68.4 F
Clarksville
Sunday, October 24, 2021
HomeNewsAAA reports National Gas Price Average Stabilizes

AAA reports National Gas Price Average Stabilizes

AAAWashington, D.C. – New data from the Energy Information Administration (EIA) showed that gas demand and supply decreased.

Moving from 9.78 million b/d to 9.43 million b/d last week, the latest demand measurement is 500,000 b/d lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts and concerns about transmission of COVID-19 Coronavirus grow as infection rates continue to increase.

Gas Demand and Supply Dip as Pump Prices remain High but Steady. (AAA)
Gas Demand and Supply Dip as Pump Prices remain High but Steady. (AAA)

Additionally, total domestic gas stocks declined by 1.3 million bbl to 227.5 million bbl.

Although the drop in demand has helped to minimize pump price increases and stabilize the national average, elevated crude prices continue to keep pump prices high as the end of summer draws near.

The national average has held steady at $3.18 for seven days after reaching its highest point so far this year. Today’s national average is a penny less than a week ago, two cents more than a month ago, and $1.01 more than a year ago.

During the run-up to Labor Day weekend, pump prices will likely continue to fluctuate due to high crude prices. However, gas demand typically drops considerably after the final holiday weekend of summer, bringing much-needed relief to American drivers when they fill up this fall.

Quick Stats

The nation’s top 10 largest changes: Alaska (+4 cents), Oregon (+4 cents), Michigan (?4 cents), Montana (+3 cents), Washington, D.C. (+3 cents), Kentucky (?3 cents), Illinois (?3 cents), Ohio (?3 cents), Washington (+2 cents) and Maryland (?2 cents).

The nation’s top 10 least expensive markets: Mississippi ($2.79), Louisiana ($2.83), Alabama ($2.84), Texas ($2.84), Oklahoma ($2.87), South Carolina ($2.87), Arkansas ($2.87), Missouri ($2.87), Tennessee ($2.87) and North Carolina ($2.92).

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 65 cents to settle at $68.44. Crude prices have declined last week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe.

Price decreases occurred despite EIA’s latest report showing that total domestic crude stocks decreased nominally to 438.8 million bbl. For this week, crude prices could decline further if market concerns persist over increasing COVID-19 Coronavirus infection rates.

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 62 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.

RELATED ARTICLES

Latest Articles