Rising Gas Stocks Put Downward Pressure on Winter Pump Prices

27 January 2020

AURORA, Ill., (January 27, 2020) – The national gas price average is $2.51, which is three cents cheaper than last week, four cents less than last month, and 25 cents more than a year ago. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million bbl – the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.

“Increased total domestic stocks of gasoline have helped to ease pump prices,” said Jeanette Casselano, AAA spokesperson. “Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response.”

EIA estimates that demand grew slightly from 8.56 million b/d to 8.66 million b/d. However, the current rate is lower than last year’s 8.87 million b/d at this time.

In the Great Lakes and Central States region price declines have mostly slowed since last week.

Regional gasoline stocks built by 1.7 million bbl, according to the EIA, bumping totals to 58.2 million bbl. Stocks have been steadily building since mid-November and are at the highest level for the region since February 2019. Typical regional fluctuation aside, gas prices are poised to continue to edge cheaper through the end of the month.  

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.517

$2.521

$2.547

$2.557

$2.264

Chicago Metro

$2.761

$2.774

$2.716

$2.783

$2.246

Chicago City

$2.986

$2.991

$2.997

$2.986

$2.477

Bloomington

$2.483

$2.499

$2.492

$2.521

$2.113

Champaign

$2.488

$2.486

$2.513

$2.507

$1.916

Peoria

$2.512

$2.517

$2.550

$2.552

$2.133

Rockford

$2.560

$2.561

$2.531

$2.568

$2.128

Springfield

$2.422

$2.442

$2.537

$2.448

$2.010

Fort Wayne, IN

$2.333

$2.341

$2.474

$2.506

$2.266

South Bend IN

$2.388

$2.410

$2.345

$2.444

$2.179

Click here to view current gasoline price averages

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by $1.40 to settle at $54.19. Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further.

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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About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.