The national average for a gallon of gas posted a lackluster week, dipping a mere penny from the previous week to $3.42. Slack demand for gas and waffling oil prices are the primary reasons the national average is stuck in neutral.
“The national average for pump prices dipped to $3.41 before creeping a bit higher over the past two days,” said Andrew Gross, AAA spokesperson, “and this trend of small increases could persist into next week.”
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.43 million to 8.27 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 2.3 million bbl to 241.9 million bbl last week. If gas demand remains low, drivers may see only moderate price increases amid growing total domestic stocks.
Today’s national average of $3.42 is 12 cents more than a month ago, but 9 cents less than a year ago.
Quick Stats
- Since last Thursday, these 10 states have seen the largest changes in their averages: Colorado (+13 cents), Nevada (+12 cents), Indiana (+10 cents), Florida (−9 cents), Maryland (−9 cents), New Mexico (+7 cents), Delaware (−7 cents), Utah (+6 cents), Alabama (−6 cents) and New Jersey (−5 cents).
- The nation’s top 10 most expensive markets: Hawaii ($4.88), California ($4.68), Nevada ($4.18), Washington ($4.15), Colorado ($4.07), Oregon ($3.81), Alaska ($3.78), Utah ($3.77), Pennsylvania ($3.71) and Idaho ($3.68).
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by 47 cents to settle at $78.59. Crude prices declined yesterday after the EIA reported that total domestic commercial crude inventories increased substantially by 16.3 million bbl to 471.4 million bbl last week. Earlier this week, crude prices rose due to ongoing market optimism that global oil demand will be higher than anticipated this year after China lifted its coronavirus lockdown restrictions.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
The statewide gas price average in Texas is $3.02 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is one cent less than on this day last week and is 19 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.40 per gallon while drivers in Sherman-Denison are paying the least at $2.93 per gallon. The national average price for a gallon of regular unleaded is $3.42, which is two cents less when compared to this day last week and nine cents less than the price per gallon at this same time last year.
Volatility in the crude oil market has resulted in price fluctuations around the state with some areas lower than last week while others are higher. Oil and gasoline markets remain conflicted between balancing supply and demand forces in the face of a possible slowdown over economic concerns domestically, while optimism for increased international consumption is on the minds of analysts.
“While crude oil has remained under $80 a barrel, it has been fluctuating in a wide range between $70 and just under $80 a barrel,” said AAA Texas spokesperson Joshua Zuber. “Keeping your vehicle well-maintained and practicing safe driving habits can help improve your fuel economy.”
Drivers in Texas are paying the lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile drivers in Hawaii are paying the most at $4.89 on average for a gallon of regular unleaded.
Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.
To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. AAA-approved repair facilities meet and maintain high professional standards for training, equipment, cleanliness and customer service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online at AAA.com/Repair. AAA Texas branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA Texas on Twitter: @AAATexas and Facebook: www.facebook.com/AAATexas.
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