08
January
2023
|
17:00 PM
America/Chicago

Pump Price Spike Stalls After the Holidays

Illinois $3.42 (+12 cents) and Indiana $3.24 (+16 cents) are among the nation's top 10 largest weekly increases

CHICAGO, Ill., (January 9, 2023) – The recent surge in gas prices caused by frigid weather and robust holiday road travel may be ending. While the national average price rose daily starting on Christmas Eve, when it was $3.09, the steam may have run out as pump prices flattened and then fell by a penny over the weekend. The national average for a gallon of gas rose seven cents since last week to $3.28.

"As we head toward February, pump prices will likely dip, barring any jolt in the global oil market," said Molly Hart, spokesperson for AAA – The Auto Club Group. "But it is likely that the national average prices we saw heading in to Christmas may have been the lows for this winter."

According to data from the Energy Information Administration, gas demand dropped from 9.33 million to 7.51 million b/d last week. Meanwhile, total domestic gasoline stocks fell by 300,000 bbl to 222.7 million bbl. Lower gasoline demand has contributed to limiting increases in pump prices.

Today's national average of $3.28 is three cents less than a month ago and two cents less than a year ago.

Today

Sunday

Week Ago

Month Ago

One Year Ago

National

$3.280

$3.281

$3.216

$3.315

$3.303

Chicago Metro

$3.522

$3.530

$3.379

$3.630

$3.564

Chicago City

$3.857

$3.851

$3.817

$4.038

$3.800

Bloomington

$3.291

$3.259

$3.225

$3.239

$3.407

Champaign

$3.214

$3.169

$3.030

$3.456

$3.397

Peoria

$3.392

$3.391

$3.272

$3.599

$3.431

Rockford

$3.409

$3.418

$3.401

$3.633

$3.352

Springfield

$3.243

$3.264

$3.236

$3.295

$3.416

Fort Wayne, IN

$3.275

$3.268

$3.011

$3.350

$3.242

South Bend, IN

$3.218

$3.235

$3.089

$3.104

$3.213

Click here to view current gasoline price averages

Oil Market Dynamic

At the close of Friday's formal trading session, WTI increased by 10 cents to settle at $73.77. A lower dollar helped to push crude prices higher at the end of the week. However, crude prices declined earlier in the week amid ongoing global economic concerns due to rising COVID-19 cases in China. Crude prices could decline further this week if economic concerns persist.

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

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