Indiana among the nation’s top 10 largest weekly decreases at $2.05 (+ 6 cents)

09 November 2020

AURORA, Ill., (November 9, 2020) – The national gas price average pushed a penny cheaper on the week to $2.11 following an increase in gasoline stocks and a dip in demand. Stocks added 1.5 million bbl to total 227.6 million bbl, in the Energy Information Administration’s latest report, while demand decreased to 8.3 million b/d.

“As some states increase travel restrictions and others roll back reopening processes, demand is positioned to weaken, though not likely drop as low as we saw in March and April,” said Molly Hart, spokesperson for AAA – The Auto Club Group. “That translates to a continuation of cheaper gas prices at the pump.”

While crude oil prices rallied on the week, up from a four month low of $35/bbl to as high as $39/bbl, they remain extremely inexpensive. This is a dominant factor, along with low demand, contributing to the cheaper prices seen at pumps around the country.

On the week, only four states saw gas prices increase: Indiana (+6 cents), Ohio (+6 cents) and Illinois (+2 cent) and Washington, D.C. (+1 cent). As has been the trend for weeks now, the majority of states gas price averages continue to push cheaper. Nearly 20 states start the week with an average at least three cents cheaper than last Monday.

At $2.11, today’s national average is seven cents cheaper than last month and 51 cents less expensive than last year.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.111

$2.114

$2.129

$2.189

$2.624

Chicago Metro

$2.334

$2.339

$2.301

$2.375

$2.764

Chicago City

$2.570

$2.565

$2.578

$2.625

$2.990

Bloomington

$2.180

$2.183

$2.219

$2.166

$2.512

Champaign

$2.156

$2.156

$2.175

$2.200

$2.473

Peoria

$2.282

$2.288

$2.300

$2.323

$2.546

Rockford

$2.201

$2.203

$2.167

$2.267

$2.588

Springfield

$2.183

$2.184

$2.208

$2.177

$2.529

Fort Wayne, IN

$2.069

$2.071

$1.953

$2.180

$2.396

South Bend IN

$2.041

$2.039

$1.918

$2.166

$2.506

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 79 cents to settle at $39.85. Domestic crude prices decreased in light of market concern about increasing coronavirus infections worldwide, which could lower crude demand. The decrease in price occurred despite EIA’s weekly report showing that total domestic crude inventories dropped by 1 million bbl to 488.1 million bbl. If demand concerns continue this week, crude prices could decrease 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.

 

## ## ##