02 December 2019

AURORA, Ill., (December 2, 2019) –  Following a busy holiday long weekend that saw 49 million Americans traveling on roadways, gas prices across the country saw minimal fluctuation, with most states seeing decreases on the week. The national gas price average is one penny cheaper than last Monday at $2.58. Today’s average is three cents cheaper than last month, but 12 cents more expensive than last year at this time.

Gasoline stocks have steadily increased the past few weeks as gasoline demand has started to slow. This trend is creating cheaper gas prices for the majority of motorists.

On the week, there is minimal volatility at pumps across the Great Lakes and Central region. Gas prices in the region saw low volatility due to an increase in refinery rates and a substantial build (1.6 million bbl) in gasoline stocks, according to EIA data. Total stocks sit at 48 million bbl and are poised to continue increasing, leading to cheaper gas prices in December.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.589

$2.591

$2.590

$2.610

$2.467

Chicago Metro

$2.715

$2.717

$2.759

$2.679

$2.472

Chicago City

$2.994

$2.994

$2.980

$2.992

$2.824

Bloomington

$2.557

$2.558

$2.552

$2.456

$2.252

Champaign

$2.554

$2.543

$2.540

$2.473

$2.211

Peoria

$2.670

$2.675

$2.546

$2.579

$2.304

Rockford

$2.602

$2.599

$2.619

$2.559

$2.456

Springfield

$2.520

$2.524

$2.533

$2.548

$2.255

Fort Wayne, IN

$2.406

$2.412

$2.450

$2.530

$2.216

South Bend IN

$2.407

$2.414

$2.536

$2.485

$2.188

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 $2.94 cents to settle at $55.14. Continued market fear that tension between China and the U.S. – the world’s two largest crude consumers – will reduce crude demand moving into next year helped push prices down. Additionally, domestic crude prices decreased after the U.S. hit a record high production level of 12.9 million b/d, according to EIA’s latest weekly petroleum status report. If tension between China and the U.S. persists this week, crude prices could slide further.

In related news, total domestic crude inventories increased by 1.6 million bbl last week, bringing the new total to 452 million bbl. The current level is 1.5 million bbl higher than last year’s level at this same time. 

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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