Year-over-year National Gas Price Gap is Shrinking

 

10 February 2020

AURORA, Ill., (February 10, 2020) – Gas prices may be 16 cents more expensive than last year, but that price gap has been shrinking steadily. It’s the smallest year-over-year difference seen in two months.

At $50/bbl (West Texas Intermediate), crude oil prices are at their cheapest point in a year. That, plus steady gasoline stock levels and low demand have helped to push the national average lower – a dime cheaper than three weeks ago.

Today’s national gas price average is $2.44. That is four cents cheaper than last week and 16 cents cheaper than last month. Motorists across the country can find gas for less than $2.25 at 1 in 3 (38%) of all gas stations.

On the week, gas prices are as much as nine cents cheaper in the Great Lakes and Central region, but as much as 23 cents more expensive year-over-year. Illinois is experiencing a 5-cent decrease.

Regional gasoline stocks built by 700,000 bbl, pushing total stocks to 58.6 million bbls, per Energy Information Administration (EIA) data. Regional stock levels have not been this healthy since March 2019. Stocks are expected to increase this month and push gas prices even cheaper, with the potential for more states in the region selling gas under the $2/gallon mark.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.432

$2.435

$2.470

$2.595

$2.278

Chicago Metro

$2.616

$2.622

$2.668

$2.848

$2.412

Chicago City

$2.925

$2.914

$2.955

$3.019

$2.610

Bloomington

$2.305

$2.318

$2.421

$2.597

$2.210

Champaign

$2.376

$2.392

$2.444

$2.539

$2.193

Peoria

$2.393

$2.398

$2.453

$2.590

$2.267

Rockford

$2.439

$2.441

$2.482

$2.641

$2.243

Springfield

$2.423

$2.406

$2.438

$2.566

$2.213

Fort Wayne, IN

$2.322

$2.336

$2.450

$2.630

$2.325

South Bend IN

$2.326

$2.348

$2.255

$2.534

$2.240

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide. Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.

Declining crude prices were contained slightly toward the end of last week after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) is considering deeper production cuts to offset demand concerns due to the coronavirus. OPEC and its partners are scheduled to meet in Vienna, Austria on March 5 and 6 to review their existing 1.7 million b/d production reduction agreement, but the cartel said that it may consider having the meeting sooner as the global public health crisis grows.

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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About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.