19 October 2020

MADISON, Wis., (October 19, 2020) – Gasoline demand, according to the Energy Information Administration (EIA), back tracked for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Lower demand, even as total domestic stocks decreased by 1.6 million bbl to 225.1 million bbl and imports fell to their lowest rate since Sept. 18, has contributed to pump price decreases for the majority of the country.

“Today’s national average is $2.16, which is two cents less than a week and month ago and 49 cents cheaper than last year,” said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group. “Decreases in U.S. gasoline demand, supply and imports pushed the national and 44 state gas price averages cheaper on the week.”

On the week, a few Mid-West states saw much larger decreases: Indiana (-6 cents), Michigan (-6 cents), Ohio (-5 cents) and Kentucky (-5 cents), which could be attributed to an increase in regional stock. A penny gas price increase was seen in these states since last Monday: Utah ($2.40), New Jersey ($2.24), Alaska ($2.50), Georgia ($2.00), South Dakota ($2.10) and Hawaii ($3.24).

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.167

$2.169

$2.187

$2.182

$2.650

Wisconsin

$1.965

$1.971

$1.977

$2.025

$2.488

Appleton

$1.856

$1.857

$1.871

$1.926

$2.398

Eau Claire

$1.940

$1.948

$2.019

$2.059

$2.616

Green Bay

$1.948

$1.952

$1.976

$1.985

$2.452

Janesville-Beloit

$1.924

$1.928

$1.959

$1.929

$2.397

La Crosse

$2.012

$2.048

$2.073

$2.080

$2.486

Madison

$1.982

$1.083

$2.004

$2.033

$2.429

Milwaukee

$1.909

$1.915

$1.943

$2.007

$2.417

Wausau

$1.956

$1.967

$2.003

$2.032

$2.570

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Fridays formal trading session, WTI decreased by eight cents to settle at $40.88. Domestic crude prices decreased at the end of last week due to market concern regarding an increase in coronavirus infections worldwide. As more social restrictions are introduced, crude demand will likely decline. The price drop occurred despite EIA’s new weekly report showing that total domestic crude inventories declined by 3.8 million bbl to 489.1 million bbl. For this week, ongoing demand concerns could cause prices to decrease further.

 

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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