22
January
2023
|
17:00 PM
America/Chicago

Pump Prices Surge as Gasoline Demand Rises

Illinois ($3.56) is among the nation's top 10 most expensive markets

CHICAGO, Ill., (January 23, 2023) – Drivers appear to be taking advantage of the recent milder weather in much of the nation by fueling up and hitting the road. The increase in gasoline demand and slightly more expensive oil pushed the national average for a gallon of gas higher by 12 cents since last week to $3.42.

"The recent rising temperatures led to rising pump prices," said Molly Hart, spokesperson for AAA – The Auto Club Group. "And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment."

According to data from the Energy Information Administration, gas demand rose from 7.56 million to 8.05 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 3.5 million bbl to 230.3 million bbl. If demand remains robust, drivers will likely see pump prices rise through the week.

Today's national average of $3.42 is 33 cents more than a month ago and ten cents more than a year ago.

Today

Sunday

Week Ago

Month Ago

One Year Ago

National

$3.423

$3.415

$3.305

$3.096

$3.329

Chicago Metro

$3.653

$3.651

$3.651

$3.333

$3.562

Chicago City

$3.971

$3.949

$3.915

$3.803

$3.786

Bloomington

$3.383

$3.384

$3.360

$2.913

$3.372

Champaign

$3.368

$3.365

$3.299

$3.112

$3.410

Peoria

$3.628

$3.628

$3.462

$3.315

$3.429

Rockford

$3.479

$3.483

$3.480

$3337

$3.412

Springfield

$3.433

$3.428

$3.378

$2.945

$3.401

Fort Wayne, IN

$3.353

$3.361

$3.441

$2.931

$3.053

South Bend, IN

$3.318

$3.320

$3.413

$2.812

$3.102

Click here to view current gasoline price averages

Oil Market Dynamic

At the close of Friday's formal trading session, WTI increased by 98 cents to settle at $81.31. Crude prices rose at the end of last week due to increased market optimism that crude demand may be more robust than expected this year. In particular, the market believes that the re-opening of China's economy, despite high coronavirus infection rates, will help to bolster global crude demand, while supporting elevated prices. For this week, crude prices could continue to climb if ongoing market optimism persists.

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

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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA's mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.