AAA WEEKLY FUEL GAUGE: U.S. Gasoline Demand, Supply and Imports Decline on the Week Along with Gas Prices
AURORA, Ill., (October 19, 2020) – Gasoline demand, according to the Energy Information Administration (EIA), back tracked for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Lower demand, even as total domestic stocks decreased by 1.6 million bbl to 225.1 million bbl and imports fell to their lowest rate since Sept. 18, has contributed to pump price decreases for the majority of the country. "Today's national average is $2.16, which is two cents less than a week and month ago and 49 cents cheaper than last year," said Molly Hart, spokesperson for AAA – The Auto Club Group. "Decreases in U.S. gasoline demand, supply and imports pushed the national and 44 state gas price averages cheaper on the week." On the week, a few Mid-West states saw much larger decreases: Indiana (-6 cents), Michigan (-6 cents), Ohio (-5 cents) and Kentucky (-5 cents), which could be attributed to an increase in regional stock. A penny gas price increase was seen in these states since last Monday: Utah ($2.40), New Jersey ($2.24), Alaska ($2.50), Georgia ($2.00), South Dakota ($2.10) and Hawaii ($3.24). Monday Sunday Week Ago Month Ago One Year Ago National $2.167 $2.169 $2.187 $2.182 $2.650 Chicago Metro $2.321 $2.329 $2.358 $2.388 $2.840 Chicago City $2.602 $2.609 $2.623 $2.647 $3.102 Bloomington $2.117 $2.122 $2.158 $2.173 $2.614 Champaign $2.185 $2.185 $2.193 $2.224 $2.636 Peoria $2.313 $2.313 $2.318 $2.331 $2.677 Rockford $2.216 $2.219 $2.251 $2.246 $2.627 Springfield $2.089 $2.098 $2.144 $2.116 $2.628 Fort Wayne, IN $2.037 $2.045 $2.150 $1.973 $2.460 South Bend IN $2.018 $2.029 $2.141 $1.974 $2.609 Click here to view current gasoline price averages Oil Market Dynamics At the close of Friday's formal trading session, WTI decreased by eight cents to settle at $40.88. Domestic crude prices decreased at the end of last week due to market concern regarding an increase in coronavirus infections worldwide. As more social restrictions are introduced, crude demand will likely decline. The price drop occurred despite EIA's new weekly report showing that total domestic crude inventories declined by 3.8 million bbl to 489.1 million bbl. For this week, ongoing demand concerns could cause prices to decrease further. 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. # # #