08
May
2022
|
17:00 PM
America/Chicago

Hitting the Gas: Pump Prices Surge as Oil Gets More Expensive

Illinois $4.59 (+18 cents) and Indiana $4.23 (+19 cents) are among the nations largest weekly increases; Illinois among the most expensive

AURORA, Ill., (May 9, 2022) – Drivers are paying more at the pump—a lot more—as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110.

"With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline," said Molly Hart, spokesperson for AAA – The Auto Club Group. "These prices are creeping closer to those record high levels of early March."

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.

For those in the market for a new ride, one way to end the pain at the pump may be to dump the pump. In the latest online AAA Car Guide, all category winners for 2022 are electric or electric hybrid vehicles. In addition to being highly fuel-efficient, the winners are loaded with the latest advanced driver assistance systems. The AAA Car Guide also contains detailed information about AAA's recent research on current automotive technologies and topics, such as driver assistance systems, gasoline quality, headlight effectiveness, and much more.

Meanwhile, today's national average for a gallon of gas is $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$4.328

$4.317

$4.194

$4.123

$2.962

Chicago Metro

$4.785

$4.775

$4.568

$4.494

$3.302

Chicago City

$5.067

$5.034

$4.851

$4.783

$3.506

Bloomington

$4.440

$4.454

$4.218

$4.170

$3.180

Champaign

$4.412

$4.413

$4.300

$4.342

$3.178

Peoria

$4.502

$4.496

$4.364

$4.410

$3.163

Rockford

$4.474

$4.472

$4.370

$4.243

$3.120

Springfield

$4.450

$4.448

$4.231

$4.197

$3.150

Fort Wayne, IN

$4.185

$4.187

$3.978

$3.865

$2.988

South Bend, IN

$4.227

$4.207

$4.036

$3.913

$2.959

Click here to view current gasoline price averages

Oil Market Dynamic

At the close of Friday's formal trading session, WTI increased by $1.51 to settle at $109.77. Crude prices rose last week after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. The price increases occurred despite continuing COVID lockdowns in China weighing down crude demand and EIA reporting that total domestic crude inventories increased by 1.3 million bbl to 415.7 million bbl, which is approximately 14 percent lower than the storage level at the end of April 2021. Since supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices higher.

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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