23 December 2019

AURORA, Ill., (December 23, 2019) – More than 100 million Americans are taking to the roadways to travel for the holidays, but that hasn’t had a large impact on gas prices. At the start of the work week, only about a dozen states are seeing more expensive gas prices with increases of less than a dime. Illinois is experiencing a 5-cent decrease.

 

AAA forecasts that 104 million Americans will travel by car - the most on record - for a year-end holiday. The substantial number of motorists has caused some state averages to increase heading into the holiday week, but these jumps aren’t big and won’t last long or linger past the holiday season.

Today’s national average is $2.54, which is a penny less than last week and a nickel cheaper than last month. While the national gas price average continues to slowly edge cheaper, it is noticeably more expensive as compared to last year’s holidays - by nearly 20 cents. However, this isn’t deterring people from taking their holiday road trips and some states are seeing lower averages than last year. While regional prices are mostly cheaper on the week, they range from 18 cents to 47 cents more expensive compared to this time last year. This is likely due to higher winter crude oil prices.

The Energy Information Admiration’s (EIA) latest data shows that stocks built by 1.4 million bbl to total 51.6 million bbl. Currently, regional stocks sit at their highest level since early September, which is helping the majority of the region see cheaper weekly gas prices.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.553

$2.556

$2.573

$2.603

$2.378

Chicago Metro

$2.749

$2.761

$2.775

$2.794

$2.403

Chicago City

$2.996

$2.995

$3.005

$2.979

$2.714

Bloomington

$2.547

$2.553

$2.555

$2.543

$2.089

Champaign

$2.525

$2.532

$2.435

$2.570

$2.210

Peoria

$2.597

$2.595

$2.632

$2.583

$2.180

Rockford

$2.578

$2.587

$2.582

$2.575

$2.302

Springfield

$2.605

$2.618

$2.503

$2.442

$2.099

Fort Wayne, IN

$2.381

$2.371

$2.395

$2.560

$2.092

South Bend IN

$2.375

$2.388

$2.521

$2.544

$2.225

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 74 cents to settle at $60.44. Crude prices ended the week up slightly over the previous week amid increased optimism that trade tensions are continuing to decline between the U.S and China -- the world’s two largest crude oil consumers. This hope has reduced market concerns that global crude demand will decrease next year, helping to raise price expectations for early 2020.

Crude prices also increased this week after EIA’s recent petroleum status report revealed that total domestic crude stocks decreased by 1.1 million bbl to 446.8 million bbl last week. Total domestic stocks are 5.4 million bbl higher than where they were at this time in 2018.

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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