28 October 2019

AURORA, Ill., (October 28, 2019) – The national gas price average dropped by four cents on the week to $2.60, despite a jump in gasoline demand and a draw in gasoline stocks. That is the largest one-week decrease since gas prices started to increase more than six weeks ago. Today’s average is a nickel cheaper than last month and 21-cents cheaper than last year at this time. Illinois has seen a 6-cent decrease with Indiana experiencing a 14-cent decrease.

Refinery maintenance across the country continues, though utilization rates have increased in the last week. This could mean further declines to the national average in the weeks ahead if demand drops. 

In the Great Lakes and Central States, stocks drew by 2 million bbl in EIA’s latest report for the week ending Oct.18. At 48.5 million bbl, gasoline stocks sit at their lowest level since this past June, but are on par with levels from this time last year. The latest refinery utilization rate was recorded at 84%, the second lowest in the country. Motorists are likely to see typical volatility at the pump into early November as regional refineries undergo maintenance.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.603

$2.606

$2.648

$2.652

$2.818

Chicago Metro

$2.752

$2.767

$2.807

$2.890

$2.921

Chicago City

$3.026

$3.026

$3.091

$3.142

$3.159

Bloomington

$2.523

$2.546

$2.562

$2.562

$2.719

Champaign

$2.540

$2.550

$2.600

$2.567

$2.703

Peoria

$2.612

$2.614

$2.662

$2.666

$2.769

Rockford

$2.547

$2.556

$2.597

$2.590

$2.828

Springfield

$2.446

$2.457

$2.573

$2.631

$2.712

Fort Wayne, IN

$2.314

$2.329

$2.432

$2.514

$2.740

South Bend IN

$2.370

$2.397

$2.576

$2.503

$2.734

Click here to view current gasoline price averages

 

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 43 cents to settle at $56.66. Crude prices increased last week after EIA’s report revealed that total domestic crude inventories fell by 1.7 million bbl to 433.2 million bbl last week. Growth in crude exports, from 3.24 million b/d to 3.68 million b/d helped to push crude inventories lower. When compared to last year at this time, export rates are 1.5 million b/d higher. If total domestic crude inventories decrease again, crude prices could increase.

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.

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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