23
October
2022
|
17:00 PM
America/Chicago

As October Cruises Toward the Finish Line, Gas Prices Look Less Scary

Illinois $4.22 (-11 cents) and Indiana $3.92 (-15 cents) are among the nation's top 10 largest weekly decreases

AURORA, Ill., (October 24, 2022) – The national average pump price fell nine cents over the past week to hit $3.79. It has dropped daily since October 11, primarily due to lower oil prices and fewer drivers than usual fueling up.

"Global recession fears coupled with the Biden Administration's plan to continue tapping the Strategic Petroleum Reserve into December has helped temper oil prices," said Molly Hart, spokesperson for AAA – The Auto Club Group. "This will help take the pressure off pump prices, benefitting drivers and their wallets."

According to recent data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million b/d to 8.68 million b/d last week. Total domestic gasoline stocks decreased marginally from 209.5 million bbl to 209.4 million bbl. Although gasoline demand is up slightly, it remains nearly 1 million bbl lower than this date last year. If demand remains low and oil prices don't spike, pump prices will likely keep falling.

Today's national average of $3.79 is nine cents higher than a month ago and 41 cents more than a year ago.

Today

Sunday

Week Ago

Month Ago

One Year Ago

National

$3.793

$3.795

$3.888

$3.700

$3.385

Chicago Metro

$4.417

$4.433

$4.557

$4.183

$3.666

Chicago City

$4.778

$4.786

$4.858

$4.630

$3.847

Bloomington

$4.023

$4.027

$4.138

$3.658

$3.501

Champaign

$4.127

$4.138

$4.205

$3.653

$3.472

Peoria

$4.269

$4.271

$4.289

$3.784

$3.519

Rockford

$4.167

$4.173

$4.265

$3.877

$3.489

Springfield

$4.055

$4.064

$4.137

$3.683

$3.467

Fort Wayne, IN

$3.844

$3.851

$4.066

$3.873

$3.311

South Bend, IN

$3.843

$4.864

$4.047

$3.818

$3.325

Click here to view current gasoline price averages

Oil Market Dynamic

At the close of Friday's formal trading session, WTI increased by 54 cents to settle at $85.05. Although crude prices increased after the EIA reported that total domestic commercial crude inventories dropped by 1.7 million bbl to 437.4 million bbl last week, the price of oil had declined earlier in the week due to ongoing market concerns about crude demand as recession fears increased. If the market remains concerned about the rate of economic growth this week, crude prices could decline.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.