13 July 2020

MADISON, Wis., (July 13, 2020) – Gasoline demand increased on the week to the highest level (8.7 million b/d) since March as stocks decreased, but the combination wasn’t enough to significantly impact gas price averages across the country. On the week, the national gas price average only increased one penny to land at $2.19. That is nine cents more than last month and nearly 60 cents less than a year ago.

“The Energy Information Administration’s (EIA) data shows gasoline demand and supply continue on a roller coaster ride,” said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”

From May to early July in 2019, gasoline demand averaged 9.5 million b/d. For the same time period this year, demand is measuring at 8 million b/d while gasoline stocks sit, on average, at a 24 million bbl surplus. The low demand and high supply are keeping gas prices relatively cheap for the summertime.

The Great Lakes and Central States had the highest gas price increases on the week in the country, but even with the increases, motorists in the region are paying 50 to 75 cents less a gallon to fill up compared to last July.

With a 2 million bbl draw, the region saw stocks decrease for a third week in a row down to 50.6 million bbl. This drops total stock levels to not only the lowest measurement of the year, but the lowest since December 2019, according to EIA data. If stock levels continue to push lower, the region can expect to see incremental price changes at the pump.




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Click here to view current gasoline price averages


Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 93 cents to settle at $40.55 per barrel. Domestic crude prices were volatile last week after EIA’s weekly report revealed that total domestic crude inventories increased by 5.7 million bbl to 539.2 million bbl. Increasing crude stocks could mean that crude production is still too high given where demand is currently, as new coronavirus outbreaks emerge. If EIA’s data shows another increase in total domestic supply this week, crude prices could decline. 

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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