Washington, D.C. – Consumers caught a little break as the national average price for a gallon of gas leveled off at $3.41, down a penny since last week.
Since October 30th, 2021 the national average has fallen on nine different days, after having risen steadily each of the previous 31 days.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand dropped from 9.5 million b/d to 9.26 million b/d.
This drop coupled with an increase in the domestic crude oil supply caused downward pressure on prices. However, pump prices will likely remain elevated for consumers as long as oil prices are above $80 per barrel.
Today’s national average of $3.41 is 11 cents more than a month ago and $1.29 more than a year ago, and 81 cents more than in 2019.
The nation’s top 10 largest weekly changes: Arizona (+7 cents), California (+6 cents), Pennsylvania (+4 cents), Illinois (?4 cents), Oklahoma (?4 cents), Indiana (?4 cents), Delaware (?4 cents), Ohio (?4 cents), Michigan (?3 cents) and South Dakota (?3 cents).
The nation’s top 10 most expensive markets: California ($4.68), Hawaii ($4.34), Nevada ($3.97), Washington ($3.87), Oregon ($3.78), Alaska ($3.71), Utah ($3.70), Idaho ($3.69), Arizona ($3.66) and Washington, D.C. ($3.62).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by 80 cents to settle at $80.79. Crude prices decreased slightly last week as inflation fears weighed on the market.
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.