National Gas Price Average Only One Cent More Expensive Year-over-Year

04 March 2020

MADISON, Wis., (March 2, 2020) – At $2.43, the national gas price average is just one penny more expensive than gas prices at this time last year. Gas prices have not been cheaper year-over-year since before Thanksgiving last November. Today’s average is also four cents cheaper than both a week and a month ago.

“Gas prices pushed cheaper year-over-year in the last 30 days, going from 22 cents to just one cent more expensive,” said Nick Jarmusz, Director of Public Affairs for AAA. “Healthy stock levels and cheaper crude prices have alleviated pump price pains. However, maintenance season and the upcoming switchover to summer blend could break the downward trend in coming weeks, but we are also watching the impact of the coronavirus and what that could do to demand.”

The ability to tap into robust U.S. gasoline stocks has contributed to price declines at the pump.  Stocks dipped for a second week, by 2.7 million bbl, according to the Energy Information Administration’s (EIA) latest report. Overall stock levels measure at 256.3 million bbl, which is comparable to this time last year. Demand jumped slightly above 9 million b/d.

As prices dipped at the pump, regional gasoline stocks in the Great Lakes and Central States held relatively steady at 59 million bbl. This healthy level amid robust refinery utilization (90%), as reported by the EIA, should help to keep gas prices stable in the week ahead.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.435

$2.441

$2.474

$2.473

$2.425

Wisconsin

$2.326

$2.337

$2.364

$2.349

$2.383

Appleton

$2.268

$2.277

$2.319

$2.287

$2.282

Eau Claire

$2.412

$2.453

$2.472

$2.439

$2.519

Green Bay

$2.329

$2.339

$2.348

$2.323

$2.341

Janesville-Beloit

$2.281

$2.287

$2.322

$2.261

$2.328

La Crosse

$2.356

$2.362

$2.451

$2.384

$2.434

Madison

$2.261

$2.269

$2.303

$2.316

$2.344

Milwaukee

$2.274

$2.281

$2.326

$2.281

$2.361

Wausau

$2.399

$2.407

$2.414

$2.377

$2.416

Click here to view current gasoline price averages
 

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.33 to settle at $44.76. Crude prices have not been this low since December 2018. The significant decrease in crude prices has been led by the growing impact of the coronavirus. The market continues to worry that the impact of the virus will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease. Until it appears that the international public health threat from the virus decreases and China’s industrial sector recovers from the impact of the virus on production, crude prices are likely to continue facing downward pressure.

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

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About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.