Topic: OPEC

AAA says Crude Inventories Rise Less Than Expected

February 10, 2019 |

AAA

Tampa, FL – According to AAA At the end of last week, total domestic crude oil inventories rose less than expected – a build of only 1.3 million bbl to total 447.2 million bbl, according to new data from the Energy Information Administration (EIA).

The slight build in crude inventories was supported by a sharp drop in demand for gasoline, which fell by approximately 500,000 b/d to 9.1 million b/d, according to EIA. With crude stockpiles growing less than anticipated, crude prices will likely continue to gain ground.

AAA reports Higher Oil and Pump Prices Likely Ahead.

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AAA reports National Gas Price Average Inches Up for First Time in Three Months

January 27, 2019 |

AAA

Tampa, FL – At a penny more expensive on the week, the national gas price average ($2.25) increased for the first time since October. Despite the increase, today’s average is still cheaper month-over-month (-14 cents) and year-over-year (-28 cents).

“The price of crude oil has been slowly, but steadily increasing since the beginning of the year, which is starting to push up pump prices,” said Jeanette Casselano, AAA spokesperson.

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AAA reports Tennessee Gas Prices rise One Cent

January 22, 2019 |

AAA

Nashville, TN – Tennessee Gas prices are holding steady right now, but face upward pressure, due to recent strength in the oil market and rising wholesale gasoline prices. The average price for gasoline in Tennessee is $2.01 per gallon, but should rise another 3-5 cents this week. 

Tennessee motorists are paying 1-cent more than a week ago. However, the average price is still 7 cents less than last month, and 35 cents less than this time last year. Despite the anticipated uptick, the state average remains 72 cents per gallon less than last year’s high, and 68 cents per gallon less than what Tennessee motorists paid in October. 

Gas Prices at the Pump Rise on Renewed Oil Strength. (AAA)

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AAA says Gasoline Demand Hits Lowest Level in Nearly Two Years Pushing Pump Prices Even Cheaper

January 8, 2019 |

AAA

Tampa, FL – The latest Energy Information Administration (EIA) data registers gasoline demand at 8.6 million b/d for the week ending December 28th – the lowest level on record since February 2017.

Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 bbl, suggesting that demand this winter could be lower than expected.

Prices at the Gas Pump continue to drop. (AAA)

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AAA says 2019 Rings in Cheapest New Year Gas Prices Since 2016

January 6, 2019 |

AAA

Tampa, FL – The New Year has ushered in the cheapest national gas price average in three years. To boot, at $2.25 today’s national average is even one cent cheaper than on January 1st, 2019 and trends indicate that pump prices will likely remain cheap for at least the first half of the month.

Today, 29 state gas price averages are at or below the national average of $2.25 with Missouri touting the cheapest at $1.83. Hawaii ($3.34) carries the most expensive average.

AAA expects prices to remain the same despite OPEC production cuts. (AAA)

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AAA reports Prices Fall Below $2.00 Per Gallon in Nine States

December 27, 2018 |

AAA

Tampa, FL – Nearly 20 percent of states are currently enjoying prices below $2.00 per gallon. Nationally, retail averages have dropped ­­­83 of the past 90 days. The national average for regular unleaded gasoline currently sits at $2.30 per gallon, which is six cents less than one week ago, 24 cents less than one month ago and 16 cents less than at the same time last year.

Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season.

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AAA reports December has Cheapest National Gas Price Average in Two Years

December 20, 2018 |

AAA 

Tampa, FL – At $2.37, the national gas price average continues to drive toward the cheapest pump prices seen during the month of December since 2016, which is welcome news for the millions of Americans expected to begin holiday travel later this week.

“AAA expects 102 million Americans to drive to their holiday destination this year, which is a four percent increase year-over-year,” said Jeanette Casselano, AAA spokesperson. “No doubt cheaper gas prices are fueling their decision to hit the road.”

In Tennessee, Gas Prices at the pump have fallen 0.5 cents in the past week. (AAA)

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AAA reports Tennessee Gas Prices drop to 2-Year Holiday Lows

December 17, 2018 |

AAA

Nashville, TN – Tennessee Gas Prices dropped another 5 cents last week, and could move even lower this week, because of additional declines in the price of oil. 

Sunday’s state average price of $2.12 per gallon is nearly 30 cents less than a month ago, and about 10 cents less than this time last year. It’s possible, the state average could reach $2.00 per gallon before the end of the year, unless oil prices rise. 

Oil Prices Decline

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AAA reports OPEC passes Crude Oil Production Cut, Gas Prices Continue to Drop

December 10, 2018 |

Clarksville-Montgomery County has 3rd Most Expensive Gas Prices in Tennessee

Nashville, TN – Tennessee Gas prices continue falling like autumn leaves according to  AAA. The state average has declined the past 59 consecutive days for a total of 52 cents. 

Sunday’s state average of $2.17 per gallon is 7 cents less than last week, 34 cents less than last month, and 9 cents less than this time last year. 

Oil prices hit highest close of the year

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AAA says Growing Global Crude Supply Outpaces Demand, Driving December Pump Prices to Cheapest of the Year

December 9, 2018 |

AAA

Washington, D.C. – At $2.44 the national gas price average has set a new record low for 2018. This is nearly a nickel less than this time last December. AAA expects the national gas price average to fluctuate through the end of the month and possibly end the year as cheap as $2.40.

Globally, crude supply is growing faster than anticipated. Contributing to the surplus is the United States’ record-breaking production levels – which hit the highest level ever recorded by the Energy Information Administration at 11.7 million b/d last month.

Gas prices holding steady according to AAA. (AAA)

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