Washington, D.C. – With domestic gasoline demand decidedly in the doldrums and the cost of oil retreating, the national average dipped two cents since last week to $3.65.
“Domestic gas demand is pretty pokey at the moment, which is often the case in the runup to Memorial Day and the traditional start of summer driving season,” said Andrew Gross, AAA spokesperson.
“The recent national average price of $3.67 could be the peak until hurricane season is well underway. But as always, the wildcard will be the cost of oil, so stay tuned,” Gross stated.
According to new data from the Energy Information Administration (EIA), gas demand fell from 8.66 to 8.42 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by .6 million bbl to 226.7 million bbl. Lower demand and a drop in oil prices could push pump prices lower.
Today’s national average is $3.65, 12 cents more than a month ago and the same as a year ago.
Quick Stats
The nation’s top 10 least expensive markets: Mississippi ($3.09), Colorado ($3.13), Louisiana ($3.15), Oklahoma ($3.16), Arkansas ($3.21), New Mexico ($3.23), Kansas ($3.23), Alabama ($3.25), Texas ($3.25), and Tennessee ($3.27).
The nation’s top 10 most expensive markets: California ($5.40), Hawaii ($4.80), Washington ($4.65), Nevada ($4.59), Oregon ($4.43), Alaska ($4.37), Arizona ($4.09), Utah ($3.97), Idaho ($3.93), and Illinois ($3.91).
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by 55 cents to settle at $82.81. Oil prices dipped despite the EIA reporting crude oil inventories fell by 6.4 million barrels from the previous week. At 454 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second-largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories, including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.
ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile.
Visit AAA on the Internet at AAA.com.
