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AAA reports National Gas Price Average falls on the Week for First Time in Months

 

AAAWashington, D.C. – At $2.86, the national average has decreased week-over-week for the first time since November of last year. Today’s average is two cents cheaper on the week. Since last Monday, 45 states also saw their averages decrease or no change at the pump.

“Growing stock levels and cheaper crude oil prices are putting downward pressure on pump prices for the majority of motorists,” said Jeanette McGee, AAA spokesperson.

Gas prices at the pump start to decline. (AAA)

Gas prices at the pump start to decline. (AAA)

“These are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet,” McGee stated.

Demand is one-factor influencing gas prices. The Energy Information Administration (EIA) reported last week that demand was up by 174,000 b/d to 8.6 million b/d. That reading is just 222,000 b/d short of levels one year ago when demand started to dip.

If demand continues to increase, prices could follow. Gasoline stocks also saw a moderate increase with a build of 200,000 b/d. However, refinery utilization hit 82% indicating we could see a larger build in stocks this week, a factor that could help keep pump prices in check.

While a few cents cheaper on the week, the national gas price average is 15 cents more expensive on the month and 84 cents more expensive on the year. Those gaps, as well as stock levels and demand readings, are likely to widen in the coming weeks as this time last year gas prices and related factors started to take a sharp turn due to the pandemic.

2018-2021 National Gas Price Comparison 3-29-21

Quick Stats

  • The nation’s top 10 most expensive averages: California ($3.87), Hawaii ($3.64), Washington ($3.32), Nevada ($3.31), Oregon ($3.17), Utah ($3.15), Alaska ($3.11), Arizona ($3.09), Washington, D.C. ($3.03) and Idaho ($3.03)
  • The nation’s top 10 weekly changes: Kentucky (?6 cents), Delaware (?6 cents), Hawaii (+5 cents), North Carolina (?4 cents), Idaho (+4 cents), Maryland (?4 cents), Illinois (?4 cents), South Carolina (?4 cents), Florida (?3 cents) and Pennsylvania (-3 cents).

Oil Market Dynamics

 At the close of Friday’s formal trading session, WTI increased to settle at $60.97. Prices fluctuated throughout the week from a low of $57.76 to a high of $61.55 in reaction to world news, including concerns of new European Union lockdowns and tight vaccination supplies throughout local economies.

 


 

Also affecting the price of crude was news Thursday of a stranded container ship, which continued to block the Suez Canal, a major international oil-supply route. Reports out early today indicate that the ship has partially been refloated. While ships started to re-route last week, oil deliveries could be delayed. This is likely to have a limited impact here as U.S. oil production should be able to keep stateside supply balanced and in turn, prices stable until the canal clears.

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

About AAA – The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more.

ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.

For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.


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