24
April
2022
|
17:00 PM
America/Chicago

Pump Prices Edge Higher on Oil Market Volatility

AURORA, Ill., (April 25, 2022) – The recent dip in pump prices has reversed, with the national average for a gallon of regular gas rising four cents over the past week to $4.12. Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world's leading oil consumer. These opposing forces are causing the oil price to hover around $100 a barrel.

"As long as the price of oil stays elevated, the price at the pump will struggle to fall," said Molly Hart, spokesperson for AAA – The Auto Club Group. "Consumers may be catching a little break from March's record-high prices, but don't expect any dramatic drops."

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by nearly 1 million bbl to 232.3 million bbl last week. Gasoline demand increased slightly from 8.73 million b/d to 8.86 million b/d. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump.

Today's national average for a gallon of gas is $4.12, which is 12 cents less than a month ago, and $1.24 more than a year ago.

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$4.123

$4.120

$4.087

$4.243

$2.886

Chicago Metro

$4.549

$4.551

$4.479

$4.615

$3.209

Chicago City

$4.795

$4.788

$4.776

$4.851

$3.411

Bloomington

$4.258

$4.266

$4.202

$4.386

$2.989

Champaign

$4.345

$4.340

$4.293

$4.433

$2.985

Peoria

$4.389

$4.388

$4.367

$4.495

$3.013

Rockford

$4.283

$4.282

$4.205

$4.400

$3.012

Springfield

$4.250

$4.266

$4.115

$4.437

$2.936

Fort Wayne, IN

$3.863

$3.860

$3.777

$4.069

$2.777

South Bend, IN

$3.924

$3.923

$3.899

$4.181

$2.763

Click here to view current gasoline price averages

Oil Market Dynamic

At the close of Friday's formal trading session, WTI decreased by $1.72 to settle at $102.07. Crude prices weakened at the end of the day due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom. Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.

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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