Indiana among the top ten largest changes $2.17(-six cents)
AURORA, Ill., (July 20, 2020) – The national gas price average held steady on the week at $2.19 as 1/3 of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.
“During the last month, demand has averaged about 8.6 million b/d while, gasoline stocks have steadily declined,” said Jeanette Casselano, AAA spokesperson. “Week by week, we are seeing mostly regional fluctuation at the pump based on gasoline supply and demand.”
At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.
Motorists in the Great Lakes and Central States are seeing gas price fluctuation on the week. Stocks built for the first time since mid-June, which is likely a contributing factor towards the cheaper gas prices for the majority of the region. With a 700,000 bbl add, total levels sit at 51.2 million bbl, which is about average for this time of year.
|
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
|
National |
$2.195 |
$2.195 |
$2.199 |
$2.123 |
$2.776 |
|
Chicago Metro |
$2.498 |
$2.494 |
$2.515 |
$2.428 |
$3.272 |
|
Chicago City |
$2.729 |
$2.726 |
$2.734 |
$2.676 |
$3.526 |
|
Bloomington |
$2.275 |
$2.276 |
$2.280 |
$2.276 |
$2.885 |
|
Champaign |
$2.334 |
$2.337 |
$2.358 |
$2.231 |
$2.839 |
|
Peoria |
$2.403 |
$2.404 |
$2.409 |
$2.400 |
$2.945 |
|
Rockford |
$2.305 |
$2.307 |
$2.323 |
$2.259 |
$2.927 |
|
Springfield |
$2.285 |
$2.288 |
$2.291 |
$2.145 |
$2.723 |
|
Fort Wayne, IN |
$2.192 |
$2.201 |
$2.247 |
$2.045 |
$2.861 |
|
South Bend IN |
$2.161 |
$2.167 |
$2.232 |
$2.046 |
$2.769 |
Click here to view current gasoline price averages
Oil Market Dynamics
At the end of Friday’s formal trading session, WTI decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could stabilize crude prices this week, as coronavirus outbreaks continue to grow worldwide.
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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