Illinois $2.40 (+4 cents) and Indiana $2.22 (+11 cents) rank in the top ten weekly increase

13 July 2020

AURORA, Ill., (July 13, 2020) – Gasoline demand increased on the week to the highest level (8.7 million b/d) since March as stocks decreased, but the combination wasn’t enough to significantly impact gas price averages across the country. On the week, the national gas price average only increased one penny to land at $2.19. That is nine cents more than last month and nearly 60 cents less than a year ago.

“The Energy Information Administration’s (EIA) data shows gasoline demand and supply continue on a roller coaster ride,” said Molly Hart, spokesperson for AAA – The Auto Club Group. “As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”

From May to early July in 2019, gasoline demand averaged 9.5 million b/d. For the same time period this year, demand is measuring at 8 million b/d while gasoline stocks sit, on average, at a 24 million bbl surplus. The low demand and high supply are keeping gas prices relatively cheap for the summertime.

The Great Lakes and Central States had the highest gas price increases on the week in the country with Indiana up +11 cents and Illinois seeing a +4 cents increase which lands them on the top 10 list for largest jump. All other states in the region saw pump price increases of only a few cents, if at all.

Even with the increases, motorists in the region are paying 50 to 75 cents less a gallon to fill up compared to last July. Illinois (-76 cents), Indiana (-69 cents) have among the largest year-over-year differences in the country.

With a 2 million bbl draw, the region saw stocks decrease for a third week in a row down to 50.6 million bbl. This drops total stock levels to not only the lowest measurement of the year, but the lowest since December 2019, according to EIA data. If stock levels continue to push lower, the region can expect to see incremental price changes at the pump.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.199

$2.198

$2.180

$2.100

$2.786

Chicago Metro

$2.515

$2.518

$2.469

$2.436

$3.373

Chicago City

$2.734

$2.729

$2.710

$2.682

$3.506

Bloomington

$2.280

$2.281

$2.275

$2.217

$2.997

Champaign

$2.358

$2.357

$2.368

$2.232

$2.980

Peoria

$2.409

$2.408

$2.409

$2.355

$2.988

Rockford

$2.323

$2.325

$2.287

$2.215

$2.981

Springfield

$2.291

$2.292

$2.200

$2.170

$2.970

Fort Wayne, IN

$2.247

$2.247

$2.049

$2.089

$2.949

South Bend IN

$2.232

$2.233

$1.989

$2.065

$2.945

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 93 cents to settle at $40.55 per barrel. Domestic crude prices were volatile last week after EIA’s weekly report revealed that total domestic crude inventories increased by 5.7 million bbl to 539.2 million bbl. Increasing crude stocks could mean that crude production is still too high given where demand is currently, as new coronavirus outbreaks emerge. If EIA’s data shows another increase in total domestic supply this week, crude prices could decline.

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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