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AAA WEEKLY FUEL GAUGE: Low Volatility at the Pump as the National Average Pushes One Penny Higher

AURORA, Ill., (July 6, 2020) – The national gas price average increased just one cent to $2.18 on the week despite a dip in U.S. demand for gasoline and gasoline stocks increasing by 1 million bbl. The slight drop in demand – 47,000 b/d - amid the increase in stocks comes as many states report increases in COVID-19 cases, potentially causing Americans to reconsider outings. However, for motorists who hit the road for the Independence Day holiday, gas prices were a welcome sight.

"Independence Day weekend gas prices were nearly 60 cents cheaper than last year and on top of that, they were the most inexpensive prices seen for the holiday since 2004," said Molly Hart, spokesperson for AAA – The Auto Club Group.

Beyond typical fluctuation at the pump, on the week a few states saw prices jump due to fuel tax increases on July 1. This includes California, Illinois, Indiana, Iowa, Nebraska, South Carolina and Maryland.

Gas prices are fluctuating across the region with some Great Lakes and Central States seeing increases and decreases of as much as a nickel. For a second week, gasoline stocks decreased but not as dramatically as the previous week. This is contributing to dips in gas prices for many states. The latest EIA report shows stocks dipped by just 120,000 bbl to drop levels to 52.4 million bbl.



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Oil Market Dynamics

At the end of Friday's formal trading session, WTI increased by 83 cents to settle at $40.65 per barrel. Domestic crude prices increased after EIA's weekly report revealed that total domestic crude inventories fell by 7.2 million bbl to 533.5 million bbl. Decreasing crude stocks could mean that crude production is meeting demand as it continues to recover amid new coronavirus outbreaks around the world, which could suppress global crude demand during the second half of 2020.

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.

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