Illinois $3.08 (+4 cents) and Indiana $2.79 (+11 cents) are among the nation’s top 10 largest weekly changes

06 April 2021

AURORA, Ill., (April 5, 2021) — Gasoline demand measured 8.9 million b/d in the Energy Administration’s (EIA) latest weekly report, up nearly 4% from the week prior. Because of the jump in demand, gasoline supplies tightened to 230.5 million bbl, the lowest level this year, and state gas prices averages saw major fluctuations. On the week, states saw pump price changes ranging from an increase of 15 cents to a decrease of 3 cents.

Today’s national average is $2.87, which is more expensive on the week (+1 cent), month (+12 cents) and year (+94 cents).

“We anticipate demand will continue to increase throughout the month as vaccinations become more widely available and weather turns warmer,” said Molly Hart, spokesperson for AAA – The Auto Club Group. “This will lead to fluctuation at the pump throughout the spring season.”

One factor that may help to keep the national gas price average below $3/gallon is the price of crude, which accounts for nearly 60% of the price at the pump. After hitting a 12-month high of $66/bbl last month, crude has been priced mostly at the $60/bbl mark recently. If it stays low, even with demand increasing, it will contribute to less frequent pump price jumps. However, at the end of last week, crude started to see higher movement following a production announcement by Organization of the Petroleum Exporting Countries Plus (OPEC+).

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.873

$2.873

$2.863

$2.752

$1.936

Chicago Metro

$3.167

$3.167

$3.110

$2.969

$2.099

Chicago City

$3.362

$3.352

$3.303

$3.178

$2.323

Bloomington

$2.998

$3.001

$2.967

$2.837

$1.734

Champaign

$3.025

$3.025

$3.025

$2.793

$1.979

Peoria

$3.031

$3.032

$2.997

$2.861

$1.978

Rockford

$3.038

$3.041

$2.950

$2.868

$1.771

Springfield

$2.958

$2.960

$2.954

$2.806

$1.603

Fort Wayne, IN

$2.761

$2.763

$2.540

$2.678

$1.538

South Bend IN

$2.752

$2.757

$2.634

$2.690

$1.440

Click here to view current gasoline price averages

 

Oil Market Dynamic

At the close of last week’s formal trading session, WTI increased $2.29 to settle at $61.45. Crude oil prices saw gains at the end of the week following the OPEC+ announcement that they will modestly increase production by 350,000 bbl starting in May. The production increase is less than the market expected, but enough to send crude oil prices higher. This week prices are likely to fluctuate, but not spike.

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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