Indiana among the top ten largest weekly changes in gas prices at $2.12 (-4 cents); Illinois carries the most expensive average in the region at $2.36

28 July 2020

AURORA, Ill., (July 27, 2020) – As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million b/d, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.

“Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks,” said Molly Hart, spokesperson for AAA – The Auto Club Group. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25.”

Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.

After a one-week build in the Great Lakes and Central states, stocks declined by 600,000 bbl to push total levels back to 50 million bbl. Since late May, when many states started to re-open, regional stocks have declined by 5 million bbl, according to EIA data. Total measurement levels are reflective of the typical summer time in the region.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.184

$2.184

$2.195

$2.178

$2.742

Chicago Metro

$2.465

$2.468

$2.489

$2.487

$3.252

Chicago City

$2.722

$2.718

$2.729

$2.709

$3.487

Bloomington

$2.259

$2.260

$2.275

$2.296

$2.739

 

Champaign

$2.316

$2.314

$2.334

$2.270

$2.736

Peoria

$2.396

$2.397

$2.403

$2.409

$2.872

Rockford

$2.283

$2.282

$2.305

$2.274

$2.855

Springfield

$2.269

$2.267

$2.285

$2.247

$2.757

Fort Wayne, IN

$2.106

$2.118

$2.192

$2.131

$2.725

South Bend IN

$2.051

$2.059

$2.161

$2.084

$2.756

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million bbl. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.

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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