CINCINNATI, Oh. (March 2, 2020) – At $2.43, the national gas price average is just one penny more expensive than gas prices at this time last year. Gas prices have not been cheaper year-over-year since before Thanksgiving last November. Today’s average is also four cents cheaper than both a week and a month ago.

“Gas prices pushed cheaper year-over-year in the last 30 days, going from 22 cents to just one cent more expensive,” said Jenifer Moore, AAA spokesperson. “Healthy stock levels and cheaper crude prices have alleviated pump price pains. However, maintenance season and the upcoming switchover to summer blend could break the downward trend in coming weeks, but we are also watching the impact of the coronavirus and what that could do to demand.”

The ability to tap into robust U.S. gasoline stocks has contributed to price declines at the pump.  Stocks dipped for a second week, by 2.7 million bbl, according to the Energy Information Administration’s (EIA) latest report. Overall stock levels measure at 256.3 million bbl, which is comparable to this time last year. Demand jumped slightly above 9 million b/d.

Gas Prices From AAA

Average price per gallon of self-serve, regular gasoline.

Gas prices provided by AAA, https://gasprices.aaa.com/

Quick Stats

• The nation’s top 10 largest weekly decreases are: Ohio (-15 cents), Michigan (-11 cents), Indiana (-10 cents), Delaware (-6 cents), Florida (-6 cents), Oklahoma (-6 cents), Colorado (-5 cents), Georgia (-5 cents), Pennsylvania (-4 cents) and Texas (-4 cents).

   

• The nation’s top 10 least expensive markets are: Texas ($2.12), Mississippi ($2.12), Louisiana ($2.14), Oklahoma ($2.14), Missouri ($2.16), South Carolina ($2.16), Arkansas ($2.17), Alabama ($2.17), Kansas ($2.20) and Virginia ($2.21).

Great Lakes and Central States

North Dakota ($2.34) and Minnesota ($2.32) were the only states in the Great Lakes and Central region to not see gas prices decrease on the week. While most states in the region are paying just a few pennies less a gallon to fill-up, Ohio (-15 cents), Michigan (-11 cents) and Indiana (-10 cents) saw double digit decreases and rank as the top three largest weekly changes in the country.

Illinois ($2.60) and Missouri ($2.16) land on the most and least expensive top 10 lists, respectively, in the country.

As prices dipped at the pump, regional gasoline stocks held relatively steady at 59 million bbl. This healthy level amid robust refinery utilization (90%), as reported by the EIA, should help to keep gas prices stable in the week ahead.

Oil Market Dynamics

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.33 to settle at $44.76. Crude prices have not been this low since December 2018. The significant decrease in crude prices has been led by the growing impact of the coronavirus. The market continues to worry that the impact of the virus will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease. Until it appears that the international public health threat from the virus decreases and China’s industrial sector recovers from the impact of the virus on production, crude prices are likely to continue facing downward pressure.

AAA is the most comprehensive resource for gas prices. AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S. Check the latest gas prices anytime by visiting the AAA Gas Prices site.

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-stock, 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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