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AAA says Gasoline Demand Continues to Grow as Pump Prices Fluctuate

 

AAAWashington, D.C. – AAA reports Gasoline demand measured 8.9 million b/d in the Energy Information Administration’s (EIA) latest weekly report, up nearly 4% from the week prior.

Because of the jump in demand, gasoline supplies tightened to 230.5 million bbl, the lowest level this year, and state gas prices averages saw major fluctuations. On the week, states saw pump price changes ranging from an increase of 15 cents to a decrease of 3 cents.

Gas Prices at the Pump bounce around as demand grows. (AAA)

Gas Prices at the Pump bounce around as demand grows. (AAA)

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AAA says Americans Paying 14% More at the Pump Compared to February

 

AAAWashington, D.C. – Following last month’s winter storm in Texas, the national gas price average has jumped nearly 40 cents to $2.86.

Prices will continue to increase this week, especially following the Energy Information Administration’s (EIA) latest weekly reports showing the second week of a major decline in gasoline stocks and a substantial increase in U.S. demand.

Gas prices at the pump will continue to rise this week. (AAA)

Gas prices at the pump will continue to rise this week. (AAA)

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AAA reports Crude, Gas Prices Continue to Climb Higher as Stocks Tighten

 

AAAWashington, D.C. – With a nickel increase on the week, the national gas price average has reached $2.77, which is a 31-cent jump in the last month. Every state average has climbed by double-digits since February resulting in 1 in 10 gas stations with pump prices that are $3.00/gallon or more.

Pump prices are increasing as refinery utilization is at an all-time low and crude oil prices (WTI) surged by more than $2.00/bbl to $66.00/bbl on Friday, the highest price in nearly two years.

Refinery Utilization Plummets to Lowest Level Recorded. (AAA)

Refinery Utilization Plummets to Lowest Level Recorded. (AAA)

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AAA reports National Gas Price Average increases another nine cents

 

AAAWashington, D.C. – AAA says Gas prices continue to increase, with the national average up nine cents on the week to $2.72. That is a 30 cent increase from the beginning of February, 28 cents more than a year ago, and the most expensive daily national average since August 2019.

The latest price jumps are a direct result of February’s winter storm that took 26 U.S. refineries offline and pushed refinery utilization from an average of about 83% down to an atypical low of 68%, according to the Energy Information Administration (EIA).

March Gas Prices: In Like a Lion, but Out Like a Lamb? (AAA)

March Gas Prices: In Like a Lion, but Out Like a Lamb? (AAA)

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AAA reports Icy Winter Temperatures causes Gas Price rise at the Pump

 

AAAWashington, D.C. – AAA says motorists are filling-up to some of the most expensive gas prices seen in over a year.

With the forced shutdown of Gulf Coast and some Mid-West refineries due to last week’s winter weather, gasoline stocks have tightened and gas prices have skyrocketed.

On the week, 66% of state averages spiked by double digits (10–22 cents), driving the national average up by 13 cents to $2.63. That is the most expensive national average since October 2019.

Winter Storm shutsdown refineries causing gas prices to spike. (AAA)

Winter Storm shuts down refineries causing gas prices to spike. (AAA)

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General Motors recalls nearly 700,000 vehicles because Passenger Frontal Air Bag Inflator May Explode

 

National Highway Traffic Safety Administration - NHTSAWashington, D.C. – The National Highway Traffic Safety Administration (NHTSA) reports General Motors, LLC is recalling certain 2013 Cadillac Escalade, Escalade ESV, and Escalade EXT, Chevrolet Avalanche, Silverado 1500, Silverado 2500/3500, Suburban, Tahoe, GMC Sierra 1500, Sierra 2500/3500, Yukon, and Yukon XL vehicles.

An inflator explosion may result in sharp metal fragments striking the driver or other occupants, resulting in serious injury or death.

2013 Cadillac Escalade is one of the vehicles being recalled.

2013 Cadillac Escalade is one of the vehicles being recalled.

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AAA reports Price of Crude, National Gas Average soon to Top 2020’s Highest

 

AAAWashington, D.C. – AAA says that Crude oil and pump prices will soon be more expensive than the highest price of 2020 despite low demand. At the end of last week, crude was priced at $59.47/bbl.

That’s just under $4.00/bbl less than last year’s most expensive price of $63.27/bbl (seen on January 6th, 2020). Since the end of November, we’ve seen the price of crude increase as much as $5.00/bbl a week, meaning we could see 2021 crude oil prices top 2020 as early as this week.

How High Will Gas Prices Go This Year? (AAA)

How High Will Gas Prices Go This Year? (AAA)

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UT Women’s Basketball game at Mississippi State postponed due to weather

 

UT Lady VolsKnoxville, TN – The Tennessee at Mississippi State women’s basketball game scheduled for Tuesday has been postponed due to inclement weather and travel issues. A makeup date has not been set.
 
The game, originally slated for February 4th, was rescheduled for February 16th due to the impact of COVID-19 Coronavirus.

The No. 21 Lady Vols, who have yet to travel home from Texas following Sunday’s game at Texas A&M due to a major winter storm that hit the Lone Star State, turn their attention to Thursday’s home contest vs. No. 2 South Carolina.  The annual Live Pink, Bleed Orange game tips at 7:02pm and will be carried by SEC Network.

Tennessee Lady Vols' Basketball game against Mississippi State has been postponed due to a major winter storm. (UT Athletics)

Tennessee Lady Vols’ Basketball game against Mississippi State has been postponed due to a major winter storm. (UT Athletics)

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AAA Forecasts Gas Prices to Continue Rising

 

AAAWashington, D.C. – AAA says that at $2.46, the national gas price average is more expensive on the week (+4 cents), the month (+16 cents), and the year (+2 cents). This past Saturday, February 6th, was the first time in 340 days the national average was more expensive than a year ago.

Today, nearly two-thirds of all state gas price averages are more expensive year-over-year. Pump prices continue to climb, in part due to expensive crude oil and the market’s growing optimism that demand will increase amid the vaccination roll-out.

National Gas Price Exceeds Year Ago Average for First Time in 340 Days. (AAA)

National Gas Price Exceeds Year Ago Average for First Time in 340 Days. (AAA)

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AAA reports Substantial Increase in Gasoline Demand Has Little Immediate Impact on Supply Levels or Pump Prices

 

AAAWashington, D.C. – According to the latest Energy Information Administration (EIA) measurement, gasoline demand jumped from 7.53 million b/d to 8.11 million b/d. Typically a significant increase in demand results in a comparable decrease in supply, ultimately translating to more expensive pump prices.

Surprisingly, the recent large jump in demand had little impact on gasoline supply and minimal impact on pump prices.

Gas prices at the pump remain steady despite an increase in demand. (AAA)

Gas prices at the pump remain steady dispite increase in demand. (AAA)

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