states next month. 

Rockies

Idaho ($2.90), Utah ($2.85) and Montana ($2.79) rank among the top 15 most expensive state gas price averages in the country, despite consistent weekly declines this summer. On the week, prices pushed cheaper for all states by one to three cents. Colorado ($2.64) and Wyoming ($2.72) saw the largest drop at the pump. 

While the majority of motorists in the country are not seeing cheaper gas prices month-over-month, that is not the case in the Rockies. Motorists are seeing mostly significantly less expensive prices compared to end of June: Utah (-14 cents), (Idaho (-11 cents), Colorado (-8 cents) and Wyoming (-7 cents). Motorists in Montana are only seeing a penny difference.

Regional refinery utilization blew past the 100% mark to hit 103%, according to the latest EIA report. With the latest build, gasoline stocks sit at 7.5 million bbl. This combination will continue to push prices cheaper for the region.

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with most states in the region landing on the top 10 most expensive list today. California ($3.69) and Hawaii ($3.64) are the most expensive markets in the country. Washington ($3.29), Nevada ($3.25), Alaska ($3.13) and Oregon ($3.15) follow. Arizona ($2.78) is the only state in the region to fall off the list. Most state averages in the region have decreased on the week, with Alaska (-5 cents) seeing the largest decline.

The EIA’s recent report for the week ending on July 19 showed that West Coast gasoline stocks sit at 32 million bbl, remaining unchanged from the previous week. The current level is almost 1.5 million bbl higher than last year at this time, which could help prices stabilize if there is any disruption in supply or gas demand increases in the region this week.

 Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 18 cents to settle at $56.20. Crude prices mostly increased last week after EIA’s weekly report showed that total domestic crude inventories fell by 10.8 million bbl. With OPEC continuing to reduce crude production, tighter domestic crude supplies could cause prices to continue to increase if demand tightens. Unresolved tension in the Middle East also contributed to price increases last week. Iran has not released the U.K.-flagged oil tanker it captured in the Strait of Hormuz. In response, the British Royal Navy announced that it would escort U.K.-flagged vessels in the region to protect against future attacks. If tensions continue to mount this week, crude prices will likely continue their 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.

 

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AAA Newsroom: National Gas Price Report for July 8th, 2019

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Gas prices are heating up alongside summer temperatures. In the last 15 days, state averages have jumped, pushing up the national average nearly a dime to $2.75. In addition to rising gasoline demand, 13 states this month have introduced new gas taxes that have contributed to the national average increase. Those states include California, Connecticut, Illinois, Indiana, Maryland, Michigan, Montana, Nebraska, Ohio, Rhode Island, South Carolina, Tennessee, and Vermont.

“The only motorists seeing relief at the pump are in a handful of states in the West Coast and Rockies regions where prices are trending cheaper, but still rank among the most expensive in the country,” said Jeanette Casselano, AAA spokesperson. “The majority of motorists can expect more expensive gas prices throughout July, but the national average is still not likely to hit $3/gallon.”

Today’s average is four cents more than last week, but less than one cent cheaper than last month and 11 cents less expensive than a year ago.

Quick Stats

  • The nation’s top 10 largest weekly increases are: Illinois (+14 cents), Florida (+13 cents), Ohio (+9 cents), Michigan (+7 cents), Georgia (+6 cents), Alabama (+6 cents), Indiana (+5 cents), Texas (+5 cents), Maryland (+5 cents) and Tennessee (+5 cents).
  • The nation’s top 10 least expensive markets are: Mississippi ($2.34), Arkansas ($2.36), Louisiana ($2.38), Alabama ($2.39), South Carolina ($2.41), Oklahoma ($2.41), Missouri ($2.46), Tennessee ($2.46), Texas ($2.47) and Virginia ($2.47).

Mid-Atlantic and Northeast

Despite very low regional refinery utilization, the majority of states in the Mid-Atlantic and Northeast saw gas prices increase no more than a nickel on the week. In Pennsylvania, the state’s gas price average dropped less than a penny on the week. This is a bit counterintuitive considering the Philadelphia Energy Solution (PES) refinery, the largest refinery on the East Coast, is scheduled to close this month. However, with a state average of $2.91, Pennsylvania ranks as the 10th most expensive average in the country.  

On the week, Maryland (+5 cents) and Tennessee (+5 cents) saw the largest increases at the pump in the region.

With the PES refinery moving towards closure, regional refinery utilization dropped to 73% and gasoline stocks drew by 2.3 million bbl. The Energy Information Administration (EIA) measures total regional gasoline stocks at 58.5 million bbl, an atypical level for this time of year and a low not seen since December 2017.

According to the EIA, the closure of the Philadelphia refinery would decrease the number of operating East Coast refineries to seven and would reduce (East Coast) gasoline supplies by approximately 160,000 b/d. Gas prices are likely to continue to increase for motorists in the region as retailers look to other options to make up for the deficit caused by the upcoming PES closure.

Great Lakes and Central States

Pump prices are pushing more expensive across the Great Lakes and Central states. Illinois (+14 cents), Ohio (+9 cents), Michigan (+7 cents) and Indiana (+5 cents) rank among the top 10 states with the largest weekly increases. Illinois tops the nationwide chart. Part of the increase can be attributed to new gas taxes that went into effect on July 4 in each of these states.

With the latest jumps, Illinois (+8 cents year over year) is one of only three states in the country to have more expensive gas prices than at the same time last year. Compared to a month ago, Ohio (+13 cents), Illinois (+11 cents) and Michigan (+8 cents) are among states nationwide with more expensive pump prices.

Regional refinery utilization jumped from 93% to 97% according to EIA’s data for the week ending June 28. However, gasoline stocks held at 49.2 million bbl. Should utilization continue to hold strong, it could help to balance stock levels and keep any future gas price fluctuations moderate.

Rockies

Motorists across the Rockies continue to pay less to fill-up at the pump. On the week, pump prices declined between one to four cents across the five states in the region. While the prices motorists are paying are still among the most expensive in the country, they are under $3/gallon: Idaho ($2.97), Utah ($2.94), Montana ($2.79) Wyoming ($2.76) and Colorado ($2.70). Idaho and Utah rank as the eighth and ninth, respectively, most expensive state averages in the country.

Refinery utilization and gasoline stocks remain at strong levels. Stocks had a small add to bump up to 7.6 million bbl, per EIA data. Motorists are likely to see gas prices continue to decrease amid strong utilization and healthy stock levels.

South and Southeast

In the region, four states saw gas prices jump by at least a nickel on the week: Florida (+13 cents), Georgia (+6 cents), Alabama (+6 cents) and Texas (+5 cents).

Notably, all regional state averages are cheaper year-over-year. New Mexico (+25 cents) and Arkansas (+24 cents) have the largest yearly change.

With the latest add, gasoline inventories measure at 84.6 million bbl as regional refinery utilization sits at 95% for the week ending June 28, per EIA data. Stocks could draw in coming weeks should the region be tapped to help make up for the declining stocks in the Northeast due to the pending shutdown of the PES refinery. However, pump prices would likely see only moderate fluctuations.

West Coast

Pump prices in the West Coast region are the highest in the nation, with most states in the region landing on the top 10 most expensive list today. California ($3.76) and Hawaii ($3.63) are the most expensive markets. Washington ($3.34), Nevada ($3.29), Alaska ($3.22) and Oregon ($3.21) follow. Arizona ($2.85) is the only state in the region to fall off the list. Of note, most state averages in the region have decreased on the week, with Alaska (-3 cents) seeing the largest decline. California’s state average is the only to increase, by a penny, last week.

The EIA’s recent report for the week ending on June 28 showed that West Coast gasoline stocks decreased slightly by approximately 200,000 bbl from the previous week and sit at 30.5 million bbl. The current level is similar to levels at this time last year, which could help prices stabilize if there is any disruption in supply or gas demand surges in the region this week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 17 cents to settle at $57.51. Crude prices ended last week down from the previous week as global demand concerns continue to worry market observers as the U.S. and China continue to resolve their trade dispute. The fall in prices occurred despite EIA’s data showing that total domestic crude inventories fell by 1 million bbl to 468.5 million bbl. Moving into this week, if it appears that the U.S. and China are not closer to a trade resolution, crude prices could continue to decrease. However, if tension between the U.S. and Iran escalates, crude prices could surge amid market concerns of conflict in the Middle East, which could limit oil flows from the region.

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

 

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AAA Newsroom: Summer Savings at the Pump as Retail Prices Drop Seven Cents on the Week

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Nearly every state’s gas price average is cheaper than a week ago, a month ago and a year ago. Today’s national average is $2.74, which is seven-cents cheaper than last week, 13-cents less than a month ago and 18 cents cheaper than a year ago.

“Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand,” said Jeanette Casselano, AAA spokesperson. “The national average is poised to fall to at least $2.70 this week – an indication that pump prices may be even cheaper this summer.”

For the last three weeks demand has remained relatively robust at 9.4 million b/d. Meanwhile, gasoline stocks have increased weekly with total inventories at nearly 4 million bbl ahead of the five-year average, according to Energy Information Administration (EIA) data.

Quick Stats

  • The nation’s top 10 largest weekly decreases are: Ohio (-21 cents), Indiana (-17 cents), Michigan (-15 cents), Illinois (-11 cents), Kentucky (-10 cents), Oklahoma (-9 cents), Maine (-8 cents), Wisconsin (-8 cents), Nebraska (-8 cents) and South Carolina (-7 cents).
  • The nation’s top 10 least expensive markets are: Mississippi ($2.32), Louisiana ($2.35), Alabama ($2.35), South Carolina ($2.36), Arkansas ($2.40), Texas ($2.41), Tennessee ($2.42), Oklahoma ($2.46), Missouri ($2.48) and Virginia ($2.49).  

Great Lakes and Central States

On the week, the top five states in the country with the largest declines hail from the Great Lakes and Central region: Ohio (-21 cents), Indiana (-17 cents), Michigan (-15 cents), Illinois (-11 cents), and Kentucky (-10 cents). Joining these five to round out the top 10 list are Wisconsin and Nebraska with eight-cent declines at the pump. Gas prices are cheaper across the region and range from $2.89 in Illinois – which is the 13th most expensive state average in the country – to $2.49 in Missouri, which is the ninth cheapest state average in the country.

Gas prices dropped alongside a build in gasoline stocks. According to EIA data the region saw inventory build by 300,000 bbl to total 48.1 million bbl, which is below the five-year average of 50.8 million. Refinery utilization slid back a percent to 83% and is the lowest utilization rate for the week ending May 31 among all five regions in the country. Despite the deficit in stocks and low refinery utilization rate, gas prices are expected to remain stable; though during the summer, some states may see weekly spikes – declines or increases – due to the typical volatility in the region.

Mid-Atlantic and Northeast

A number of states from the Mid-Atlantic and Northeast appear on the top 10 list for largest changes for the week, month and year:

  • Weekly: Maine (-8 cents)
  • Monthly: North Carolina (-17 cents), Tennessee (-16 cents) and Delaware (-16 cents)
  • Yearly: Delaware (-26 cents), Tennessee (-25 cents) and New Hampshire (-25 cents)

Driving through the region, motorists will find gas prices on average at $2.65 with the most expensive at $2.89 in Pennsylvania, New York and Connecticut. The cheapest price is $2.42 in Tennessee.

Gas price declines this week were supported by a sizeable build in gasoline stocks – nearly 1.9 million bbl, bumping total inventories to 65.1 million bbl. In addition, regional utilization pushed up for a second week to nearly 94%. These moves will help to keep gas prices stable, but more likely will push them cheaper in the month ahead.

Rockies

Gas prices are cheaper on the week across the Rockies with the region seeing among the smallest weekly changes in the country. Motorists in Wyoming ($2.85) saw no change at the pump, while those in Utah ($3.13), Colorado ($2.82), Montana ($2.87) and Idaho ($3.15) are paying 2 to 4 cents less a gallon to fill-up.

Compared to last month, gas prices are cheaper in Utah, Colorado and Idaho by as much as four cents. Conversely, they are more expensive only in Montana (+1 cent) and Wyoming (+8 cents).

The region is poised to see gas prices continue to decline. The EIA reports that regional refinery utilization is at 99% – the highest of any in the country. As utilization jumped so did stocks – by half a million bbl for the week ending May 31. Total stocks measure at 7.2 million bbl, which is a very healthy level compared to last summer, which mostly saw stocks hover at, but mostly below the 7-million bbl mark.

South and Southeast

Florida (+2 cents) was the only state in the region and country to see gas prices increase on the week. Meanwhile, seven South and Southeast states saw pump prices drop a nickel or more since last Monday: Oklahoma (-9 cents), South Carolina (-7 cents), Texas (-7 cents), Mississippi (-7 cents), Arkansas (-6 cents), Georgia (-6 cents) and New Mexico (-5 cents).

As the region continues to carry among the cheapest gas price averages in the country, every state’s average is cheaper by at least a dime compared to last month. The region also touts some of the largest monthly decreases in the country. Georgia (-18 cents), Texas (-17 cents), Louisiana (-15 cents), (Florida (-15 cents) and South Carolina (-15 cents) rank among the top 10 states with the biggest change in pump prices compared to last month.

As refinery utilization held steady on the week, regional stocks drew by 1.8 million bbl and dropped total stocks to 82.8 million bbl. While the draw was large, inventories sit ahead of this time last year and are the largest level for this time of year (early June) on record for the region, per EIA data. Motorists in the region can expect to see even cheaper gas prices throughout the summer.

West Coast

Pump prices in the West Coast region are the highest in the nation, with all seven states landing on the top 10 most expensive list today. California ($3.88) and Hawaii ($3.64) are the most expensive markets. Washington ($3.46), Alaska ($3.44), Nevada ($3.45), Oregon ($3.33) and Arizona ($3.07) follow. Pump prices in the region have mostly decreased on the week, with Oregon (-7 cents) seeing the largest drop.

The EIA’s recent report for the week ending on May 31 showed that West Coast gasoline stocks increased by approximately 2.4 million bbl from the previous week and now sit at 30.8 million bbl. The current level is only 300,000 bbl less than last year’s level at this time, which could cause prices to decline further if there are no supply disruptions in the region this week.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.40 to settle at $53.99. Crude prices increased on Friday after Saudi Arabia’s Energy Minister Khalid al-Falih told an audience at a conference in Russia that OPEC and its partners are close to an agreement to extend their current 1.2-million b/d production reduction pact through the end of 2019. The cartel is expected to formally announce its decision at its upcoming meeting in Vienna on June 25 and 26.

The price increase followed a week of losses for crude due to EIA’s weekly petroleum status report showing that total domestic crude inventories rose by 6.8 million bbl last week. At 483.3 million bbl, the current level is 46.7 million bbl higher than last year’s level at this time. An oversupply of crude has increased concerns that the market has a glut of oil – even as U.S.-imposed sanctions on Iran and Venezuela have worked to reduce global supply. Market observers will await OPEC’s meeting to determine how much global crude supplies may tighten further. If the glut persists, crude prices will likely continue to descend.

In related news, Baker Hughes, Inc. reported that the U.S. lost 11 oilrigs last week, bringing the total of active rigs to 789. There are 73 fewer oilrigs now than at this time last year.

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

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AAA Newsroom: National Gas Price Report for May 20th, 2019

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Gas prices are as much as six cents cheaper in some states across the country on the week, which has pushed the national gas price average cheaper by a penny to $2.85 today. That average could have been even lower had a handful of Midwest states not seen prices increase by more than a nickel due to ongoing refinery maintenance.

“Gas prices are getting cheaper for the majority of motorists despite the fact that U.S. gasoline stocks sit at a 7 million bbl deficit year-over-year. Crude oil prices have remained relatively stable the past few months, which is one reason helping gas prices be cheaper than last year at this time,” said Jeanette Casselano, AAA spokesperson. “Today, motorists can find gas for $2.50 or less at nearly half of all gas stations in the country.”

Compared to last month, today’s national average ($2.85) is cheaper by a penny and is seven cents cheaper year-over-year.

 

Quick Stats

  • The nation’s top 10 largest weekly changes are: Ohio (+11 cents), Michigan (+7 cents), Florida (-7 cents), Illinois (-5 cents), North Carolina (-4 cents), South Carolina (-4 cents), Delaware (-4 cents), Mississippi (-4 cents), Indiana (+3 cents) and Georgia (-3 cents).

  • The nation’s top 10 least expensive markets are: Louisiana ($2.45), South Carolina ($2.45), Alabama ($2.45), Mississippi ($2.45), Arkansas ($2.50), Tennessee ($2.54), Missouri ($2.54), Oklahoma ($2.56), Texas ($2.57) and Kansas ($2.58).

Great Lakes and Central States

Amid refinery maintenance, gasoline stocks dropped by 700,000 bbl, squeezing total levels to 49.4 million bbl, according to the Energy Information Administration (EIA). This is not only the lowest level of the year, but a stock level historically only recorded in the second half of the year for the region and certainly not a level seen going into peak driving season. The draw was one of the reasons three states in the region were among the top five weekly increases in gas prices in the country: Ohio (+11 cents), Michigan (+7 cents) and Indiana (+3 cents). These jumps mostly wiped up any decreases seen last week for these three states.  All other states in the Great Lakes and Central States saw pump prices decline by as much as a nickel on the week.

Illinois ($2.97) remains the most expensive price in the region followed by Indiana ($2.84) and Michigan ($2.83). Missouri ($2.54) and Kansas ($2.58) carry the cheapest.

As previously reported, the region averages stock levels around 52 million bbl ahead of Memorial Day. With levels facing a 2.6 million bbl deficit, motorists should not be surprised if gas prices inch up this month, especially as refinery utilization remains under 90%.

Mid-Atlantic and Northeast

On the week, gas prices are cheaper across the Mid-Atlantic and Northeast states ranging from $3.00 in Pennsylvania to $2.54 in Tennessee. With a four cent decrease, Delaware and North Carolina saw the largest decreases in the region and rank among the top 10 weekly changes in the country.

Looking at prices compared to last month, the region has states appearing on both the top 10 list for the smallest and largest monthly changes in the country. The states with the largest changes in the last month are Rhode Island (+12 cents) and Massachusetts (+11 cents). While the states with the smallest changes in pump prices are Maryland (no change), Virginia (+1 cent), Washington, D.C. (no change) and West Virginia (no change). However, some states have prices cheaper month-over-month: Tennessee (-6 cents) and North Carolina (-4 cents).

Motorists paid less to fill up this past week as gasoline stocks drew by 700,000 bbl, but that might not be the case for long. The EIA reports total stocks measure at 59.9 million bbl, which is a 3.3 million bbl deficit compared to last year at this time. A bump in refinery utilization could help to plump up stock levels to keep gas prices stable.

South and Southeast

South and Southeast states are seeing some of the largest decreases in the country on the week with Florida (-7 cents), South Carolina (-4 cents), Mississippi (-4 cents) and Georgia (-3 cents) ranking among the largest pump price declines. With cheaper gas prices trending across the in the region, motorists can find gas for $2.50 or less at 49% of gas stations in South and Southeast states.

Compared to a month ago, gas prices are cheaper in all 10 South and Southeast states: Florida (-11 cents), Louisiana (-8 cents), South Carolina (-8 cents), Mississippi (-6 cents), Alabama (-5 cents), Oklahoma (-4 cents), Georgia (-4 cents), New Mexico (-3 cents) and Arkansas (-3 cent). Texas ($2.57) average is the same year-over-year.

Pump prices declined as gasoline stocks built by 1.5 million bbl in the region, which was the only in the country to see an increase. At 82.9 million bbl and a 94% regional refinery utilization, reported by the EIA, motorists in the South and Southeast can expect gas prices to trend stable if not cheaper in the week ahead. However, a small spike ahead of Memorial Day Weekend is not out of the question.

Rockies

While gas prices are more expensive on the week in Utah and Idaho, for the first time in weeks, none of these states landed on the top 10 list for largest weekly changes in the country. More so, gas prices increased by only two cents in Utah, Idaho and Wyoming, while Colorado ($2.84) and Montana ($2.86) prices held steady since last Monday. However, with a state average of $3.20 in Idaho and $3.19 in Utah, these states carry among the top 10 pump prices in the country.

Gasoline stocks in the Rockies region drew by 400,000 bbl to total levels at 6.3 million bbl. The draw might have been larger had regional refinery utilization not jumped by 10% to 93%. The increase in utilization helped to keep prices mostly stable despite gasoline stock levels not sitting this low since September 2017. Stock levels and utilization will be major factors determining the movement of gas prices in coming weeks, which is likely to trend more expensive.

West Coast

Pump prices in the West Coast region are the highest in the nation, with all seven states landing on the nation’s top 10 most expensive list today. California ($4.04) and Hawaii ($3.64) are the most expensive markets. Washington ($3.54), Nevada ($3.49), Alaska ($3.46), Oregon ($3.43) and Arizona ($3.14) follow. Prices in the region have seen mostly modest increases on the week, with Alaska (+2 cents) seeing the largest jump and California (-3 cents) seeing the largest decline.

The EIA’s recent weekly report for the week ending on May 10 showed that West Coast gasoline stocks fell again by approximately 700,000 bbl from the previous week and now sit at 26.4 million bbl. The current level is 3.3 million bbl less than last year’s level at this time. The West Coast may see continued price volatility and shrinking gasoline stocks this week, increasing pump prices for motorists in the region.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped 11 cents to settle at $62.76. Crude prices increased last week due to rising global tensions that saw attacks on oil tankers in the Strait of Hormuz and on a Saudi Arabian oil pipeline. Those attacks only increased supply concerns that have been building due to the United States taking a tough line on sanctions against Iran and unrest in Venezuela and Libya leading to disruptions of supplies from those countries.

Crude prices will likely continue their ascent this week after OPEC and its partners met over the weekend to discuss compliance with the group’s 1.2 million b/d production reduction agreement that has been in place since January 2019. The group will formally decide if it will keep the agreement in place beyond June at next month’s meeting, but after this weekend’s compliance meeting, Saudi Energy Minister Khalid al-Falih said that there was consensus among participants to continue to drive down crude inventories for the remainder of the year.

In related news, EIA’s weekly petroleum report revealed that total domestic crude inventories increased by 5.4 million bbl to 472 million bbl. The current level is 39.7 million bbl more than last year at this time. Moreover, Baker Hughes, Inc. reported that the U.S. lost three rigs last week, bringing the total to 802, which is 42 fewer rigs than last year at this time.

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

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AAA Newsroom: National gas price average sets a new high for the year at $2.88

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One week after the U.S. State Department announced the end of waivers for countries to import oil from Iran, increasing crude oil prices and pump prices show no signs of slowing down. With a four-cent jump on the week, today’s national gas price average sets a new high for the year at $2.88. This average may only be seven cents more than a year ago, but it is nearly 20 cents more than a month ago and 63-cents more expensive than at the beginning of the year.

“Compared to the beginning of this year, motorists have definitely felt an increasing squeeze on their wallets at the pump,” said Jeanette Casselano, AAA spokesperson. “These increases mean Americans are having to work more to afford to fill-up their gas tanks. AAA found that Americans must work 22% longer than at the start of the year to buy one gallon of unleaded gasoline- that’s 7.3 minutes compared to 5.76 minutes in January.

Working with OPIS, AAA identified the median income for each county in the country broken down to an income by minute assuming a 40-hour workweek. The average gasoline price today was compared to the income per minute finding that counties in the Southeast have been hit the hardest, especially in some parts of Kentucky For example, in McCreary County, some workers are working an additional 4 minutes when compared to January in order to buy a gallon of gasoline.

With 17 states within a dime of or already at $3/gal or more, Americans can expect the national average to likely surpass 2018’s high of $2.97 set during Memorial Day weekend,” added Casselano.

Quick stats

  • The nation’s top 10 largest weekly increases are: Utah (+13 cents), Delaware (+12 cents), Rhode Island (+10 cents), Idaho (+9 cents), Massachusetts (+9 cents), Alaska (+9 cents), Nevada (+9 cents), New Jersey (+8 cents), Connecticut (+8 cents) and West Virginia (+8 cents).
  • The nation’s top 10 least expensive markets are: Alabama ($2.51), Mississippi ($2.53), Louisiana ($2.54), Arkansas ($2.56), South Carolina ($2.56), Missouri ($2.58), Oklahoma ($2.61), Tennessee ($2.62), Texas ($2.62) and Kansas ($2.63).

Rockies

While Montana, Colorado and Wyoming saw moderate weekly increases – a nickel or less —  Utah (+13 cents) and Idaho (+9 cents) continue to see more expensive gas prices. These two states rank among the top five in the country with the biggest weekly increase. More so, they carry among the top 15 most expensive gas price averages: Idaho ($3.02) and Utah ($2.94). At $2.72, Wyoming has the cheapest average in the region.

In the last month, the Rockies region has seen some of the most significant jumps: Utah (+55 cents), Idaho (+47 cents), Montana (+32 cents), Colorado (+28 cents) and Wyoming (+25 cents).

For the first time in more than a month, the region’s gasoline stocks increased, according to the latest Energy Information Administration (EIA) analysis. With a three percent increase in regional refinery utilization, stocks added 353,000 bbl to push the total to 7 million bbl. It’s too early to know if this is a trend, but the addition helped to keep jumps moderate for most of the states this past week.

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with all of the region’s states landing on the nation’s top 10 most expensive list. California ($4.08) and Hawaii ($3.62) are the most expensive markets. Washington ($3.51), Nevada ($3.43), Oregon ($3.40), Alaska ($3.36) and Arizona ($3.12) follow. All prices in the region have increased on the week, with Alaska and Nevada seeing the largest gains at nine cents each.

The EIA’s recent weekly report for the week ending on April 19 showed that West Coast gasoline stocks fell for a sixth consecutive week by approximately 300,000 bbl from the previous week and now sit at 27.9 million bbl. If ongoing planned and unplanned refinery maintenance continues throughout the region, the West Coast may see continued price volatility and shrinking gasoline stocks.

Mid-Atlantic and Northeast

The majority of Mid-Atlantic and Northeast region states are starting to see large jumps at the pump week-over-week: Delaware (+12 cents), Rhode Island (+10 cents), Connecticut (+8 cents), New Jersey (+8 cents), Massachusetts (+9 cents), New Hampshire (+7 cents), Maine (+7 cents), West Virginia (+8 cents), New York (+7 cents) and Vermont (+5 cents).

Pennsylvania ($3.05) remains the only state in the region above the $3/gal mark, but a handful of others are just pennies away from being there: Connecticut ($2.99), Washington, D.C. ($2.96) and New York ($2.95).

As the EIA reports that regional refinery utilization jumped from 81.1% to 87.6%, gasoline stocks saw an addition of 860,000 bbl – the largest build of any region in the country for the week ending April 19. Despite the increase, overall stock levels are tight at 60 million bbl as we head toward summer.  

Great Lakes and Central States

Gas prices are fluctuating across the Great Lakes and Central region states. Overall, the majority of the states saw moderate changes at a nickel or less. Motorists in the region can find gas prices as expensive as $3.01 in Illinois to as cheap as $2.58 in Missouri.

It was surprising to see the region only have moderate changes considering gasoline stocks drew by nearly 1.3 million bbl and regional refinery utilization dropped one percentage point. At 50.5 million bbl, the EIA reports this to be the lowest level this year and at a 6 million bbl deficit year-over-year.

South and Southeast

Florida (-3 cents) was one of only three states in the country to see gas prices decline on the week. Though weekly increases were minimal, with Texas (+5 cents) seeing the largest jump in the region. Overall, gas prices range from as expensive as $2.73 in Georgia to as cheap as $2.51 in Alabama.

Compared to a year ago, gas price averages for South and Southeast states are only about a nickel more expensive with the exception of Oklahoma (+9 cents). South Carolina ($2.56), Mississippi ($2.53) and Georgia ($2.73) all have the same average, or within a penny, as last year at this time.

Gasoline stocks saw a substantial 1.8 million bbl draw, dropping levels to sit just above the 80 million bbl mark. This is a level to which the region has been accustomed as of late and is 2.2 million bbl less than this time last year. However, regional refinery utilization increased to 92.9% – the highest of any region in the country – which could help to contribute to builds in stocks in coming weeks.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI fell $1.91 to settle at $63.30. Crude prices dipped after Baker Hughes, Inc. revealed that the number of oilrigs in the U.S. fell significantly by 20, landing at 805 last week. Crude prices increased earlier in the week, and could move higher due to concerns about restricted global supply this week, following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran. Decreases in Iranian oil exports would tighten the supply in the global market, which has already seen decreases as a result of the ongoing U.S. sanctions against Iran and Venezuela, along with OPEC’s reduced production as a result of its 1.2-million b/d production reduction agreement with its partners. EIA’s weekly report revealed that total domestic crude inventories increased by 5.4 million bbl to 460.6 million bbl last week.

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

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AAA Newsroom: National Gas Price Report for April 1st, 2019

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The national gas price average has increased 44-cents since New Year’s Day, landing today’s average at $2.69. While that is seven-cents more expensive than last week and 27-cents more than last month, it is only four cents more expensive than last year. 

“Three months ago motorists could find gas for less than $2.50 at 78 percent of gas stations. Today, you can only find gas for that price at one-third of stations, which is likely giving sticker shock to motorists across the country,” said Jeanette Casselano, AAA spokesperson. “Gasoline stocks have been steadily decreasing since early February causing spikes at the pump that are likely to continue for the coming weeks.” 

On the week, 26 states saw gas prices increase a nickel or more with states in the West Coast, Great Lakes and Central region seeing the largest jumps. Despite the latest weekly increases, nearly two dozen states still have cheaper year-over-year averages.

Quick stats

  • The nation’s top 10 largest weekly increases are: Florida (+13 cents), California (+12 cents), Indiana (+11 cents), Georgia (+11 cents), Idaho (+9 cents), Kentucky (+9 cents), Washington (+9 cents), Oregon (+8 cents), Nevada (+8 cents) and Ohio (+8 cents).
  • The nation’s top 10 most expensive markets are: California ($3.61), Hawaii ($3.45), Washington ($3.16), Oregon ($3.05), Nevada ($2.98), Alaska ($2.89), Washington, D.C. ($2.83), Illinois ($2.82), Pennsylvania ($2.80) and Michigan ($2.76). 

West Coast

Motorists in the West Coast region are paying the highest pump prices in the nation, with most of the region’s states landing on the nation’s top 10 most expensive list. California ($3.61) and Hawaii ($3.45) are the most expensive markets. Washington ($3.16), Oregon ($3.05), Nevada ($2.98) and Alaska ($2.89) follow. Arizona ($2.73) is the only state in the region that is not on the 10 most expensive markets list. All prices in the region have increased on the week, with California (+12 cents) and Washington (+9 cents) seeing the largest increases.

The Energy Information Administration’s (EIA) recent weekly report, for the week ending on March 22, showed that West Coast gasoline stocks fell by 200,000 bbl from the previous week and now sit at 31.1 million bbl. Stocks are approximately 1.5 million bbl lower than 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 States

On the week, Indiana (+11 cents) was the only state in the region to see double-digit increases, with Kentucky (+9 cents), Ohio (+8 cents) and Illinois (+8 cents) just a few pennies away from that mark. Missouri ($2.47) was the only state in the region to see gas prices hold steady while Iowa (+2 cents) saw the smallest increase.

With this week’s pump jumps, the Great Lakes and Central region is the only region where all states have more expensive year-over-year gas prices. Wisconsin (+15 cents) and Illinois (+11 cents) carry the largest differences in gas prices in the region compared to a year ago.

Regional gasoline stocks continue to tighten with a 919,000 bbl draw, dropping totals for the region to a new low for the year: 54.8 million bbl. According to EIA data, stocks have not measured this low since the end of 2018. While levels are in line with the five-year average they are below the year-ago level of 58 million bbl. 

Mid-Atlantic and Northeast

New Jersey (+2 cents), West Virginia (+1 cent) and Tennessee (+1 cent) are the only states in the Mid-Atlantic and Northeast region to have more expensive gas prices year-over-year. Delaware (-10 cents), Maine (-7 cents) and Pennsylvania (-6 cents) carry the largest year-over-year difference.

The region saw moderate fluctuations on the week with eight states appearing on the top 10 list with the smallest change. Those states saw prices either hold steady or increase by up to two pennies: Delaware (no change), Maryland (no change), West Virginia (+1 cent), Pennsylvania (+1 cent), Maine (+1 cent), Rhode Island (+1 cent), Washington, D.C. (+1 cent) and North Carolina (+2 cents).

For a second week, the region was the only to see gas stocks build on the week. More so, the Mid-Atlantic and Northeast region is the only one to have a year-over-year surplus of stocks – (8.2 million surplus). With this week’s build of 572,000 bbl, total stocks sit at 64.5 million bbl according to EIA data.

South and Southeast

Pump prices are more expensive in every state in the region on the week. Florida (+13 cents) and Georgia (+11 cents) were two of only four states in the country to see gas prices jump by double-digits since last Monday. These two states also land on the top 10 list with the largest weekly increases. At the start of the week, prices in the region range from $2.74 in Florida to $2.42 in Alabama.

Inventories continue to tighten noticeably across the South and Southeast region, driving gas prices more expensive. This week saw a draw of 2.2 million bbl to drop levels to 80.8 million bbl. That is a stark 10 million bbl below the 90 million mark seen in January. Refinery maintenance exports and demand are all contributing factors to the continued draw in stocks.

Rockies

The Rockies are the only region in the country where all states carry a cheaper or same year-over-year gas price average: Utah (-28 cents), Idaho (-23 cents), Montana (-7 cents), Colorado (-1 cents) and Wyoming (same price). However, compared to a month ago all averages are nearly 20 cents or more expensive.

The EIA’s latest weekly report shows stocks decreased marginally by 104,000 bbl and still measure about 7 million bbl. Total regional stocks measure at the lowest level since the end of 2018 and sit at a nearly 850,000 bbl year-over-year deficit. Regional refinery utilization also dropped by 2 percent, which could bring stocks to continue to tighten in coming weeks causing prices to increase.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased 84 cents to settle at $60.14 – the highest closing price seen this year. Oil prices increased last week, helping to establish solid price gains for the first quarter of 2019, as the market expects further tightening in global crude availability as a result of OPEC’s 1.2 million b/d production cut and the U.S. imposing sanctions on Iranian and Venezuelan crude exports. Moving into this week, prices will likely continue their ascent, with the combined effect of the tightening in the global crude oil market overshadowing concerns that the global economy is slowing, which could decrease global crude demand during the second half of 2019. Crude prices rallied despite new EIA data that showed total domestic crude inventories increased by 2.8 million bbl to 442.3 million bbl last week.

In related news, Baker Hughes Inc. reported that the U.S. lost eight oilrigs last week, bringing the total to 816. When compared to last year at this time, there are 19 more rigs 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.

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AAA Newsroom: National Gas Price Report for March 11th, 2019

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On the week, the national gas price average and that of 26 states jumped a nickel or more. The national gas price average has been steadily increasing for the last three weeks. During that time, gasoline stocks have gradually decreased while demand has started to increase and crude oil prices have been fluctuating. Combined, these factors are driving up gas prices across the country.

“While motorists are paying more to fill up today than at the beginning of the year, gas prices are still cheaper year-over-year by a nickel,” said Jeanette Casselano, AAA spokesperson. “Pump prices will continue to increase in coming weeks, but AAA does not expect this year’s high to be nearly as expensive as last year’s peak price of $2.97.”

Today’s gas price average of $2.47 is a nickel more than last week, 20 cents more expensive than a month ago, but five cents less than last year.

Quick stats

  • The nation’s top 10 largest weekly increases are: Indiana (+14 cents), Ohio (+11 cents), West Virginia (+11 cents), Maryland (+9 cents), Illinois (+9 cents), North Carolina (+8 cents), Washington, D.C. (+8 cents), Virginia (+8 cents), Iowa (+7 cents) and Tennessee (+7 cents).
  • The nation’s top 10 least expensive markets are: Missouri ($2.21), Mississippi ($2.21), Texas ($2.22), South Carolina ($2.24), Arkansas ($2.24), Louisiana ($2.24), Utah ($2.24), Alabama ($2.25), Colorado ($2.26) and Kansas ($2.26).

Mid-Atlantic and Northeast:

In the region, gas prices range from $2.28 – $2.67. As regional gasoline stocks tighten, six Mid-Atlantic and Northeast states’ gas price averages jumped seven cents or more and land on the top 10 list of largest changes in the country on the week: West Virginia (+11 cents), Maryland (+9 cents), North Carolina (+8 cents), Washington, D.C. (+8 cents), Virginia (+8 cents) and Tennessee (+7 cents).

All states have cheaper year-over-year pump prices, with these five states carrying the largest differences compared to this time last year in the region: Rhode Island (-14 cents), Vermont (-13 cents), Connecticut (-12 cents), Maine (-11 cents) and New Hampshire (-11 cents).

Since the beginning of February, regional gasoline stocks have decreased by 6.3 million bbl due to ongoing planned and unplanned refinery maintenance. As stocks diminished, total inventory tightened to 64.9 million bbl – one of the lowest levels seen in the region this year. However, year-over-year, inventories are at a 3.1 million bbl surplus, according to Energy Information Administration (EIA) data.

Great Lakes and Central States

Indiana (+14) and Ohio (+11 cents) saw the largest week-over-week gas price increases of all states in the region and the country. Joining these two states from the region on the top 10 biggest changes list are Illinois (+9 cents) and Iowa (+7 cents).

Year-over-year, gas price averages in the region are as much as 18 cents cheaper. North Dakota (-18 cents) and South Dakota (-17 cents) have the largest difference in gas prices compared to this time last year.

Gasoline stocks drew moderately in the region to total in the EIA’s latest reading at 58.3 million bbl. In the same week, regional refinery utilization decreased one percent. If stocks continue to fall, gas prices are likely to continue increasing especially with the switchover to summer-blend gasoline, which is more expensive to produce.

South and Southeast

With six South and Southeast states’ gas price averages a quarter or more expensive than last month, the region is seeing some of the largest month-over-month increases in the country: Oklahoma (+30 cents), Alabama (+28 cents), Arkansas (+28 cents), Mississippi (+25 cents), Louisiana (+25 cents) and Texas (+25 cents).

On the week, state gas price averages are as much as seven cents more expensive for all but one state. Florida (-1 cent) was the only state in the region and the country to see gas prices decrease since last Monday, albeit by only a penny

Gasoline stocks in the region decreased for a third consecutive week, though just by 220,000 bbl to total 87.2 million bbl. If stocks continue to decline, gas prices can be expected to continue to increase for motorists in the region.

Rockies Region

In contrast to recent trends, all states in the region saw gas prices jump on the week: Utah (+6 cents), Colorado (+5 cents), Idaho (+5 cents), Montana (+4 cents) and Wyoming (+2 cent). Despite pump prices trending more expensive, the region carries relatively cheap gas. Currently, Utah ($2.24) ranks as the seventh least expensive gas price average in the country while Colorado ($2.26) is 10th, Wyoming ($2.28) is 11th, Idaho ($2.34) is 18th and Montana ($2.34) is 19th.

Despite increases, Utah (-2 cents) and Wyoming (-1 cent) averages are still cheaper than gas prices a month ago, joining only  Alaska and Nevada.  

Gasoline stocks in the region declined for a third week, dropping to 7.3 million bbl. The tighter supply level – which is an 810,000 bbl deficit compared to this time last year – is likely contributing to the increase in prices. However, according to EIA data, refinery utilization increased from 86.9 to 91 percent which could lead to an increase in production and more supply in coming weeks.

West Coast Region

Pump prices in the West Coast region are among the highest in the nation, with most of the region’s states landing on the nation’s top 10 most expensive list. At $3.31, California and Hawaii are the most expensive markets. Washington ($2.91), Nevada ($2.84), Alaska ($2.80) and Oregon ($2.80) follow. Arizona ($2.49) is the only state in the region that dropped from the 10 most expensive markets list. All prices in the region have increased on the week, with Arizona (+7 cents), Washington (+4 cents) and Oregon (+4 cents) seeing the largest jumps.

EIA’s recent weekly report showed that West Coast gasoline stocks increased modestly by 56,000 bbl. They now sit at 32.77 million bbl. Stocks are approximately 1.6 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 59 cents to settle at $56.07. Oil prices fell at the end of last week following the release of lower-than-expected job growth data in the U.S. and continued concerns that a slowing global economy could bring weaker global crude demand later this year. Moving into this week, crude prices may rise as the global crude supply tightens due to OPEC’s 1.2 million b/d production reduction agreement in place through at least June 2019 and U.S-imposed crude export sanctions on Iran and Venezuela.

Additionally, EIA’s weekly petroleum report showed that total domestic crude inventories fell by 7 million bbl to 452.9 million bbl, which is 27 million bbl more than last year’s level at this time. Domestic production also hit a new all-time high record since EIA began reporting it at 12.1 million b/d. The growth in U.S. production, which is now the world’s leading crude producer, could help meet demand due to tighter supplies this year.

In related news, Baker Hughes Inc. reported that the U.S. lost 22 oilrigs last week, bringing the total to 834. When compared to last year at this time, there are 38 more rigs 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.

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AAA Newsroom: National Gas Price Report for February 19th, 2019

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On the week, 28 states saw gas price averages increase by at least a nickel, pushing the national gas price average up six-cents to land at $2.33. That is the largest one-week increase seen at the national level this year. Today’s gas price average is nine-cents more expensive than last month, but 19-cents cheaper than a year ago.

“Motorists are seeing more expensive gas prices as a result of ongoing refinery problems coupled with crude oil prices hitting their highest level so far this year as global crude inventories tighten,” said Jeanette Casselano, AAA spokesperson. “Inventories are likely to continue to tighten and keep gas prices higher through the end of the month.”

The latest Energy Information Administration (EIA) weekly report details demand dropping for a second week, to total at 8.6 million b/d. Frigid and severe winter weather has been a driving factor for declining demand and this week’s approaching storm from the Plains to the Northeast has the potential to drop demand further. Refinery problems and increasing exports have kept inventories at minimal builds. For the week ending Feb. 8, inventories increased only 408,000 bbl to total 258.3 million bbl.

Quick Stats

  • The nation’s top 10 least expensive markets are: Alabama ($2.04), Mississippi ($2.04), Missouri ($2.07), Arkansas ($2.07), Louisiana ($2.07), South Carolina ($2.08), Texas ($2.09), Colorado ($2.09), Kansas ($2.11) and Virginia ($2.11).
  • The nation’s top 10 largest weekly increases are: Michigan (+16 cents), Oklahoma (+12 cents), Minnesota (+11 cents), Texas (+11 cents), Kansas (+10 cents), Arkansas (+10 cents), Delaware (+10 cents), Maryland (+9 cents), Iowa (+9 cents) and Kentucky (+9 cents).

Great Lakes and Central

Gas prices are 4 to 16 cents more expensive on the week across the Great Lakes and Central states mostly due to ongoing refinery maintenance and inventories tightening. Eleven states in the region have averages that are a nickel or more expensive since last week: Michigan (+16 cents), Minnesota (+11 cents), Kansas (+10 cents), Iowa (+9 cents), Kentucky (+9 cents), Nebraska (+8 cents), Missouri (+8 cents), Wisconsin (+7 cents), Ohio (+6 cents), Indiana (+5 cents) and Illinois (+5 cents).

While gas prices are less expensive than a year ago, they are more expensive than last month for most Great Lakes and Central states. In fact, four states land on the top five chart for all states in the country with the largest month-over-month difference: Michigan (+35 cents), Ohio (+25 cents), Wisconsin (+22 cents) and Indiana (+20 cents).

Regional inventories drew down by 3.2 million bbl, according to EIA latest reports, to total at 58.6 million bbl. This is the second lowest inventory level of the year. Regional refinery utilization is also down nearly 9 percent. The large draw and drop in utilization are pushing gas prices higher.

South and Southeast

Three South and Southeast have seen gas prices increase by at least a dime on the week and also land on the top 10 list with this week’s largest increases in the country: Oklahoma (+12 cents), Texas (+11 cents) and Arkansas (+10 cents). Despite pump jumps for all states in the region, states in the South and Southeast tout the cheapest average in the country: Alabama ($2.04), Mississippi ($2.04), Arkansas ($2.07), Louisiana ($2.07), South Carolina ($2.08) and Texas ($2.08).

EIA reports that regional inventories built by a substantial 5.7 million bbl for the week ending Feb. 5, registering total inventories once again above the 90 million bbl mark. Year-over-year, inventories sit at a 7 million bbl surplus. The large inventory may help motorists only see modest pump price jumps through the end of the month as much of the region’s refineries enter maintenance season.

Mid-Atlantic and Northeast

With a penny decrease, Massachusetts ($2.38) was the only state in the region to see gas prices drop on the week while Vermont ($2.38) and Washington, D.C. ($2.52) averages held steady. For all other states, gas prices are as much as a dime more expensive on the week. Delaware (+10 cents) and Maryland (+9 cents) saw the largest jumps.

Inventories measure at 69.5 million bbl following a draw of 1.775 million bbl, according to the EIA. The latest regional refinery utilization dropped five percent down to 69.7 percent, the lowest of any region in the country. With reduced utilization, the region may see stocks tighten in coming weeks which may drive up gas prices.

Rockies

Utah (-5 cents), Wyoming (-2 cents), and Idaho (-1 cents) are among the fewer than 10 states where gas price averages decreased on the week. After weeks at nearly $2/gal, Colorado’s average jumped seven-cents to $2.09. Idaho has the most expensive average in the region at $2.29.

With a build of 151,000 bbl, inventory measures at 7.5 million bbl. This is the largest inventory level for the Rockies region in 52-weeks and should help to keep gas price fluctuation modest for the rest of the month.

West Coast

Motorists in the West Coast region are paying some of the highest pump prices in the nation, with most of the region’s states landing on the nation’s top 10 most expensive list. At $3.27, California is the most expensive market. Hawaii ($3.26), Washington ($2.86), Nevada ($2.84), Alaska ($2.82) and Oregon ($2.74) follow. Arizona ($2.42) is the only state in the region that dropped from the 10 most expensive markets list this week. Prices in the region have mostly declined on the week, with Arizona (-2 cents) seeing the largest drop.

EIA’s recent weekly report showed that West Coast gasoline stocks decreased for a second week. They fell by approximately 500,000 bbl to 32.1 million bbl. Stocks are approximately 2.3 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.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.18 to settle at $55.59 – the highest price point of the year. Crude prices continued their ascent last week, due to growing belief that global supply is tightening. OPEC’s 1.2 million b/d production cut agreement, which is in effect for the first six months of 2019, has helped to rebalance the market. Also, an increasing reduction in crude exports from Venezuela due to U.S.-imposed sanctions has contributed to market observers believing the market will grow tighter in the coming weeks.

These concerns will likely bolster crude prices even more this week, and market observers will look to this week’s EIA report to see if there are additional indicators of market tightening. As crude prices increase, American motorists can expect pump prices to follow suit, since approximately 50 percent of the cost consumers pay at the pump is due to the cost per barrel of crude oil.

Additionally, EIA reported that total domestic crude inventories grew by 3.6 million bbl to 450.8 million bbl last week. High crude production in the U.S., which held steady at a staggering 11.9 million b/d last week, contributed to the growth in crude stocks around the country and is expected to help meet global crude demand as supply challenges loom.

In related news, Baker Hughes Inc. reported that the U.S. added three oilrigs last week, bringing the total to 857. When compared to last year at this time, there are 59 more rigs 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.

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AAA Newsroom: Gasoline Demand Hits Lowest Level in Nearly Two Years Pushing Pump Prices Even Cheaper

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The latest Energy Information Administration (EIA) data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 bbl, suggesting that demand this winter could be lower than expected.

Today’s national gas price average is $2.24 and has declined for 12 weeks in a row. The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year.

“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” said Jeanette Casselano, AAA spokesperson. “This is good news for motorists filling up at the pump.”

Quick Stats

  • The nation’s top 10 least expensive markets are: Missouri ($1.82), Oklahoma ($1.90), Arkansas ($1.91), Texas ($1.91), Alabama ($1.91), South Carolina ($1.91), Mississippi ($1.91), Louisiana ($1.93), Kansas ($1.93), and Ohio ($1.95).
  • The nation’s top 10 yearly decreases are: Michigan (-55 cents), Illinois (-49 cents), Ohio (-47 cents), Indiana (-47 cents), Iowa (-47 cents), Wisconsin (-46 cents), Nebraska (-41 cents), Missouri (-41 cents), Kentucky (-39 cents), and Delaware (-36 cents).

Rockies

Motorists in Montana (-9 cents), Colorado (-7 cents), Utah (-6 cents), and Wyoming (-5 cents) saw the largest weekly decreases in the country. With the declines, state gas price averages are inching toward all being close to or below the $2.50 mark: Utah ($2.55), Wyoming ($2.54), Idaho ($2.53), Montana ($2.33), and Colorado ($2.20).

With regional refinery utilization jumping six percent on the week, gasoline stocks increased 252,000 bbl. The EIA reports that gasoline stocks for the region register at 7.2 million bbl. Historically, the region sees stocks build throughout Q1 ahead of peak summer tourism season.

Great Lakes and Central

This week, nine Great Lakes and Central states land on the top 10 list of largest year-over-year difference in gas prices in the country: Michigan (-55 cents), Illinois (-49 cents), Ohio (-47 cents), Indiana (-47 cents), Iowa (-45 cents), Wisconsin (-46 cents), Nebraska (-41 cents) Missouri (-41 cents) and Kentucky (-39 cents).

This week, gas prices in the region range from $2.20 in North Dakota to $1.82 in Missouri.

Gasoline inventories continued to build, adding 1.2 million bbl. This trend is expected to continue into the early half of the year. At 54.2 million bbl, stocks are at a 3.5 million bbl year-over-year surplus.

South and Southeast

The seven South and Southeast states that are among the top 10 cheapest in the country this week are the same as this time last year, but the year-over-year price differential is eye-opening: Arkansas (-41 cents), Oklahoma (-36 cents), Mississippi (-35 cents), Louisiana (-35 cents), South Carolina (-34 cents), Alabama (-34 cents) and Texas (-34 cents).

This week’s largest build of gasoline stocks was seen in the South and Southeast region. With the addition of 3.5 million bbl, total stocks measure at 89.2 million bbl – an all-time record according to EIA data.

Mid-Atlantic and Northeast

On the week, gas prices only dropped three to five cents across all Mid-Atlantic and Northeast states. Connecticut ($2.58), New York ($2.58) and Washington, D.C. ($2.55) carry the most expensive gas price averages in the region and land on the top 10 list of most expensive states in the country, which was also the case last year. However, today’s averages are as much as 15 cents cheaper than at the same time in 2018.

The latest EIA data shows gasoline stocks built by 724,000 bbl. Analysts speculate this was a low build for the region and partially due to low import rates on the week. Total stocks now sit at 61 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. California ($3.32) is the nation’s most expensive market, followed by Hawaii ($3.30), Washington ($3.05), Alaska ($3.01), Oregon ($2.91), Nevada ($2.92) and Arizona ($2.63). While expensive, prices are decreasing, with all state averages moving lower on the week: Hawaii (-6 cents) and Washington (-6 cents) saw the largest drops.

EIA’s recent weekly report showed that West Coast gasoline stocks increased by approximately 1.2 million bbl to 28.3 million bbl. Stocks are approximately 4.6 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 87 cents to settle at $47.96. Oil prices were volatile last week, as market observers continue to believe that the global crude market is oversupplied. Moreover, analysts are also wary of the impact a potential economic slowdown in 2019 could have on global crude oil demand. In the coming weeks, market observers will look for indications that OPEC’s global pact with large non-OPEC crude producers (including Russia) will reduce crude production by 1.2 million b/d for at least the first six months of 2019, which may help reduce the growing global glut of crude. In turn, this could drive up crude oil prices and, subsequently, gas prices.

In related news, EIA’s latest weekly petroleum status report revealed that total domestic crude inventories held steady for the second week at 441.4 million bbl. Domestic crude production also held steady for a second week at a record high of 11.7 million b/d. Steady inventories amid high production underscore how oversupplied the market currently is, while demand for gasoline remains at a two-year low. Additionally, Baker Hughes, Inc. reported that the U.S. lost eight oilrigs last week, bringing the current total of active oilrigs to 877. When compared to the total number of active rigs at this time last year, there are 135 more rigs 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.

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