30 December 2019

AURORA, Ill., (December 30, 2019) – A year-end spike in road trip travel due to the holidays helped to push the national average more expensive on the week – up four cents to $2.58. Compared to last month, the national average is the same price, but 31 cents more expensive than the end of 2018.

The majority of states saw gas prices increase in the last week – some by as much as a nickel to a dime, but any spikes in gas prices that motorists are seeing will be short-lived. AAA expects gas prices to decrease following the holidays.

In 2019, the national gas price average was $2.61, which is ten cents cheaper than the 2018 average of $2.71.

In the Great Lakes and Central region Illinois ($2.65) is experiencing a seven-cent increase and Indiana is seeing an eight-cent increase.

Despite a nearly 400,000 bbl build in gasoline stocks, gasoline prices in the region are up due to year-end holiday travel. Data from the Energy Information Admiration (EIA) lists total stocks at 52 million bbl, which is about 1 million more than this time last year. Stocks are expected to continue to build and drive gas prices cheaper in the new year.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.581

$2.578

$2.548

$2.588

$2.271

Chicago Metro

$2.756

$2.765

$2.679

$2.722

$2.286

Chicago City

$2.982

$2.984

$2.984

$2.999

$2.565

Bloomington

$2.599

$2.592

$2.472

$2.564

$1.915

Champaign

$2.568

$2.569

$2.525

$2.534

$1.983

Peoria

$2.623

$2.622

$2.559

$2.666

$2.056

Rockford

$2.582

$2.586

$2.522

$2.597

$2.110

Springfield

$2.486

$2.481

$2.487

$2.527

$2.058

Fort Wayne, IN

$2.498

$2.499

$2.553

$2.413

$2.019

South Bend IN

$2.566

$2.571

$2.455

$2.433

$2.036

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 four cents to settle at $61.72. Crude prices rose last week after EIA’s petroleum status report revealed that total domestic crude stocks decreased by 5.5 million bbl to 441.4 million bbl last week. Total domestic stocks are now at the level they held last year at this time. If EIA’s report this week shows another reduction, crude prices could increase again. Higher crude prices will likely help to push pump prices higher moving into next year.

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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