Wisconsin among the ten largest weekly increase at $2.04 (+11 cents)

15 June 2020

MADISON, Wis., (June 15, 2020) – Americans are filling up at the pump more and more. Since mid-May, gasoline demand has increased 18% to 7.9 million b/d, according to the latest Energy Information Administration (EIA) report. The slow, but steady rise in demand has pushed the national pump price more expensive by 13% in the same timeframe. Today’s national average is $2.10. That is seven cents more on the week, 24 cents more on the month, but 59 cents cheaper on the year.

“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices, said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group. “Higher demand will contribute to increasing gas prices in the coming weeks, but they aren’t going to spike to typical summer prices. That’s because demand won’t be sufficient enough to drive down stocks levels. Gasoline stocks sit at a significant surplus of nearly 24 million bbl year-over-year.”

The large price swings are surprising given that regional gasoline stocks and refinery utilization both held steady on the week at 54 million bbl and 75%, respectively, according to EIA data. Typically large jumps at the pump coincide with a large draw in stocks. However, this region typically sees high volatility in price swings from week to week. It’s likely many of the states which saw large increases in the last week will see smaller increases in the week ahead.

Today, only one-third of state averages are $1.99 per gallon or less and the majority of those are states in the South and Southeast.

In the Great Lakes and Central States, the large price swings are surprising given that regional gasoline stocks and refinery utilization both held steady on the week at 54 million bbl and 75%, respectively, according to EIA data. Typically large jumps at the pump coincide with a large draw in stocks. However, this region typically sees high volatility in price swings from week to week. It’s likely many of the states which saw large increases in the last week will see smaller increases in the week ahead.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.104

$2.103

$2.030

$1.869

$2.696

Wisconsin

$2.044

$2.049

$1.938

$1.767

$2.691

Appleton

$1.935

$1.944

$1.823

$1.688

$2.553

Eau Claire

$2.042

$2.046

$1.949

$1.805

$2.657

Green Bay

$2.003

$2.001

$1.898

$1.710

$2.606

Janesville-Beloit

$1.929

$1.930

$1.813

$1.656

$2.610

La Crosse

$1.986

$1.984

$1.978

$1.610

$2.647

Madison

$2.023

$2.026

$1.921

$1.712

$2.626

Milwaukee

$2.058

$2.067

$1.962

$1.845

$2.741

Wausau

$2.076

$2.089

$1.951

$1.744

$2.743

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by eight cents to settle at $36.34 per barrel. Domestic crude prices decreased last week amid increased market concern that an increase in new coronavirus infections could lead to another reduction in crude demand. Additionally, EIA’s weekly report showed that total domestic crude inventories grew by 5.7 million bbl last week, bringing the total to 538.1 million bbl. The increase in crude supplies also helped to push prices lower, since it signals that domestic crude production may need to reduce further in order to meet lower than normal demand. If these trends continue this week, crude prices could decline 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.

## ## ##