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

National Gas Price Average Jumps by a Dime in One Week 

September 23, 2019 - Last week was the first time since early June that the national gas price average jumped more than a nickel in under a few days. On the week, it’s a dime more expensive at $2.66 with half of states seeing prices increase by 10 cents or more. However, even with the significant increase, the national average is still cheaper compared to last month (-6 cents) and last year (-19 cents). 

South Dakota Gas Prices

Today

$2.61

Yesterday

$2.62

Last week

$2.56

Last month

$2.63

Last year

$2.86

Spurred by the Saudi Arabian oil facilities attacks the weekend prior, crude oil (West Texas Intermediate – WTI) increased as much as $10/bbl at its highest point early last week to nearly $64/bbl. Gasoline stations reacted just as swiftly as the market, raising local retail prices by as much as a quarter, which pushed the national average up six cents overnight last Tuesday. However, by the end of last week, crude was down to $58/bbl and gas prices started to stabilize as reports surfaced that Saudi facilities should be fully operational by end of September.

“At $2.66, the national average is a dime more expensive that last week. The good news is we are seeing downward movement with crude oil prices and stabilization at gas pumps, but Americans can expect some fluctuation through the end of the month,” said Marilyn Buskohl, AAA spokesperson. “Should Saudi’s crude production be back to full capacity shortly, the price spikes are likely to be temporary. 

In its latest report, the Energy Information Administration (EIA) measured U.S. demand at 8.9 million b/d, which is a substantial 900,000 b/d drop from the previous week and a low reading not seen since February. The decrease in demand amid the spike in crude oil prices could help to keep gas price fluctuations more moderate through the end of the month.

 

Quick Stats

  • The nation’s top 10 least expensive markets are: Mississippi ($2.32), Louisiana ($2.32), Arkansas ($2.33), Alabama ($2.34), South Carolina ($2.35), Oklahoma ($2.37), Virginia ($2.37), Texas ($2.38), Tennessee ($2.39) and Missouri ($2.40).
  • The nation’s top 10 largest weekly increases are: Kentucky (+19 cents), Michigan (+18 cents), Georgia (+17 cents), Minnesota (+16 cents), Maryland (+14 cents), Iowa (+14 cents), Delaware (+14 cents), Mississippi (+14 cents), New Mexico (+13 cents) and South Carolina (+13 cents). 

 

Great Lakes and Central States

Pump prices in the Great Lakes and Central states saw the highest volatility of any region following the drone attacks on Saudi Arabian oil facilities. Motorists in some states are paying nearly 20 cents more to fill-up as compared to last Monday. Kentucky (+19 cents), Michigan (+18 cents), Minnesota (+16 cents) and Iowa (+14 cents) saw the largest weekly increase in the region and land among the top 10 states in the country with the biggest jumps in pump prices. Most states in the region are paying more than they were a month ago, with the exception of South Dakota (-2 cents), Wisconsin (-1 cent) and Michigan (no change).

State averages range between $2.82 - $2.40, with three states touting an average at $2.70 or above: Illinois ($2.82), Michigan ($2.73) and Ohio ($2.70).

Gasoline stocks drew by 539 million bbl for the week ending Sept. 13, in EIA’s latest report. That drops total stocks down by 52.5 million bbl, which is among the highest decreases seen in the region since April. Down 4% to 96%, regional refinery production could slow in coming weeks as refineries plan for fall maintenance. A drop in stocks amid more expensive crude oil prices would likely mean an increase in pump prices for motorists in the region.

Oil market dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by four cents to settle at $58.09. Oil prices increased sharply last week, following news of attacks on two crude oil facilities in Saudi Arabia on September 14. On Monday, September 16, the first full day of trading after the attack, WTI crude oil prices experienced the largest single day price increase since August 21, 2008 and June 29, 2012, respectively, according to EIA. 

In related news last week, EIA reported that total domestic crude inventories increased by 1.1 million bbl last week. They currently sit at 417.1 million bbl, which is 23 million bbl higher than where they were last year at this time. 

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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