Jenifer Moore
Public Affairs Specialist, OH
O: (513) 762-3105 ext. (5503105)
C: (513) 401-4911
jmoore1@aaa-alliedgroup.com
CINCINNATI, Oh. (July 27, 2020)— As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million b/d, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.
“Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks,” said Jenifer Moore, AAA spokesperson. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25.”
Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.
Great Lakes and Central States
Motorists in the Great Lakes and Central states are seeing savings at the pump on the week. With a decrease of as much as a nickel, these states land on the top 10 list for largest weekly decreases: Michigan (-5 cents), Indiana (-4 cents), and Wisconsin (-2 cents). At $2.36, Illinois carries the most expensive average in the region and Missouri ($1.90) has the least expensive.
After a one-week build, stocks declined by 600,000 bbl to push total levels back to 50 million bbl. Since late May, when many states started to re-open, regional stocks have declined by 5 million bbl, according to EIA data. Total measurement levels are reflective of the typical summer time in the region.
GAS PRICES FROM AAA
Average price per gallon of self-serve, regular gasoline.
Gas prices provided by AAA, https://gasprices.aaa.com/
|
|
Today
|
Change Since
Yesterday
|
Last Month
|
Last Year
|
|
National
|
$2.18
|
No Change
|
$2.17
|
$2.74
|
|
Ohio
|
$2.10
|
Down One Cent
|
$2.18
|
$2.76
|
|
Kentucky
|
$2.04
|
No Change
|
$2.10
|
$2.57
|
|
Indiana
|
$2.12
|
No Change
|
$2.16
|
$2.77
|
|
Cincinnati
|
$2.20
|
Down One Cent
|
$2.22
|
$2.80
|
|
Dayton
|
$2.12
|
Down One Cent
|
$2.16
|
$2.81
|
|
Toledo
|
$2.02
|
Down One Cent
|
$2.15
|
$2.83
|
Oil Market Dynamics
At the end of Friday’s formal trading session, WTI increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million bbl. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.
Save More at the Pump with AAA and Shell
From now until August 31, AAA members can fill up for even less at Shell stations through the Fuel Rewards® at Shell Bonus Offer. In addition to the five cents per gallon offered through Fuel Rewards, members will receive an additional 10 cents per gallon on their first three fill-ups after registering for the first time as a Fuel Rewards member (15 cents total). This bonus offer is not available to existing Fuel Rewards members. In addition, members using their AAA Member Rewards card at Shell stations through August 31 will earn 5X points at the pump.
AAA provides automotive, travel, and insurance services to 60 million members nationwide and nearly two and a half million members in Ohio. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stck, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.
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