Marilyn Buskohl
Public Affairs Director
O: (605) 310-4614
C: (605) 367-3964
Marilyn.buskohl@aaasd.org

Jump in Gasoline Demand Drives Down Stocks

November 4, 2019 - Gasoline demand numbers look more like summer than fall in the Energy Information Administration’s (EIA) latest reports. However, despite the high demand rate and a draw in U.S stocks, the national average held steady on the week at $2.60.

“Gas prices continue to fluctuate across the country, though on the week the majority of states saw prices only increase or decrease by one or two cents,” said Marilyn Buskohl, AAA spokesperson. “The largest volatility at the pump continues to be seen in the West Coast & Rockies states along with a handful of states in the Great Lakes and Central region.”

South Dakota Gas Prices

Today

$2.51

Yesterday

$2.52

Last week

$2.50

Last month

$2.57

Last year

$2.81

 

Today’s average is six cents cheaper than last month and 16-cents cheaper than last year at this time.

Quick Stats 

  • The nation’s top 10 largest weekly changes are: Michigan (-9 cents), Ohio (+8 cents), Idaho (+7 cents), Illinois (-5 cents), Utah (+5 cents), Indiana (+5 cents), Florida (+4 cents), Kentucky (+4 cents), Georgia (+4 cents) and Delaware (+4 cents).
  • The nation’s top 10 least expensive markets are: Louisiana ($2.22), Mississippi ($2.22), Texas ($2.24), South Carolina ($2.26), Missouri ($2.27), Alabama ($2.27), Virginia ($2.29), Arkansas ($2.30), Oklahoma ($2.30) and Tennessee ($2.30).

Central States and Great Lakes Region

Volatility is being seen at the pump across Great Lakes and Central states. Since last Monday, gas prices have fluctuated as much as nine cents cheaper. States with the largest changes in the country and region include: Michigan (-9 cents), Ohio (+7 cents), Illinois (-5 cents), Indiana (+5 cents), Kentucky (+3 cents) and Wisconsin (-3 cents).

Part of the fluctuation can be attributed to stock levels, which decreased for a third straight week. In EIA’s latest report, total stocks measure at 47.9 million bbl. However, next week could bring a build in stocks as regional refinery utilization increased from 84% to 90%, the highest rate since the end of September. A build in stocks could help to stabilize or encourage cheaper pump prices.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $2.02 to settle at $56.20. Although crude prices rose sharply on Friday, they mostly fell last week after EIA’s report showed that total domestic crude inventories increased by 5.7 million bbl last week, bringing the new total to 438.9 million bbl. The current level is 12.8 million bbl higher than last year’s level at this same time. Prices increased on Friday after the market expressed relief following U.S. Commerce Secretary Wilbur Ross’ announcement that the U.S. and China, the two largest oil-consuming countries in the world, are on track to complete phase one of their trade negotiations and a deal would likely be signed around mid-November. If trade tensions continue to subside, crude prices may continue to increase this week.

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.

TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

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