Majority of Motorists Paying More to Fill-up at the Pump this Week

24 February 2020

AURORA, Ill., (February 24, 2020) – More than half of all state gas price averages increased as much as three cents in the last week. The jumps, which caused the national gas price average to increase by a penny to $2.47, was caused by a decrease in U.S. gasoline stocks and increases in demand. The Energy Information Administration’s (EIA) latest data show total domestic gasoline stocks decreased by 2 million bbl to 259.1 million bbl, while demand increased from 8.72 million b/d to 8.92 million b/d. Some of the decrease in stocks can be attributed to refinery maintenance.

Gasoline prices are likely to fluctuate in the coming weeks, but not drastically, as the winter driving season nears its end and refineries undergo maintenance. This is the typical trend this time of year.

Today’s national average is six cents cheaper than last month and eight cents more expensive than last year.

In the Great Lakes and Central region, except for Michigan and Missouri, the states have cheaper month-over-month prices and saw varying fluctuation in the last week. Illinois experienced an 8 cent increase and Indiana saw a 6 cent decrease.  

It’s surprising that regional gas prices jumped in the last seven days given that stocks increased by 421,000 bbl to 59.1 million – the highest stock level in a year - and refinery utilization held steady at 91%. However, volatility is typical for the region and most states only saw jumps of just a few pennies in the last week.

 

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.474

$2.474

$2.439

$2.534

$2.395

Chicago Metro

$2.753

$2.758

$2.678

$2.797

$2.600

Chicago City

$2.974

$2.944

$2.909

$2.990

$2.748

Bloomington

$2.546

$2.565

$2.442

$2.533

$2.287

Champaign

$2.566

$2.572

$2.370

$2.526

$2.233

Peoria

$2.583

$2.583

$2.474

$2.528

$2.348

Rockford

$2.502

$2.505

$2.470

$2.578

$2.342

Springfield

$2.474

$2.502

$2.396

$2.474

$2.244

Fort Wayne, IN

$2.305

$2.320

$2.478

$2.380

$2.423

South Bend IN

$2.343

$2.350

$2.487

$2.456

$2.478

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 50 cents to settle at $53.38. Although crude prices increased for the second week, they may not be able hold onto gains this week as concerns regarding the coronavirus continue to mount. The market continues to worry that reduced global travel and a slowdown in production in China, the world’s second largest crude consuming country, will reduce crude demand this year. Until it appears that the public health threat from the virus declines and China’s industrial sector recovers, crude prices are likely to continue facing downward pressure.

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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