27
March
2022
|
17:00 PM
America/Chicago

Gas Prices Stabilize, But For How Long?

MADISON, Wis., (March 28, 2022) – As the cost of a barrel of oil has remained near $110, the gas price decline has slowed. After hitting $4.33 on March 11, the national average for a gallon of gasoline is now $4.24, but only down a penny since last week. Domestically, gasoline demand is again defying seasonal trends and has dipped for the second straight week, perhaps due to higher pump prices and consumers altering their driving habits.

"The global oil market reflects the volatility caused by the war in Ukraine grinding onward," said Nick Jarmusz, director of public affairs for AAA – The Auto Club Group. "And with oil prices refusing to fall, the price at the pump is likewise meeting resistance at dropping further."

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 3 million bbl to 238 million bbl last week. Gasoline demand also decreased from 8.94 million b/d to 8.63 million b/d. The drop in gas demand is contributing to price decreases. However, the steady increase in the price of oil is slowing that decline. If oil prices continue to rise, pump prices will likely follow suit, reversing course from the current downward trend.

Today's national average for a gallon of gas is $4.24, which is one cent less than a week ago, 63 cents more than a month ago, and $1.38 more than a year ago.

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$$.246

$4.244

$4.252

$3.610

$2.862

Wisconsin

$3.950

$3.954

$3.918

$3.357

$2.648

Appleton

$3.886

$3.895

$3.785

$3.261

$2.533

Eau Claire

$3.924

$3.933

$3.728

$3.403

$2.655

Green Bay

$3.974

$3.980

$3.988

$3.350

$2.599

Janesville-Beloit

$3.929

$3.944

$3.901

$3.325

$2.630

La Crosse

$3.866

$3.850

$3.688

$3.529

$2.773

Madison

$3.907

$3.908

$3.896

$3.291

$2.617

Milwaukee

$3.968

$3.970

$3.941

$3.307

$2.605

Wausau

$3.942

$3.959

$3.922

$3.393

$2.656

Click here to view current gasoline price averages

Oil Market Dynamics

At the close of Friday's formal trading session, WTI increased by $1.56 to settle at $113.90. Crude prices climbed after EIA's weekly report revealed that total domestic crude stocks declined last week by 2.5 million bbl to 413.4 million bbl, approximately 18 percent lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising prices. For this week, crude prices may fall on news that Shanghai is imposing new lockdown measures to curb COVID-19 transmission rates, which would likely reduce crude demand. According EIA, China became the world's largest buyer of crude oil in 2017.

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.

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.

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