Topic: Crude Oil

AAA reports Domestic Gasoline Stocks Soar, Push Down Gas Prices

August 18, 2019 |

Tampa, FL – AAA says the national gas price average, $2.64, represents a seven-cent drop on the week as domestic gasoline stocks built by a surprising 4.4 million bbl, according to the Energy Information Administration’s (EIA) latest data.

Contributing to the build was at least 1.2 million b/d of imports at U.S. ports. With the large bump, stocks now sit 235 million bbl – a U.S. stock level not seen in nearly five months (end of March).

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AAA says National Gas Price Average Cheaper on the Week, Month and Year

August 7, 2019 |

Tampa, FL – AAA reports that the average national gas price dropped by two cents to $2.71 on the week. This is less expensive than a week, a month (-4 cent) and a year (-15 cents) ago. Prices are cheaper as demand saw a small dip on the week, even though overall demand remains robust for the summer.

“While gas prices continue to drop, the rate at which they are decreasing has slowed,” said Jeanette Casselano, AAA spokesperson.

Tennessee is one of the nation’s top 10 least expensive gas markets. (AAA)

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AAA reports Gas Prices slide lower for a Another Week

August 2, 2019 |

Tampa, FL – Today’s national average is $2.73. While this is two cents more expensive than on the same day last month, it is three cents cheaper than last week and 12-cents less expensive than a year ago.

“Gas prices this month are on average a dime less expensive than in July 2018. These less expensive gas prices have encouraged summer road trips as evidenced by robust demand numbers since May,” said Jeanette Casselano, AAA spokesperson.

Gas prices at the pump continue to fall. (AAA)

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AAA reports Gas Price Increases at the Pump Slowing Across the Country

July 24, 2019 |

Tampa, FL – On the week, AAA says all but eight states saw gas price averages push cheaper or remain stable. At $2.76, the national gas price average is three cents less expensive than last Monday. This is the first time in four weeks that the national average has seen a weekly decline.

“Gasoline stocks remain robust amid a recent dip in demand, which could be one reason we are seeing pump prices starting to roll back,” said Jeanette Casselano, AAA spokesperson.

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AAA reports National Gas Price Average rises Eight Cents in Two Weeks

July 16, 2019 |

Tampa, FL – The national gas price average is $2.79, which is an eight-cent increase since the beginning of July. Gas prices have increased amid more expensive crude oil prices, robust demand and decreasing gasoline stocks.

Since last Monday, 18 states have seen their gas price averages increase by at least a nickel. Hurricane Barry, which made landfall in Louisiana this past weekend, seems to have had little impact on the national average.

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AAA says Gas Prices are rising this Summer

July 13, 2019 |

Tampa, FL – As summer temperatures rise, so are gas prices according to AAA. State averages have jumped, pushing up the national average nearly a dime to $2.75 in the last 15 days.

In addition to rising gasoline demand, 13 states this month have introduced new gas taxes that have contributed to the national average increase. Those states include California, Connecticut, Illinois, Indiana, Maryland, Michigan, Montana, Nebraska, Ohio, Rhode Island, South Carolina, Tennessee, and Vermont.

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AAA says Going Against Usual Trends, Demand Drives Gas Prices Down Even Lower

July 7, 2019 |

Tampa, FL – For the week ending June 14th, 2019, U.S. gasoline demand hit its highest level at 9.93 million b/d. It is the highest level ever recorded since the Energy Information Administration (EIA) began publishing data in 1991.

Counterintuitively, as motorists drive demand to new heights, pump prices pushed even cheaper across the country on the week. This is due to the recent trend in cheaper crude pricing and because crude comprises roughly 60% of the costs people pay at the pump, drivers are seeing summer savings.

Gas Prices continue to fall at the Pump despite rising demand. (AAA)

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AAA says Pump Prices are Dropping Fast with Summer approaching

June 18, 2019 |

Tampa, FL – AAA reports that since Memorial Day the national average dropped six cents on the week, following a consistent downward trend.

The decline is unusual for this time of year. Pump prices usually trickle higher during the summer months due to increased demand. However, the latest Energy Information Administration (EIA) report reveals that total domestic gasoline inventories jumped a million bbl last week, helping to push pump prices lower.

According to AAA, U.S. Gasoline Inventories continue to grow. (AAA)

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AAA says Gas Inventory Increases, Demand Grows

June 16, 2019 |

Tampa, FL – AA reports that increased stocks of gasoline continue to push pump prices lower, according to new data from the Energy Information Administration (EIA).

In its latest weekly petroleum report, EIA revealed that total domestic inventories of gasoline grew by nearly a million bbl last week and now sit at 234.9 million bbl. At the same time, gasoline demand increased by 436,000 b/d to 9.9 million b/d.

As vacationers hit the road, they will find a quarter (25 percent) of all gas stations across the country are selling gas Increased gasoline inventory may help keep pump prices down as summer driving season gets underway. (AAA)

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AAA says Gas Prices drop Seven Cents at the Pump

June 11, 2019 |

Tampa, FL – AAA says that today’s national average is $2.74, which is seven-cents cheaper than last week, 13-cents less than a month ago and 18 cents cheaper than a year ago. Nearly every state’s gas price average is cheaper than a week ago, a month ago and a year ago. 

“Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand,” said Jeanette Casselano, AAA spokesperson.

Consumers see Summer Savings at the Gas Pump. (AAA)

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