Illinois $2.32 (+2 cents) and Indiana $2.09 (+6 cents) are among the nation’s top 10 largest weekly changes

29 September 2020

AURORA, Ill., (September 28, 2020) – The latest Energy Information Administration (EIA) report measures demand at 8.52 million b/d, which is a slight uptick from the previous week’s 8.48 million b/d. However, the small increase is still 850,000 b/d lower than last year at this time.

“Low demand, even as gasoline stocks decline, has helped pump prices decline or hold steady on the week,” said Molly Hart, spokesperson for AAA -- The Auto Club Group. “That is likely to continue into the fall as the season sees fewer road trips, especially amid the pandemic.”

Today’s national gas price average is $2.18, which is the same price as last week, five cents less than a month ago, but 47 cents cheaper than a year ago. On the week, most states saw gas prices decrease or moderate fluctuations by a penny or two. A continued drop in demand will likely lead to pump prices continuing to decrease.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.186

$2.187

$2.180

$2.234

$2.652

Chicago Metro

$2.417

$2.423

$2.377

$2.499

$2.890

Chicago City

$2.645

$2.644

$2.652

$2.718

$3.142

Bloomington

$2.203

$2.207

$2.163

$2.333

$2.562

Champaign

$2.224

$2.225

$2.223

$2.291

$2.567

Peoria

$2.328

$2.326

$2.332

$2.387

$2.666

Rockford

$2.268

$2.269

$2.247

$2.307

$2.590

Springfield

$2.185

$2.186

$2.121

$2.306

$2.631

Fort Wayne, IN

$2.127

$2.140

$1.962

$2.242

$2.514

South Bend IN

$2.103

$2.110

$1.962

$2.229

$2.503

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by six cents to settle at $40.25. Domestic crude prices declined due to increased market fears as coronavirus infections increase worldwide, which could impact crude demand. Before market fears emerged, there was some market optimism that domestic demand could be starting to stabilize after EIA’s latest weekly report revealed that total domestic crude inventories decreased by 1.6 million bbl to 494.4 million bbl. Decreasing stocks could signal that supply and demand are rebalancing, while crude production decreased by 200,000 b/d to 10.7 million b/d. For this week, crude prices could decline further if demand concerns continue to worry the market.

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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